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RAMS Savings Account 5.75% as Ubank Drop Again Now down to 5.16%

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RAMS Savings Account 5.75% as Ubank Drop Again Now down to 5.16%
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LYabadabadoo on 24/10/2012 - 12:40 rams.com.au (1921 clicks)
Last edited 26/10/2012 - 21:31 by 1 other user

Hi all,
I know a lot of OzBargainers out there have a Ubank Usaver account so this may interest you. Yes I know it’s been listed before but the difference in rates is a lot more now.
Ubank for dropped there rate again! so a total of 0.55% drop after the official drop of just 0.25%.
I have been very happy with ubank until now but there rate and lack of a bug free website has changed my mind. RAMS (part of Westpac) have a similar account with a current rate of 5.75% so 0.59% higher than ubank and they have a nice mobile website and the normal web site work great aswell.

You can’t withdraw any money to get the full rate but the rest of the rules are the same as ubank. I suggest if you have a ubank account that you still keep some cash in it so you can move it around as needed and put the bulk in a RAMS account. If the rates drop at RAMS move your cash on the 1st of the month to avoid any lost bonus interest.
I just started moving my cash so I expect to save an extra $2.50 per day with the current rate difference

Seems RAMS reviewed their rate and from 30 Oct it's 5.17%:

"New rate effective 30 Oct 2012: bonus variable rate of 5.17% p.a. Incl. 0.8% p.a. variable bonus if each month you deposit $200 and make no withdrawals"

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closed Comments

  • jo2055 on 25/10/2012 - 11:15

    Last time I transfered money from Ubank to RAMS ( called 11 am mark ) - SMS from UBank
    transfer done received 2 pm and money hit RAMS account same day - no interest loss.
    Will try today again see what is happening.

    • CuteBirdy on 25/10/2012 - 11:27

      There are no issues transferring into RAMS, people have reported interest loss only when transferring out of RAMS.

      In other words, banks transferring to RAMS have all done the right thing, RAMS is the only one doing the wrong thing when transferring to other banks.

      • ausc on 25/10/2012 - 13:16

        There is a way around this that works with UBank - you just set up a direct debit from UBank which debits money out of a linked account (in this case, the RAMS account). The funds get credited to UBank before they are debited from the linked account.

        If you set this up to occur on a Saturday, you can have a couple of days of double interest, whereby both Banks are giving you interest on the same funds. This works because UBank now processes transactions throughout the weekend and will keep working until the other banks catch up and do the same.

        The only thing is, some bank accounts will not allow funds to be directly debited from them. Does anyone know whether the RAMS account allows direct debit or not?

        • CuteBirdy on 25/10/2012 - 14:20

          You're out of date, since a year ago UBank no longer allows a direct debit from your linked account of more than $10,000.

          Before this limit came, yes it was possible to do that with UBank.

        • Future Kids on 25/10/2012 - 14:51

          Can I request RAMS to direct debit funds from my account with another financial institution?
          Direct debit facilities are not available on RAMS Saver.

        • ausc on 25/10/2012 - 16:32
          -1

          Your post doesn't make sense. Since when does a direct debit limit of $10,000 = not possible to direct debit with UBank?

        • c64 on 25/10/2012 - 17:04

          are you sure the rams saver account supports direct debits? i suspect not.

        • CuteBirdy on 26/10/2012 - 01:47

          @evolb most people have way more than $10,000 to invest, in which case my post makes complete sense.

  • jo2055 on 25/10/2012 - 12:12
    +1

    I would not be worried of RAMS side for now, probably stick for them for a while.
    At this stager it is no alternative, pity ubank wewnt down a lot…
    The history is repeating:

    ING Direct
    Rabobank
    Virgin Money and now
    UBank…

  • inherentchoice on 25/10/2012 - 15:23

    I think UBank is breaking their "Rate Assurance"-

    https://www.ubank.com.au/ubank/faces/oracle/webcenter/portal…

    Can anyone verify this? Are their departing from their promise?

    • unco on 25/10/2012 - 15:54

      Apparently the rate assurance is on the base rate.. that's what they said on their facebook page anyway.

    • c64 on 25/10/2012 - 17:09
      +1

      and they conveniently only compare specific competitors

    • nookular on 25/10/2012 - 17:20
      +1

      and they conveniently may change this list at any time without notice…

      "We may change this list at any time without notice…"

  • gimme on 25/10/2012 - 17:07

    There is NO "Automatic Savings Plan' facility using Direct Debit with RAMS. If you want to xfer money into your RAMS account you have to do it via 'Pay Anyone' or 'Salary deposit' or 'Cheque' (yeah what's that!!). I find this a little odd because it would be in their interest to have this feature. Could be some technical limitation which they may rectify in the future.

    PS: What the hell happened to Ubank? Do they simply rely on people not educating themselves? They used to be great and now that presumably have a large customer base they may be counting on their ignorance or laziness. They have dropped their rate 3 times in 3 weeks!!!

  • Richardlwf89 on 25/10/2012 - 18:15

    Anyone having issues setting up periodic payments through Westpac to RAMS? Stating that the BSB and account number do not exist? I am definitely sure that it is correct

    • liquid metal on 25/10/2012 - 19:16
      +1

      Periodic payments through Westpac to RAMS don't work. Don't ask me why, I've read it when I opened the account.

      • Richardlwf89 on 25/10/2012 - 19:43

        That's very odd. I guess payments must be made through 'pay anyone' manually each month? :\ lame

  • nihiloid on 26/10/2012 - 15:34
    +4

    Seems RAMS reviewed their rate and from 30 Oct it's 5.17%:

    "New rate effective 30 Oct 2012: bonus variable rate of 5.17% p.a. Incl. 0.8% p.a. variable bonus if each month you deposit $200 and make no withdrawals"

    • fchis on 26/10/2012 - 21:27

      Good info, I was about to jump shift next week.

    • WaywardOne on 28/10/2012 - 21:45

      Yeah boo hiss! I kinda expected this…darn their transfer limit is $10,000…

      • muncan on 01/11/2012 - 22:21

        Should you need to transfer more than $10,000 you can call RAMS on 13 RAMS, that’s 13 7267, provided the payee is already in your “pay anyone” list.

  • c64 on 26/10/2012 - 16:45
    +2

    HA HA HA HA!

    "From 30 Oct 2012 bonus variable rate changes to 5.17% p.a. Incl. 0.8% p.a. variable bonus if each month you deposit $200 and make no withdrawals"

    ubank is definitely better it that case

    • firedragon on 26/10/2012 - 22:55

      Glad I've found out now, before I actually moved!

    • jackofspade on 27/10/2012 - 01:00

      So which bank should we ozbargain next? :)

      • fchis on 27/10/2012 - 10:22
        +3

        http://campaigns.rabodirect.com.au/hisa-bonus/index.html

        5.46% 4 months for new customers

        • c64 on 29/10/2012 - 10:35

          looks good. apparently has pay anyone. looks like you can link to ubank if you don't set up a direct debit.

          *Information and rates correct as at 05/10/2012

          have they dropped their rates recently? or are they going to pull a rams?

          you might want to monitor their interest rates page with changedetection.com in case they decide to drop their rates

  • CuteBirdy on 27/10/2012 - 11:59

    Anyone moving to RaboDirect?

  • jm48 on 27/10/2012 - 15:26

    Hey, you better not move your money around too much,
    cause if the tax office ever want to audit your finances,
    they would have a lot of trouble and could get confused !

    • Future Kids on 27/10/2012 - 23:05
      +5

      but that's not my problem.

    • c64 on 29/10/2012 - 10:59
      +1

      the ato audits multi-billion dollar international companies utilising every tax avoidance scheme under the sun. auditing your personal finances will be a piece of cake for them.

  • gimme on 28/10/2012 - 19:18
    +1

    Lucky I didn't xfer anything. It would have been a complete waste of time.

    Actually I take that back - If you have more than 200K, RAMS is better than Ubank as their limit is 500k to receive the bonus…. and you get a measly 0.01% more than Ubank.

  • c64 on 07/11/2012 - 14:09

    i set up a rabodirect account and tried transfers in + out and they are all overnight as expected, so all seems good with them

  • c64 on 10/11/2012 - 11:50

    heads up: rabodirect just dropped their introductory rate for new customers to 5.11% (bonus rate dropped to 0.81%). customers who already opened an account keep the 1.16% bonus rate

    "*Customers who opened their account between 10 July – 9 November 2012 will continue to earn a 1.16% p.a. bonus on top of the standard variable rate. The bonus rate will be applied to all savings in your High Interest Savings Account (up to $1m) until the expiry of four months from your account opening date. Different rates apply to business accounts. Not applicable to On behalf of accounts "

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