RAMS Saver rate dropping to 3.15% from 15/2/16

muncan on 11/02/2016 - 13:41

Just received an email from RAMS indicating they're dropping their interest rate from 3.4% to 3.15% on 15/2/16.
The base rate will be 1.5% with bonus of 1.65% for up to $500k of savings per account (previously up to $250k).
RAMS lets you have up to 10 accounts each earning the bonus rate, so you could now receive the reduced bonus rate for up to $5M of savings (which you'll receive a higher rate for elsewhere).
Don't forget if you're pulling out mid-month, you won't receive the bonus rate for that month. Grr…

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Comments

  • troy1976 on 11/02/2016 - 15:04
    -1

    Thanks - was disappointing to receive this email. I thought maybe 0.1% drop, not 0.25%.

    The worst part of this is knowing that bank funding is tightening appreciably at the moment (cf: CDS) and loan rates for borrowers are edging up but they are still putting the screws on us depositors (again). Gotta keep those shareholders happy!

  • liquid metal on 11/02/2016 - 15:31
    +1

    The screwed up thing is they give you a few days notice. If you withdraw your money you lose all the bonus interest for the whole month. If you don't withdraw you have to live with the lower interest up till the end of the month. (profanity) up.

  • sydozbargain0000 on 11/02/2016 - 15:46

    I will withdraw all my money on 1st March. I will call them to increase my daily limit. Is there a daily limit that I could withdraw? I read from their website that there is a maximum of $10,000 per customer per business day… :(

    • troy1976 on 11/02/2016 - 21:26
      +2

      The limit only applies to unassisted internet transactions. They'll happily transfer every dollar up to whatever you have in your account when you ring them… the only condition being that they will only transfer it to an account that you have previously transferred money to before, presumably to avoid transferring hundreds of thousands to potentially mistyped accounts etc

      • [Deactivated] on 13/02/2016 - 19:56

        This was a very easy process over the phone last year for large $$$. Very helpful.

        a maximum of $10,000 per customer per business day

        I think with scheduling it can all be done in one session if you're not fussed.

  • Donaldhump on 11/02/2016 - 16:03
    +1

    pricks did it mid month too, ill be moving everything march 1st to me bank.
    id imagine rams savings balance will deplete big time.

  • Steptoe on 11/02/2016 - 20:56

    So ME Bank and ING Direct are only worthwhile options?

    • [Deactivated] on 13/02/2016 - 20:20

      Frankly I prefer ubank @ 3.37%, than roulette @ mebank. Feel some loyalty for ubank after a long and beneficial time as a customer.

  • [Deactivated] on 13/02/2016 - 20:09

    I am thinking this interest % drop is preemptive, due to anticipation by some in the finance industry of further RBA reductions in second half 2016.

    As touched upon, Rams have done this before, reducing their savings account rate at the optimal time for them coinciding with nothing else at the time, and at the mid interest period which they have specified.

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