RAMS Saver Interest Rate Increased from 2.8% to 3%

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RAMS Saver Interest Rate Increased from 2.8% to 3%

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VKV on 08/03/2018 - 11:57 rams.com.au (1919 clicks)
Last edited 26/09/2018 - 20:20 by 2 other users

Received an email about RAMS Saver rate change.

The rate details of your RAMS Saver account will change from Thursday 8 March 2018 - you'll earn a total variable rate of 3.00% p.a. (that's the variable base rate of 1.35% p.a. plus variable 1.65% p.a. bonus) where the bonus eligibility criteria are met.

Bonus interest is payable on account balances up to $500,000 if:
• you deposit a minimum total of $200 a month;
• you make no withdrawals in the month; and
• have an account balance that does not fall below $200 or exceed $500,000 at any time during the month.

This Savings account ranks 3rd on our Best Aussie Savings Account Poll for 2018. Check out the poll for alternatives and to vote for your preferred account.

Financial Bank Account Savings Account

25 Sep 2018

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- spaceflight on 08/03/2018 - 17:14
  
  +2
  
  I think ubank has the best offer for combined transaction and savings because of their sweep feature
iSamurai on 08/03/2018 - 13:20

+1

AMP has 3% (up to $100k) for a while now, and there's no no-withdrawal requirement.
- JimmyF on 08/03/2018 - 13:22
  
  so this is better
- No ONE on 08/03/2018 - 13:31
  
  But must deposit at least 2k a month. I would rather go with Rams.
  - Yola on 08/03/2018 - 15:28
    
    +1
    
    You can use the same $2000 each month by moving it to an external Bank and then back.
    - Donaldhump on 08/03/2018 - 16:15
      
      +2
      
      i have used the same 2k for 3 years going around in a monthly circle between 4 accs.
    - Wolfy on 08/03/2018 - 17:37
      
      Sounds like it's more effort than it's worth, how much does it 'make' you each month?
    - Donaldhump on 08/03/2018 - 21:51
      
      @Wolfy: no work involved, it’s automatic. And ~ 3 % of a bit
    - SomeGuyOnOzB on 30/03/2018 - 12:46
      
      @unclesnake:
      Don't you have to do an extra step?
      
      After the money goes into the PAY account, you have to then move it to the SAVE account or you don't get much interest. So you have to come and check maybe 2-3 days.
windrc on 08/03/2018 - 13:23

+3

Also worth considering for short term deposit, Rabodirect is doing 3.05% (up to 250k) first 4 months.
- spaceflight on 08/03/2018 - 17:15
  
  +1
  
  Only if you have never had an account with them
iamwinner on 08/03/2018 - 13:35

Are there any monthly or annual fees?
- Yola on 08/03/2018 - 15:30
  
  +1
  
  None of the accounts discussed so far have fees except AMP ($5 per month) but only if you do not meet the $2000 deposit requirement.
idonotknowwhy on 08/03/2018 - 14:00

-1

I went to RAMS a few years ago when they had 3.2% PA (I think).
After 1 month it dropped significantly.
While I was with them, their interface was terrible.
I closed my account (am no longer a customer) but they still email me about "changes to my account"

IMO, go with ING or Ubank instead.
Ruckmauler on 08/03/2018 - 14:08

+2

Why aren't RAMS listed in the Financial Claims Scheme page for ADI's covered:

https://www.fcs.gov.au/which-adis-are-covered

This gives me some concern.
- Reveen on 08/03/2018 - 14:14
  
  +3
  
  RAMS Financial Group Pty Ltd ABN 30 105 207 538 AR 405465 Australian credit licence 388065 promotes and distributes RAMS deposit products as an authorised representative of Westpac Banking Corporation ABN 33 007 457 141
  - Ruckmauler on 08/03/2018 - 16:24
    
    +1
    
    I would rather go to the insurer than the insured:
    
    "Some licenced banking institutions operate other banking businesses with different trading names, and these are listed below as dot points under the name of the licenced institution. The FCS protection of $250,000 per account holder applies to the sum of all deposits held under each licenced institution, which includes any deposits held with the other banking trading names that are listed as dot points."
    
    RAMS is NOT a dot point. Look - I am sure it is - I mean logic suggests that it must be - but it isn't named - and ING - uBank - BankWest - RaboDirect etc etc are.
    
    ** EDIT ** I went direct to RAMS and they too have confirmed the following:
    How is the FCS limit applied? The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking license. Therefore, all deposits held by an account holder with a single banking institution must be added together towards the $250,000 FCS limit, and this includes accounts with any other banking businesses that the licenced banking institution may operate under a different trading name. The limit applies to the combined total amount of funds you hold with Westpac, St.George, Bank SA, Bank of Melbourne and RAMS.
DannyBoy on 08/03/2018 - 14:10

Better rate than INGs 2.8% but that no withdrawals is a killer. I personally like to chuck my whole wage into my savings and deduct from there when needed
- Yola on 08/03/2018 - 15:37
  
  You can quite easily open up to 10 RAMS accounts and keep smaller amounts in each. On the 1 st of each month provided its a work day you can withdraw funds from one or more of those accounts. As long as you withdraw all the funds from the selected accounts or deposit the remainder into one of the other RAMS accounts (but only if its on the 1st of the month) you will not loose any interest. The only downside is that you must deposit $200 in any of the accounts that have funds in them.
  - DannyBoy on 08/03/2018 - 16:27
    
    +1
    
    No doubt Yola but still not worth the effort for me. I hope it triggers some sort of a competition between them though, I'd love to see 3.5 or even high 3s before I blow all my money 😂
  - gimme on 08/03/2018 - 19:13
    
    why would you need more than 2 accounts for this trick? and you can just keep a zero balance in one (park) until you need it. Am I missing something?
    - Donaldhump on 08/03/2018 - 20:29
      
      +1
      
      You only need two, just toggle between them as required on the first of the month
- spaceflight on 08/03/2018 - 17:17
  
  Look at ubank or me bank.
  
  Both offer more than ING and have no withdraw limit.
  
  I think ubank is the best as you dont need to use your debit card like you do with ING (me bank requirement is 4 times a month)
  
  All my salary goes into my ubank savings account and thanks to the sweep feature i never need to move money to transaction as ubank does it for me when i spend anything.
only4theweak on 08/03/2018 - 14:11

-1

The boys are back in town :^)
- DannyBoy on 08/03/2018 - 14:16
  
  +1
  
  Boyz*
fchis on 08/03/2018 - 14:47

+1

It may seem like a good saving rate but considering in Australia, the earnings from the savings income is taxable as part of your personal income and for many people who earn a median income of $60K+, 3% is more like 1.97% and for $87K+, it's more like 1.83% and etc…! AUSTRALIA Government likes to tax on your already taxed income's interest earnings. Unlike some Asian countries don't tax them at all.
- muncan on 08/03/2018 - 14:56
  
  Don’t forget to open savings accounts for your pets
- klatscho on 08/03/2018 - 15:01
  
  +2
  
  Taxing interest earnings through personal income tax is the fairest model I have ever come across. Every other model (i.e. flat tax rate of 25% in some european countries) actually benefit the rich.
JIMB0 on 08/03/2018 - 17:00

+1

• have an account balance that does not fall below $200 or exceed $500,000 at any time during the month.

Not much good for most ozbragin members.
- muncan on 12/03/2018 - 11:49
  
  +1
  
  You can have up to 10 RAMS Saver accounts per person (then per pet, etc.)
Msfrugal on 08/03/2018 - 19:01
Thanks OP. I really appreciate the info - as I get money shortly from house sale last week and need to park it til I buy again. The 'finder.co.au' still shows 2.8%. And it wasn't in the List of banks that came up - it was further down which I may not have seen. Currently I'm with ME doing the tap'n go weekly as I exhausted the 4-mth only offers 2 years ago. This rate is better than any term deposit rates.

To those else in the 'know'.

Can I clarify:

1 - That it's possibly to open several of these saver accounts?

It seems that you can transfer out of account 1 into a account 2 account on FIRST of every month and this negates the 'withdrawal' - as you will have received full interest on the previous month for the amount in Acct 1 into Account 1- and you transfer that into Account 2 for the whole of that month, and then on FIRST of the following month, transfer back from Acct 2 into Acct 1?

Appreciate oZB community so much.
Again - many thanks to OP….

And now I just need the Hisense 55N7 to come back on sale !!!
Clare
- Neoika on 08/03/2018 - 19:11
  
  You can easily open up to 10 accounts.Believe me,sometimes 2 are not enough.
  - spaceflight on 08/03/2018 - 21:20
    
    Assuming you don't have 10 accounts because you have $5m in savings then it would be easier and less risky to open an account earning slightly less interest that lets you withdraw without penalty.
No ONE on 08/03/2018 - 19:49

Quixk question: would you get 3% in the same month (Mar)if you deposit at least $200 in this month (March)? I just want to move money, and don’t want to get suprised by not getting 3% this month.
- fchis on 08/03/2018 - 20:09
  
  No, because condition of 200 deposit every month is not met. You can deposit 200 now and start putting the rest on 1 April.
  - snappy1234 on 08/03/2018 - 20:26
    
    Don't forget 01 April is Easter…so
    next banking day is the 3rd April (Tuesday)
    
    (unless you are just shuffling between separate Rams accounts)
- Donaldhump on 08/03/2018 - 20:27
  
  Move it end of March if not sure
- bluesky on 08/03/2018 - 20:53
  
  I am assuming you are looking at this as a new account. If you intend to open the account, and just deposit (at least $200), you will get the bonus this month.
  
  Conditions here :
  
  To earn the bonus 1.65% p.a. variable interest on top of the variable base rate, just:
  
  Deposit at least $200 during the month
  
  Make no withdrawals during that month
  
  Keep your balance between $200 - $500,000 for the month
  
  This is unlike AMP and ING, where you qualify for bonus next month, after meeting criteria this month.
AdamFury on 08/03/2018 - 20:20

Using GoalSaver with CommBank currently and getting 2 percent. Might be worth it for a full extra percent per annum!
- bluesky on 08/03/2018 - 20:34
  
  +2
  
  Goalsaver has really deteriorated - it is now tiered, so the first 50K only earns 1.65%. After that it is 2% up to 250K. There used to be one slight redeeming point, i.e., allowed 1 withdrawal p/m; even that has been abolished. Yes, it is worth moving your funds elsewhere.
- spaceflight on 08/03/2018 - 21:16
  
  Look at ING, ubank or me bank if you want to be able to make withdrawls without getting penalised
  - AdamFury on 08/03/2018 - 21:50
    
    Yeah definitely deteriorated. CommBank is handy for a good app and easy transactions though so good to have a transaction account with. ING looks good but needs the 5 transactions each month.
    - spaceflight on 08/03/2018 - 22:06
      
      +2
      
      Look at ubank, their app is good (all 3 of those banks have good apps) and they don't require any transactions like ING
      
      With ubank you don't need to manually transfer money from savings to transaction, it happens automatically with their sweep feature
    - AdamFury on 11/03/2018 - 02:41
      
      Thanks guys. I think UBank is looking most tempting for me. Might get an account up and running and move over at the start of next month.
    - muncan on 11/03/2018 - 23:54
      
      I love the sweep feature. The USaver account earns a modest rate on all but $100 of my savings, yet the savings remain available to withdraw and pay bills via the auto sweep to the Ultra account without having to do anything. Feels strange the first time you withdraw more than your little Ultra balance from an ATM, but pretty quick you go full badass and start making whoosh sounds and wave your hands around while the little man in the ATM tries to keep it together. The sweep makes my pants buzz too, with an sms notification - so there’s that.
    - AdamFury on 12/03/2018 - 00:37
      
      @muncan: So if I understand correctly. You can just have an amount (ie $100) and as long as you have the money in your savings account you can continue making purchased of any size and it will never decline. Just continually pull from savings whilst keeping ~$100 in transaction?
    - muncan on 12/03/2018 - 10:43
      
      +2
      
      @adamfury: Sort of. The Ultra will temporarily go to zero but top back up overnight. Example:
      
      Balances: Ultra $100, USaver $1000
      
      Pay bill $500 from Ultra
      
      Sweep moves $400 from USaver to Ultra
      
      Bill paid $500 from Ultra
      
      Balances: Ultra $0, USaver $600
      
      Same day withdraw $200 from Ultra
      
      Sweep moves $200 from USaver to Ultra
      
      $200 withdrawn from Ultra
      
      Balances: Ultra $0, USaver $400
      
      Midnight sweep moves $100 from USaver to Ultra
      
      Balances: Ultra $100, USaver $300
      
      Paid $1000 into Ultra
      
      Balances: Ultra $1100, USaver $300
      
      Midnight sweep moves $900 from Ultra to USaver
      
      Balances: Ultra $100, USaver $1300
      
      You never really need that $100 in your Ultra, but it’s the minimum allowed.
      Also you can pay into the USaver so ignore 12 - 14.
    - AdamFury on 12/03/2018 - 11:12
      
      @muncan:Great explanation. Thank you!
    - Yola on 12/03/2018 - 12:29
      
      +2
      
      @muncan:
      
      You can have 0 balance in your Ultra. Everything still works except credit card transactions.
      https://whirlpool.net.au/wiki/UBank
    - muncan on 12/03/2018 - 17:57
      
      @Yola: Thanks, you just saved me $2.87/year in lost interest on that $100. I'll buy you a beer in 3 years.
    - Yola on 12/03/2018 - 19:00
      
      @muncan:
      Thanks, Looking forward to it. We are here to save money and then spend it on beer
    - bluesky on 12/03/2018 - 23:24
      
      @Yola: If I move the $100 to savings, is there a way to avoid the sweep from moving it back to transaction account the next night? (I assume this will happen, so just left the $100 there, am I wrong?) Please share how it is done. Thanks.
    - Yola on 13/03/2018 - 08:38
      
      +2
      
      @bluesky:
      
      From https://whirlpool.net.au/wiki/UBank (as quoted above)
      
      "Q: How do I disable overnight sweep?
      A: Ultra accounts don't earn interest, so you might want to keep your Ultra balance at $0 so that you earn interest on every dollar in UBank.
      
      Set the minimum sweep amount to be a very large number e.g. $1,000,000, then as long as you have less than $1,000,000, the overnight sweep will never occur – because it wouldn't be able to restore the balance to $1,000,000.
      
      You will need to adjust the maximum sweep amount as well because you can't set the minimum above the maximum.
      
      Instant sweep still occurs, so you can take advantage of direct debits, EFTPOS and withdrawals…."
      
      Has been reported credit card will not work if you do this.
    - bluesky on 13/03/2018 - 16:39
      
      @Yola: Thanks for the pointer :-)
Retailrecommprice on 08/03/2018 - 23:19

So after 500,000 only 1.35%/a
BobLim on 08/03/2018 - 23:47

+1

Moved from RAMS to AMP at the end of the month they so rudely dropped rates. Not going back until they offer the best deal again.
- Yola on 09/03/2018 - 09:47
  
  +1
  
  And AMP allows withdrawals.
asc on 09/03/2018 - 11:01

+2

what we now need is a sweet bonus to join up.

This was posted 6 years 8 months 14 days ago, and might be an out-dated deal.

RAMS Saver Interest Rate Increased from 2.8% to 3%

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