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RAMS Saver Rate | 5.01%P.a. (Variable Base Rate of 4.21% p.a. Plus Variable 0.8% p.a. Bonus)

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RAMS Saver Rate | 5.01%P.a. (Variable Base Rate of 4.21% p.a. Plus Variable 0.8% p.a. Bonus)
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Lbargainchampion on 16/03/2013 - 15:13 rams.com.au (156 clicks)
Last edited 16/03/2013 - 16:29 by 1 other user

Received an email from RAMS today. One of the highest interest rate in the market.

Here's a great way to start your weekend, your RAMS Saver rate is going up again.

From today, 16 March 2013, earn a high bonus variable rate of 5.01%p.a. (that's the variable base rate of 4.21% p.a. plus variable 0.8% p.a. bonus) when:
you deposit a minimum of $200 per month;
you make no withdrawals in the month; and
you have an account balance that does not fall below $0 or exceed $500,000 at any time during the month.

Financial Online Saver Rams

Related Stores

RAMS Home Loan
RAMS Home Loan

closed Comments

    • snappy1234 on 16/03/2013 - 15:56
      -1

      From Rabo…We are currently offering a bonus interest rate to all new customers of 1.20% p.a. on top of our standard variable rate for balances under $1 million. It is available to all new customers for 4 months from account opening. For balances between $250k and $1 million you will automatically earn 4.60% p.a. variable special rate on every dollar for the first 4 months.

      Doesn't help anyone with existing account…come on RABO !!!

      • muncan on 16/03/2013 - 16:29

        Why not open another Rabo account?
        Or better still, open a new mebank account :-P
        (be sure to close old accounts your way out to increase your likelihood of being eligibile for future welcome rates)

        • snappy1234 on 16/03/2013 - 17:25

          Rabo only open to NEW accounts !!!!!!!!!!!!!!!!!!!!!!!!!!!!
          yep actually applied already for ME Bank… the response from application online said there are delays due to high rate of new applicants !!!

        • muncan on 17/03/2013 - 12:26

          But if you open another account it would be new, right? No?

      • snappy1234 on 16/03/2013 - 17:27

        Getting as bad as some of the crazy posts on Whirlpool here (#*&@ !)

  • prisonerzero on 16/03/2013 - 15:23
    +1

    Ubank - 4.21% variable plus 0.7% = 4.91% - only required to deposit $200/month via direct debit (you can withdraw as much as you want).

    MEBank - 3.5% variable plus 1.6% until 6 Dec 2013, total 5.10%. No restrictions on withdrawal.

    Be weary of RAMs - because they aren't an actual bank, I believe it takes over 24 hours to move you're money in and out.

    I don't think this is a good deal because even though this is probably the second best rate at the moment, the restrictions make it less appealing.

    • ashtrayc2c on 16/03/2013 - 15:38

      ^ this.

    • Agarwal on 16/03/2013 - 15:42
      +2

      Ubank has maximum of only $200k for the bonus though.

      • prisonerzero on 16/03/2013 - 15:46
        +3

        Very true, I believe RAMS goes up to $5 Million. #firstworldproblems

        • Grok on 16/03/2013 - 16:54
          +1

          RAMS is a Bank, Westpac owns them and the limit is $500,000

        • tdw on 17/03/2013 - 00:50

          give or take a few zeros ;)

        • prisonerzero on 17/03/2013 - 23:50

          $500K per account and you are allowed to have 10 accounts.

    • snappy1234 on 16/03/2013 - 15:50
      -1

      Well i don't know which Rams Bank you use PZ… but whenever i have transferred money it has appeared in the other bank overnight but dated the same day as i took it out of Rams.
      ( I don't transfer on a friday or public holiday as banks have some crazy reasons to hold your money sometimes ;) )

      NB : Rams is more like a term deposit…when you look at the restrictions in place)

      also for those unaware -it is owned by Westpac

      • prisonerzero on 16/03/2013 - 15:58
        -1

        I don't use it but I was just going off what people said in the Whirlpool thread on RAMS. It may not be 24 hours, but they were saying that is always overnight. Most banks if you transfer in the morning, you will get the money in the evening.

        • snappy1234 on 16/03/2013 - 16:07

          yep- when i get money sent to my little used ANZ account it is there that Evening (8 or 9pm ish)
          all good.

      • snappy1234 on 16/03/2013 - 16:10

        just read the email from them too
        notes:

        • you deposit a minimum of $200 per month;
          • you make no withdrawals in the month; and
          • you have an account balance that does not fall below $0 or exceed $500,000 at any time during the month.
    • mustkill on 16/03/2013 - 16:08

      Could you please elaborate on " RAMs - because they aren't an actual bank"?

      • snappy1234 on 16/03/2013 - 16:11

        Think there was mention that he was going off secondhand info from Whirlpool…

      • prisonerzero on 16/03/2013 - 16:32

        I was going off the info in this thread on Whirlpool. Lots of people there talking about effectively losing 1 day of interest. Not being a bank in the sense that like some Cash Management Accounts with share brokers and the like, the actual money is held in a bank account with a real bank, and the processing might not be automated. It appears they may have now fixed this issue and the transfers are same day. RAMS is owed by Westpac these days anyway.

        Edit:

        From there FAQ

        Provided you are transferring cleared funds:

        Transferring funds between your own RAMS accounts generally occurs immediately.
        Transferring funds to other RAMS accounts not within your own profile (i.e. 3rd party accounts) or to other Australian financial institutions are generally processed:
        Same day if the transfer is completed before the cut-off time of 4:00 pm Australian Eastern Standard Time on a business day. Funds should generally be available >in the other account the next business day.
        Next business day if funds are transferred after 4pm on a business day or on a weekend or public holiday and be available generally within the next 2 business days (depending on the institution).

  • jdogg on 16/03/2013 - 15:48
    +3

    Yeah I think MEbank or ING is a much better option

  • muncan on 16/03/2013 - 17:17
    -4

    7.5% intro rate over here :-(

    • snappy1234 on 16/03/2013 - 17:21

      yep and i had 8.5 % rate back -5 years 1 month 8 days ago

  • devilbabies on 16/03/2013 - 17:19

    mebank = 5.1% without the stupid conditions

  • airpoe on 16/03/2013 - 20:06

    such negative people

    the more "banks" that offer higher rates mean that they will force each other to raise their rate.

    This is not a intro rate so its ok

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