RAMS expands into high interest deposit market

by 25 May 2012

RAMS has announced that it has expanded its product offering to include online deposit accounts for new customers for the first time.

RAMS will now offer the RAMS Saver, a high interest savings account which the Westpac-owned business said offers the highest bonus variable interest rate currently available in the market - at 5.75% per annum - and a high base variable rate of 4.95% per annum.

RAMS will also offer RAMS Action, a transaction account with optional linked mortgage offset.

RAMS chief executive Melos Sulicich said the home lender was entering a new era by delivering an alternative in the market for Australians who want a “simple and real deal”.

Sulicich said RAMS aimed to build a more sustainable business through deeper relationships with more customers that stay longer.

“We have listened to our customers who have told us online savings accounts, transaction accounts and offset accounts are a big priority to help them to save money and pay off their home loan faster,” Sulicich said.

“Not only does the RAMS Saver bring truly great interest rates to reward Australians who save, customers will be able to have fast and simple direct access to their savings account.”

RAMS is launching with technology which electronically verifies the identity of the applicant and sets up a new account, ready for use within a few minutes.

“As more and more Australians are shopping through the internet, using hand-held online devices and seeking to do their personal banking at a time that is convenient for them, it  naturally makes good business sense to offer simple and fast access to deposits online for our customers,” he said.