In a statement sent to RAMS customers, the Westpac-owned institution said it will be cutting the bonus rate by 20 basis points, lowering the maximum interest rate from 2.55% p.a. to 2.35% p.a.

The base rate will remain at 1.15% p.a.

The conditions required to get the bonus rate are unchanged: customers must still deposit at least $200 a month and make no withdrawals to get the bonus 1.20% p.a.

This news could prove disappointing for RAMS customers, who were one of the few groups of savings account customers not to get slapped with an interest rate cut in July.

Most banks passed on various rate cuts to their savings account and term deposit products following the Reserve Bank’s decisions to cut the cash rate in both June and July.

But RAMS, along with MyState and Up, did not, instead only passing on the first 25 point cut in June and holding firm in July.

Westpac, RAMS’ owner, also refrained from passing on a rate cut to its Westpac Life product in July.

But this change to the RAMS Saver is effectively a delayed rate cut from July, and given their relationship, it’s possible Westpac will also be making changes to its Westpac Life account. has reached out to a Westpac spokesperson for comment.

Who has the market-leading interest rates now?

Excluding honeymoon (introductory) interest rates that last for only a short period of time, RAMS previously boasted one of the highest interest rates on the market thanks to its no-cut July.

Now however it has slipped down the pecking order, with the likes of BOQ, Up and UBank offering higher interest rates at the time of writing.

Total interest
rate p.a.
Base interest
rate p.a.
Bonus interest
rate p.a.
2.50% 0.35% 2.15% More details
2.50% 0.80% 1.70% More details
2.50% 0.50% 2.00% More details
2.41% 1.35% 1.06% More details

*Data accurate as at 1 August 2019. Rates based on a savings balance of $10,000. Introductory bonus interest rate products not included. Sorted by total interest rate, then by provider name (A-Z). Refer to providers' websites for bonus rate conditions.

The Westpac Life account meanwhile still boasts the highest interest rate among the big four banks.


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