RAMS has continued to grow its product suite after announcing an online savings account with the best interest rate on the market.
The RAMS Saver has a bonus variable interest rate of 5.75 per cent and a high base variable rate of 4.95 per cent.
They are also offering a new transaction account with optional linked mortgage offset called RAMS action.
The announcement came after findings from a national survey which indicated that more than a third of Australians either don’t understand the difference between a transaction account and a savings account, or are not sure.
According to the results, 38 per cent of deposit funds currently sit in low interest accounts with the four big banks.
This means that more than $5bn a year is being lost in savings which could have been accrued in a high interest savings account.
RAMS Chief Executive, Melos Sulicich said the leading home lender was entering a new era, delivering a genuine alternative in the market for Australians who want a simple and real deal.
“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,” Mr Sulicich said.
Account holders are eligible for the bonus 0.8 per cent in interest if they make regular deposits and no withdrawals.
Mr Sulicich claims the savings account can be setup completely online.
“We are launching with innovative online technology which electronically verifies the identity of the applicant and sets up a new account, ready for use within a just few minutes.”
RAMS is also looking to reignite its brand identity by renaming from RAMS Home Loans to simply RAMS.
Raymond A. Ram, the mascot of RAMS, has also been revamped in new advertisements. Raymond is no longer a puppet, but now a CGI ram with a knack for motorcycle mechanics, and will be seen on national TV later this month.