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Rams brand seeking deposits for Westpac

Westpac has stepped up seeking deposits through its Rams brand. The Financial Review reported that Rams now offered three savings account products - a high interest online savings account, everyday transaction account and a mortgage offset account. The Rams website promotes only the first of these with an interest rate of 4.95 per cent with a "bonus" rate of 0.8 per cent. The corresponding rate on a Westpac-branded savings account is 3.75 per cent. Westpacs BankSA brand currently offers a rate of 4.5 per cent.The AFR reported that Westpac at present has A$14.6 billion of home loans funded under the Rams brand.

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