12 Oct – 16 Oct 2015

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Two pieces of news were the focus of cash rate markets this week. The first was Westpac’s mid-week move to raise residential mortgage rates by 0.2%. The second was the looming El Nino weather pattern that would appear likely to deliver drought to Australia this summer. Both were seen as reducing economic growth, convincing some analysts that the RBA was highly likely to cut rates, possibly twice, with several even suggesting 3 November as the date of the first cut. There was even some speculation that the other major banks will follow suit with a mortgage rate hike and that paved the way for the RBA to cut cash rates without fuelling an over-heated housing market.

Cash rate futures are now pricing in a 40% chance of a November rate fall, a nearly 70% chance by Christmas and with a cut by February seen as a certainty. Further, a second cut is being priced by markets as a 65% chances by May.

There was one change to our cash accounts table last week. BankWest’s Smarter eSaver’s rate was reduced by 20bps to 2.80%. While it is not the highest rate in the accounts Yield Report surveys, it is still above the average rate of 2.43% on offer.

Cash Accounts 12102015[/private]

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ProductInt p.a.Special Cond
AMP Saver Account2.60%31 days’ notice
AMP Notice Account2.70%
ANZ V2 Plus0.50%1 dep no w/draw mth
ANZ Progress Saver2.71%Min balance $5,000
Arab Bank Online Savings2.30% Up to $500k.
Bankwest Smarter Esaver2.80%Zero w/draw pm up to $500k
BoQ Cash Man Account2.25%Limit 1 w/draw pm
BoQ Bonus Interest Savings2.15%$250k+
CBA NetBank Saver1.85%$200pm dep, $100k lim, 1wd pm
CBA Goal Saver Ac2.80%
CUA eSaver Plus Account2.90%
Heritage Online Saver2.70%$750,000+
ING Savings Accelerator2.75%$150k+
Macquarie CMA1.90%
ME Online Savings2.25%
NAB Isaver1.90%
NAB Reward Saver3.05%1 dep no w/draw mth
Rams Saver Account3.60%$200 pm no withdrawal
Suncorp eOptions1.90%
Usaver2.31%$200 pm up to $200k
Usaver Ultra3.37%Up to $200k +$2k pm dep
Westpac eSaver1.75%
Westpac Reward Saver2.50%dep $50 and no withdrawals