August 2015

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Another month passed with the RBA leaving the cash rate unchanged. There were some subtle changes to the tone of the meeting’s statement with respect to the exchange rate and an explanation of why the unemployment rate was dropping in the face of sub-trend growth figures but little else. The quarterly Statement on Monetary Policy which followed a little over a week later did not add anything substantial except for the RBA’s view of future inflation being a little more than before and growth being a little lower. This did not stop markets for cash rate futures substantially increasing the odds of a rate cut by Christmas and the possibility of another one by mid-2016. Investment intentions data perceived as weak and generally uninspiring consumer confidence figures gave the markets no reason to think otherwise. Forward cash rates ended the month implying a high probability of an official rate of 1.75% to the end of 2016, while extending the time needed to pass before the rate rising cycle began.

There were no changes in to cash account rates over the month.

 

cashrate-aug

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Cash Accounts

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 Esaver3.00%Zero w/draw pm up to $500k
Bankwest Solid Gold Saver2.25%$10k+
BoQ Cash Man Account2.15%Limit 1 w/draw pm
BoQ Bonus Interest Savings2.75%$250k+
CBA NetBank Saver1.85%$200pm dep, $100k lim, 1wd pm
CBA Goal Saver Ac2.90%
Heritage Online Saver2.70%$750,000+
ING Savings Accelerator2.75%$150k+
Macquarie CMA1.90%
ME Online Savings2.25%
NAB Isaver2.00%
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