02 Nov – 06 Nov 2015

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There were no changes to the RBA’s cash rate in November. The governor’s statement after the meeting re-introduced a mild easing bias and the quarterly Statement on Monetary Policy  lowered growth and inflation forecasts yet again. Unemployment forecasts were kept steady but Glenn Stevens noted spare capacity in economy was expected to remain for some time. In addition, a speech by the governor pointed to rising mortgage rates (or a de facto tightening) but suggested this was not an immediate reason to cut rates. All in all this detracted from confidence about a second rate cut in 2016.

Cash markets lowered the probability of December rate cut to 22%. A week ago a rate cut in February was seen as a certainty but this expectation has now been pushed out to June 2016. What was seen as a good chance (72%) of a second rate cut by August 2016 is now seen as a 1 in 4 chance (24%).

There were no changes to our cash accounts table this week.


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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 Account2.15%Limit 1 w/draw pm
BoQ Bonus Interest Savings2.75%$250k+
CBA NetBank Saver1.85%$200pm dep, $100k lim, 1wd pm
CBA Goal Saver Ac2.80%
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