Global growth fears are being transferred domestically and leading to a lowering of growth expectations in Australia. A slowing China, poor Australian Q2 GDP numbers and retail sales have cash rate markets implying a 55% chance of a rate in November and rate cut by February as a certainty. Furthermore they are pricing in a second rate cut to 1.5% by June 2016 as a greater than 50% chance.
There were two changes to our cash accounts table last week.
Commonwealth Bank’s Goal saver reduced rates by 10bps to 2.80% while CUA’s eSaver Plus Account reduced its rate by 5bps to 3.00%.
|Product||Int p.a.||Special Cond|
|AMP Saver Account||2.60%||31 days notice|
|AMP Notice Account||2.70%|
|ANZ V2 Plus||0.50%||1 dep no w/draw mth|
|ANZ Progress Saver||2.71%||Min balance $5,000|
|Arab Bank Online Savings||2.30%||Up to $500k.|
|Bankwest Smarter Esaver||3.00%||Zero w/draw pm up to $500k|
|Bankwest Solid Gold Saver||2.25%||$10k+|
|BoQ Cash Man Account||2.15%||Limit 1 w/draw pm|
|BoQ Bonus Interest Savings||2.75%||$250k+|
|CBA NetBank Saver||1.85%||$200pm dep, $100k lim, 1wd pm|
|CBA Goal Saver Ac||2.80%|
|CUA eSaver Plus Account||3.00%|
|Heritage Online Saver||2.70%||$750,000+|
|ING Savings Accelerator||2.75%||$150k+|
|ME Online Savings||2.25%|
|NAB Reward Saver||3.05%||1 dep no w/draw mth|
|Rams Saver Account||3.60%||$200 pm no withdrawal|
|Usaver||2.31%||$200 pm up to $200k|
|Usaver Ultra||3.37%||Up to $200k +$2k pm dep|
|Westpac Reward Saver||2.50%||dep $50 and no withdrawals|