May 2015

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The RBA cut the cash rate by 25bps to 2.00% as expected on 5 May but the lack of forward guidance had markets assuming the RBA had finished cutting rates. The board minutes refuted that assumption and expectations for another cut rose again. A full 25bps cut is factored in as a certainty by Feb 2016 and future rate rises have been pushed further out as shown in the chart below.

In response to the RBA rate cut, there was a general move downwards in cash accounts with many simply dropping by an equivalent 25bps. The full range of new rates can be seen in the table on the right.


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 Esaver3.05%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 Saver2.00%$200pm dep, $100k lim, 1wd pm
CBA Goal Saver Ac3.05%
Heritage Online Saver3.15%$750,000+
ING Savings Accelerator2.75%$150k+
Macquarie CMA1.90%
Mebank Online Savings2.25%
NAB Isaver2.00%
NAB Reward Saver2.95%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 eSaver2.00%
Westpac Reward Saver2.95%dep $50 and no withdrawals