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-may2015

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