14 Jun – 17 Jun 2016

Share on LinkedInTweet about this on TwitterEmail this to someonePrint this page

RAMS Savers Account retains the mantle for the highest rate among cash accounts in the Yield Report survey.

It was week filled with domestic data releases. Monday was a public holiday in most states so the first business day of the week started with NAB’s May business survey indicating both business conditions and confidence were at elevated levels. The Westpac-Melbourne Institute consumer sentiment figures were largely as expected and did not attract much comment while the May Labour force figures were just over what economists expected. Australia’s current reliance on part-time employment growth has again raised a few eyebrows but it seen as inevitable as full time employment shrinks in the mining sector.

As a result August still remains economists’ expected month for another RBA rate cut, although by the looks of pricing in the cash market, a change at the August RBA meeting is by no means a certainty with the market giving such a cut a 56% probability. However, the cash market is currently in no doubt about the odds of a rate cut some time this year, as it is seen as 100% likely by December. An additional cut to 1.25% is not ruled out either; by June 2017 it is given roughly a 30% chance according to cash market pricing.

cash-rate-17jun

CASH ACCOUNTS

ProductInt p.a.Special Cond
AMP Saver Account2.35%31 days’ notice
AMP Notice Account2.45%
ANZ Premium1.75%
ANZ Progress Saver2.26%Min balance $5,000
Arab Bank Online Savings2.05% Up to $500k.
Bankwest Smarter Esaver2.45%Zero w/draw pm up to $500k
BoQ Cash Man Account1.80%Limit 1 w/draw pm
BoQ Bonus Interest Savings2.75%$250k+
CBA NetBank Saver1.50%$200pm dep, $100k lim, 1wd pm
CBA Goal Saver Ac2.35%
CUA eSaver Plus Account2.75%
Heritage Online Saver2.45%$750,000+
ING Savings Accelerator2.50%$150k+
Macquarie CMA1.65%
ME Online Savings1.55%
NAB iSaver1.55%
NAB Reward Saver2.95%1 dep no w/draw mth
Rams Saver Account3.15%$200 pm no withdrawal
Suncorp eOptions1.60%
USaver2.06%$200 pm up to $200k
USaver Ultra3.12%Up to $200k +$2k pm dep
Westpac eSaver1.50%
Westpac Reward Saver2.25%dep $50 and no withdrawals