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.
|Product||Int p.a.||Special Cond|
|AMP Saver Account||2.35%||31 days notice|
|AMP Notice Account||2.45%|
|ANZ Progress Saver||2.26%||Min balance $5,000|
|Arab Bank Online Savings||2.05%||Up to $500k.|
|Bankwest Smarter Esaver||2.45%||Zero w/draw pm up to $500k|
|BoQ Cash Man Account||1.80%||Limit 1 w/draw pm|
|BoQ Bonus Interest Savings||2.75%||$250k+|
|CBA NetBank Saver||1.50%||$200pm dep, $100k lim, 1wd pm|
|CBA Goal Saver Ac||2.35%|
|CUA eSaver Plus Account||2.75%|
|Heritage Online Saver||2.45%||$750,000+|
|ING Savings Accelerator||2.50%||$150k+|
|ME Online Savings||1.55%|
|NAB Reward Saver||2.95%||1 dep no w/draw mth|
|Rams Saver Account||3.15%||$200 pm no withdrawal|
|USaver||2.06%||$200 pm up to $200k|
|USaver Ultra||3.12%||Up to $200k +$2k pm dep|
|Westpac Reward Saver||2.25%||dep $50 and no withdrawals|