27 Jun – 01 Jul 2016

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There was almost no domestic economic data released this week except for May private sector credit which was released on Thursday. Loan growth fell back to 6.5% but it has been around the 6%-7% level for some time now. Investor housing credit growth, which is of concern to the RBA, came in at 6%, well under the 10% red line.

In the absence of any primary domestic data, cash markets decided a bit of fine tuning was required for its probability assumptions about future official rate changes. The probability of a 25bps rate cut were trimmed back for the months up to June 2017 but increased for the months afterwards. A November rate cut is still fully priced in and another reduction on top of that is viewed as nearly a 50/50 chance by June 2017. What is somewhat concerning for the economy is the cash market sees no sign of the official rate turning up in all the months out to November 2017.

Westpac’s Reward Saver account reduced its rate by 15bps. The RAMS Savers Account retains the mantle for the highest rate among cash accounts in the Yield Report survey.



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 Account2.85%
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 Saver2.10%dep $50 and no withdrawals