30 Nov – 04 Dec 2015

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The week started off with the release of the TD-Melbourne Institute Inflation Gauge which suggests Australia’s inflation is not showing any signs of increasing. The RBA meeting then took place and little new emerged from it. The prospects for Australia’s economic conditions “had firmed a little” but “leaving the cash rate unchanged was appropriate” according to the Bank. Later in the week solid GDP data was released but there were some concerns about Australia’s reliance on trade and how the domestic economy was struggling. As a result many economists are still factoring in a rate cut in 2016 but the probabilities attached to a cuts in any given month have generally been reduced. The odds of a rate cut in the first quarter of calendar 2016 now sit at only 28%. By June they rise to a little over 50% but they stand in stark contrast to the odds of a few weeks ago when one rate cut was seen as a certainty and an additional cut was seen as a good possibility.

There was one change to our cash accounts table over the course of the week. Suncorp’s eOptions account rate was reduced by 5bps.

Across all the cash accounts in the Yield Report survey, the average rate is 2.48%. The average rate has risen from the previous week’s 2.41% as ANZ retail V2 account has been removed from the survey and it has been replaced with ANZ’s Premium account.

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CASH ACCOUNTS

ProductInt p.a.Special Cond
AMP Saver Account2.60%31 days’ notice
AMP Notice Account2.70%
ANZ Premium2.00%
ANZ Progress Saver2.71%Min balance $5,000
Arab Bank Online Savings2.30% Up to $500k.
Bankwest Smarter Esaver2.80%Zero w/draw pm up to $500k
BoQ Cash Man Account2.15%Limit 1 w/draw pm
BoQ Bonus Interest Savings2.75%$250k+
CBA NetBank Saver1.85%$200pm dep, $100k lim, 1wd pm
CBA Goal Saver Ac2.80%
CUA eSaver Plus Account2.90%
Heritage Online Saver2.70%$750,000+
ING Savings Accelerator2.75%$150k+
Macquarie CMA1.90%
ME Online Savings2.00%
NAB Isaver1.80%
NAB Reward Saver3.05%1 dep no w/draw mth
Rams Saver Account3.40%$200 pm no withdrawal
Suncorp eOptions1.85%
Usaver2.31%$200 pm up to $200k
Usaver Ultra3.37%Up to $200k +$2k pm dep
Westpac eSaver1.75%
Westpac Reward Saver2.50%dep $50 and no withdrawals

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