07 Dec – 11 Dec 2015

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The week began quietly enough, with economic data not having any real effect on short term yields or cash market prices. Then the labour forces figures were released by the ABS and markets further discounted the odds of a rate cut by October 2016, making it a 50/50 bet. Not long ago, a rate cut in the first quarter was seen as a given; now that likelihood is only rated a 20% chance, down from 28% a week before. However, in an unusual twist, cash markets improved the chances of a rate cut in November 2016 or after, but the odds of this are still around 50%.

ANZ, which had previously said the RBA will cut the cash rate twice in 2016 – once in February and once in May – now says that the RBA will still cut but it is likely to be once in May and once in August.

There were two changes to our cash accounts table over the course of the week. ANZ’s Progress Saver account rate was reduced by 20bps as was National Australia Bank’s Reward Saver rate.

Across all the cash accounts in the Yield Report survey, the average rate was 2.46%, down the previous week’s average of 2.48%.

cashrates-11dec
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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 Saver2.51%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 Saver2.85%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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