ANZ job ads were released on Monday, indicating nearly a 10% year on year rise which bodes well for the employment market and the Australian economy in general. National Australia Bank’s business survey on Tuesday and the Westpac-Melbourne Institute consumer sentiment figures on Wednesday were generally seen as neutral bordering on vaguely positive but they were given little attention as the rumours of Deutsche Bank’s solvency began to circulate on Monday night (Australian time) and financial markets reacted with alarm.
Cash markets responded by increasing the odds or likelihood of a cash rate reduction through 2016 and 2017. One 25bps rate reduction has already been priced into cash contracts as a certainty by September 2016. Contracts for the months after September also price another 25bps reduction down to 1.50% almost as a 50/50 chance.
There were no changes to rates in our cash accounts table over the week.
|Product||Int p.a.||Special Cond|
|AMP Saver Account||2.60%||31 days notice|
|AMP Notice Account||2.70%|
|ANZ Progress Saver||2.51%||Min balance $5,000|
|Arab Bank Online Savings||2.30%||Up to $500k.|
|Bankwest Smarter Esaver||2.80%||Zero w/draw pm up to $500k|
|BoQ Cash Man Account||2.05%||Limit 1 w/draw pm|
|BoQ Bonus Interest Savings||2.75%||$250k+|
|CBA NetBank Saver||1.80%||$200pm dep, $100k lim, 1wd pm|
|CBA Goal Saver Ac||2.70%|
|CUA eSaver Plus Account||2.90%|
|Heritage Online Saver||2.70%||$750,000+|
|ING Savings Accelerator||2.75%||$150k+|
|ME Online Savings||1.80%|
|NAB Reward Saver||3.10%||1 dep no w/draw mth|
|Rams Saver Account||3.40%||$200 pm no withdrawal|
|Usaver||2.31%||$200 pm up to $200k|
|Usaver Ultra||3.37%||Up to $200k +$2k pm dep|
|Westpac Reward Saver||2.50%||dep $50 and no withdrawals|