14 Mar – 18 Mar 2016

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There were several pieces of data released during the week which were of interest to cash markets. New vehicles sales, the Westpac-Melbourne Institute leading index, RBA minutes from the March meeting and February unemployment figures. Most had no effect and contained no real surprises and depending on which bank economist you are listening to, the RBA is either “comfortably on hold” or “retaining its easing bias”.

In any case, cash markets must be suffering from multiple-personality disorder by now. Either data is released which indicates higher future interest rates, such as the above-expected GDP growth from early March, or it is a report such as the February jobs data which is viewed as increasing the chances of a rate cut. The jobs report, being the latest piece of data to be reported, sent the probabilities of a RBA rate reduction higher and one 25bps cut has been totally factored in by November. However it’s worth keeping in mind it wasn’t all that long ago cash markets were totally factoring in rate cut by August.

There were no changes to rates in our cash accounts table over the week. The account offering the highest rate in the YieldReport survey is UBank’s USaver Ultra account.


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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 Account2.05%Limit 1 w/draw pm
BoQ Bonus Interest Savings2.75%$250k+
CBA NetBank Saver1.80%$200pm dep, $100k lim, 1wd pm
CBA Goal Saver Ac2.70%
CUA eSaver Plus Account2.90%
Heritage Online Saver2.70%$750,000+
ING Savings Accelerator2.75%$150k+
Macquarie CMA1.90%
ME Online Savings1.80%
NAB iSaver1.80%
NAB Reward Saver3.10%1 dep no w/draw mth
Rams Saver Account3.15%$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