The big moves in the cash markets all happened in the previous week and this week changes were minimal. The RBA’s November minutes were released without any surprises and the other local economic data such as the Westpac-Melbourne Institute leading indicator only served to reinforce already-held opinions.
While cash market are factoring in a good chance of a rate cut in 2016, it is still only a 50/50 bet by April 2016 and a 64% chance by October 2016. It’s a reflection of the battle between those who see the sub-trend GDP growth continuing and those who see emergency level interest rates as unnecessarily pessimistic.
There has been one change to our cash accounts table. The RAMS Saver Account rate was reduced by 20bps to 3.40% but it is still the highest rate in the Yield Report survey.
Across all the cash accounts in the Yield Report survey, the average rate is 2.41%.
|Product||Int p.a.||Special Cond|
|AMP Saver Account||2.60%||31 days notice|
|AMP Notice Account||2.70%|
|ANZ V2 Plus||0.50%||1 dep no w/draw mth|
|ANZ Progress Saver||2.71%||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||2.15%||Limit 1 w/draw pm|
|BoQ Bonus Interest Savings||2.75%||$250k+|
|CBA NetBank Saver||1.85%||$200pm dep, $100k lim, 1wd pm|
|CBA Goal Saver Ac||2.80%|
|CUA eSaver Plus Account||2.90%|
|Heritage Online Saver||2.70%||$750,000+|
|ING Savings Accelerator||2.75%||$150k+|
|ME Online Savings||2.00%|
|NAB Reward Saver||3.05%||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|