Domestic economic data releases made little difference to cash markets over the week. As in the week before, cash markets don’t rate the chance of a rate cut in February as being very likely although the odds increased a little. However, this view changes significantly in the months from March onwards. Prices were implying a 1 in 3 chance of rate cut in March, rising to a 6 in 7 chance of rate by June and by August it is seen as a certainty. Further rate cuts are also viewed as a possibility and by January, 2017 there is a 1 in 3 chance of a second reduction down to 1.50%.
There were no changes in our cash accounts table over the course of the week.
Across all the cash accounts in the Yield Report survey, the average rate remains at 2.46%.
|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||2.15%||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||2.00%|
|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|