21 Mar – 24 Mar 2016

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The pre-Easter week was quiet, short and with little in the way of local economic data. In a previous commentary we referred to the cash markets as “suffering from multiple-personality disorder” as it swung from pricing a rate cut, to not and back again. In this latest week, it swung away from the rate cut scenario. While there were not any local economic data releases of real significance, appearances by the RBA’s Stevens and Eady at the ASIC Annual Forum and some of the comments they made in their speeches and panel discussions led to cash markets placing a lower probability on official rate cuts in 2016 and 2017. According to prices at the end of the week, a rate cut by the end of the year is now no longer a certainty, although the odds are still very high. A rate cut is still seen as a 46% chance by August and prices in cash markets still indicate participants think a cut in any given month after then is more likely than not.

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.

cashrate-24mar

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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 Account2.05%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

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