23 Nov – 27 Nov 2015

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The big moves in the cash markets recently all happened in early November after the RBA downgraded growth and inflation forecasts. This week changes were minimal. Q3 economic data relating to construction and trade data did not really have any material effect on the cash rate market’s thinking but on Thursday the capital expenditure figures were published and showed a marked weakness in forecast business spending. This surprised markets but changes to cash rate forecasts were fairly muted. While cash markets are still factoring in a good chance of a rate cut in 2016, the probabilities attached to a cuts in any given month have generally increased slightly. A rate cut chance in the months of February to April sit at around 40% but rise to 68% for the months of August through to November. It is worth keeping in mind the cash market has exhibited a tendency in the past to dramatically change these probabilities on the strength of one piece of economic news and in mid-October the likelihood of a second rate cut to 1.50% was being priced at an 88% chance.

There were no changes to our cash accounts table over the course of the week.

Across all the cash accounts in the Yield Report survey, the average rate remains 2.41%.

cashrate-27nov

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CASH ACCOUNTS

ProductInt p.a.Special Cond
AMP Saver Account2.60%31 days’ notice
AMP Notice Account2.70%
ANZ V2 Plus0.50%1 dep no w/draw mth
ANZ Progress Saver2.71%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 Account2.15%Limit 1 w/draw pm
BoQ Bonus Interest Savings2.75%$250k+
CBA NetBank Saver1.85%$200pm dep, $100k lim, 1wd pm
CBA Goal Saver Ac2.80%
CUA eSaver Plus Account2.90%
Heritage Online Saver2.70%$750,000+
ING Savings Accelerator2.75%$150k+
Macquarie CMA1.90%
ME Online Savings2.00%
NAB Isaver1.80%
NAB Reward Saver3.05%1 dep no w/draw mth
Rams Saver Account3.40%$200 pm no withdrawal
Suncorp eOptions1.90%
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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