There were no changes to our list of cash account interest rates this week.
This week was a little quieter than the week before. The RBA released its August meeting minutes and the message markets received was of risk relating to household debt levels and possibly the continued strength of house prices in Sydney and Melbourne. The labour market would take of itself over time. The Westpac-Melbourne Institute Leading Index suggest less than trend GDP growth in 2018 while June Labour Force figures confirmed the Australia economy is still chugging out new jobs at a respectable rate, although some worry about the ratio of full-time and part-time positions.
This week pricing in cash markets was unchanged for contracts up to and including April 2018 while contracts from May 2018 onwards implied a slightly higher probability of a 0.25% rate rise. Cash markets imply no change to the official rate in 2017, a 14% chance of rate rise in February, a 44% probability in May, a 70% chance in August and by November a rate rise is fully factored in.
See our table below for a comparison of all the latest cash account rates which are available.
|Product||Int p.a.||Special Cond|
|AMP Saver Account||2.10%||31 days notice|
|AMP Notice Account||2.15%|
|ANZ Progress Saver||1.81%||Min balance $5,000|
|Arab Bank Online Savings||2.00%||Up to $500k.|
|Bankwest Smarter Esaver||1.75%||Zero w/draw pm up to $500k|
|BoQ Cash Man Account||1.45%||Limit 1 w/draw pm|
|BoQ Bonus Interest Savings||2.20%||$250k+|
|CBA NetBank Saver||1.00%||$200pm dep, $100k lim, 1wd pm|
|CBA Goal Saver Ac||1.90%|
|CUA eSaver Plus Account||2.80%|
|Heritage Online Saver||2.15%||$750,000+|
|ING Savings Accelerator||2.20%||$150k+|
|ME Online Savings||1.30%|
|NAB Reward Saver||2.55%||1 dep no w/draw mth|
|Rams Saver Account||3.00%||$200 pm no withdrawal|
|USaver||1.81%||$200 pm up to $200k|
|USaver Ultra||2.87%||Up to $200k +$2k pm dep|
|Westpac Reward Saver||1.75%||dep $50 and no withdrawals|