04 Dec – 08 Dec 2017

There were two changes to our list of cash account interest rates this week. Both the RAMS Saver and the Westpac eSaver accounts had their respective rates reduced by 20bps.

There were quite a few domestic data releases, a mixture of private and official reports, including third quarter GDP numbers. Two private reports, ANZ’s job ads survey bodes well for employment growth in comings months, while the Melbourne Institutes’s Inflation Gauge rose again, this time to 2.7%.  A day later, weak October retail sales figures were released on the same day the RBA held the cash rate steady at 1.50%. The third quarter current account deficit was little lower than in the second quarter (around $9 billion), which helped third quarter GDP figures even though they were a little under the expected figure. At the end of the week, the finance approvals report showed approvals for house residential property lending slowed during October.

After digesting all of this, traders in the cash market decided the likelihood of a rate rise anywhere in the next eighteen months had become decidedly slimmer. Prices still implied some chance of a rate rise but in recent weeks the probability has been consistently wound back. A rate rise six months from now, in May 2018, is thought to be a 10% chance. The likelihood increases to 28% for an August rise, a November 2018 rate rise has been assigned a 48% probability while February 2019 has a 76% probability.

See our table below for a comparison of the latest cash account rates.


ProductInterest Rate p.a.Special Conditions
AMP Saver Account2.10%31 days’ notice
AMP Notice Account2.15%
ANZ Premium1.50%
ANZ Progress Saver1.81%Minimum $10 deposit and no withdrawal per month
Arab Bank Online Savings1.90%Minimum balance $500,000.
Bankwest Smarter eSaver1.70%On balances from $500,000 to $5,000,000. No withdrawal per month
BoQ Cash Man Account1.45%Minimum balance $5000.
BoQ Bonus Interest Savings2.20%1 withdrawal per month.
CBA NetBank Saver1.00%
CBA Goal Saver Account2.50%On balances of $250,000 - $999,999. Minimum $200 deposit and no withdrawal per month.
CUA eSaver Plus Account2.70%Limit $100,000. Minimum $1000 deposit per month.
Heritage Online Saver2.15%Minimum balance $750,000
ING Savings Accelerator2.20%Minimum balance $150,000
Macquarie CMA1.30%
ME Online Savings1.30%
NAB iSaver1.05%
NAB Reward Saver2.50%1 deposit and no withdrawal per month
RAMS Saver Account2.80%On balances from $200 - $500,000. Minimum $200 deposit and no withdrawal per month
Suncorp eOptions1.55%
uSaver1.81%Limit $200,000. Minimum $200 deposit per month.
uSaver Ultra2.87%Limit $200,000. Minimum $200 deposit per month.
Westpac eSaver0.80%
Westpac Reward Saver1.50%Minimum $50 deposit and no withdrawal per month

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