Sally Tindall, Canstar’s director of data insights, stated, “The third interest rate cut by the RBA this year is already affecting savers, with NAB, Macquarie, and BOQ all cutting essential savings rates today, along with some smaller banks.”

“BOQ’s rate has lowered to 4.85%, which will dishearten customers who were counting on a leading market rate to boost their savings,” she added.

This adjustment means most available rates now begin with a 4. ING and Move, two banks still holding onto a 5% rate, have yet to reveal their action plan following the RBA’s rate reduction.

The one exception is Westpac, which said it will leave its savings rate for 18-to-29-year-olds on hold at 5 per cent.

The Commonwealth Bank and ANZ have not yet announced any changes to their saver interest rates, although Canstar suggests a reduction is expected by next Friday.

“After the August RBA rate cut is fully implemented, a competitive, ongoing savings rate is anticipated to be 4.75% or higher, provided you can meet the required monthly conditions,” noted Tindall.

“We expect more savings rates will fall victim to this latest RBA cut in the weeks ahead, however, banks aren’t likely to make a song and dance about them.

“Our rate tracker shows more than 60 banks have rushed to share the good news on mortgage rates, yet many banks are leaving their savings customers guessing.

“If your bank hasn’t told you what’s happening with your savings yet, don’t wait – call, email, or even reach out on social media.

“It’s your hard-earned money, and you have every right to know where your rate is headed.”

As of July, Australian households had about $1.6 trillion deposited with financial institutions, according to APRA.