Everyone celebrated the RBA's rate cut, but now millions have been hit by the rude side-effect

The Reserve Bank's interest rate cut earlier this week was widely welcomed, but millions of Australians are now starting to feel an unpleasant after-effect for their combined $1.6 trillion in savings.

Seven banks have now cut the interest rate on their savings accounts, including Macquarie, NAB and Bank of Queensland – the latter of which had been offering a best-in-market 5.10 per cent to 14-to-35-year-olds.

"The third RBA rate cut of the year is already hitting savers in the hip pocket with NAB, Macquarie and BOQ all cutting key savings rates today, alongside some smaller banks," Canstar data insights director Sally Tindall said.

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"BOQ's rate has dropped back to 4.85 per cent, which will be disappointing for their customers who have sought out a market-leading rate to turbocharge their savings."

It leaves the vast majority of available rates now starting with a 4, and two of the three banks still offering 5 per cent – ING and Move – are yet to announce their response to the RBA's rate cut.

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.

Commonwealth Bank and ANZ are still yet to announce a change to their interest rate for savers, although Canstar said they were likely to be cut next Friday.

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"Once the August RBA rate cut filters through, know that a competitive ongoing savings rate is estimated to be 4.75 per cent and above, however, you'll have to be able to meet monthly terms and conditions to achieve this rate," Tindall said.

"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.

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