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NAB announced it'll cut rates on its two main savings accounts after the RBA reduced the official cash rate on Tuesday by 25 basis points to 3.85%.

NAB's rate cuts for savers will come into effect a week before the bank cuts variable mortgage rates.

The bank's new maximum ongoing rate to its Reward Saver accounts will drop by 0.25 percentage points to 4.40%, according to analysis from comparison website Canstar.

NAB’s iSaver account has also dropped by the same amount, down to an introductory rate of 4.65% and an ongoing rate of just 1.50%.

NAB is not the only bank reducing rates for savings accounts ahead of cuts to variable mortgage rates.

Other banks cutting savings rates before passing on rate cuts to borrowers include AMP, Great Southern Bank and Westpac. 

CBA and ANZ savings rates are still under review.

Westpac, for example, is reducing its rate four days ahead of passing on the rate cut to borrowers.

Westpac has also cut a range of term deposit rates by up to 0.25 percentage points, while ANZ has cut one by 0.10 percentage points.

Eight banks have cut at least one term deposit rate since the RBA decision on Tuesday, including one of the market leaders, Judo Bank, while almost 50 banks have cut in the past month, according to Canstar.

“It’s disappointing to see some banks chop savings rates ahead of their mortgage rates. One day, it would be fantastic to see a bank reverse this order to benefit its mortgage and savings customers, rather than themselves," Canstar's data insights director, Sally Tindall says.

“If you’ve already seen your savings rate drop, don’t get mad, get even by taking your savings rate shopping.

Canstar research shows there are currently 12 banks offering at least one ongoing savings rate at 5% or more. This includes accounts for young adults but excludes kids’ accounts.