Several major banks have slashed their interest rates on savings accounts after the Reserve Bank of Australia's (RBA) move earlier this week. The central bank dropped the cash rate from 3.85 per cent to 3.60 per cent, which will be great news for homeowners as their mortgage repayments will fall.

However, this decision can sometimes cause savings rates also fall, and those with the Bank of Queensland (BOQ), NAB, and Macquarie have been hit with a reduction on Friday. Finder's head of consumer research, Graham Cooke, told Yahoo Finance that one group of people will be hit particularly hard by this.

"Over the last couple of years, one of the things that was contributing to the cost-of-living crisis was interest rates going up," he said.

RELATED

• Mortgage broker reveals $112,000 home loan mistake

• Work from home shift for millions of Aussies as 'clear link' with salaries revealed

• Hidden $3,000 per year cost of cashless revolt as record number of banknotes hoarded

"So mortgages went up, but rents were also going up because landlords who were renting out their houses had mortgages, and they were pushing up rent.

"Now mortgages are coming down and every homeowner is going to get probably a 1 per cent drop on their mortgage by the end of the year, which will be a huge saving.

"They're not going to pass that on to renters, though."

He said tenants will not only not receive a reprieve in their rent prices, but they will receive less money from their cash that's sitting in their bank accounts.

Do you have a story? Email stew.perrie@yahooinc.com

How much have savings interest rates fallen?

In the wake of the RBA's decision to lower the cash rate on Tuesday, seven banks have reduced their savings rates.

The rate for BOQ's Future Saver account fell from 5.10 per cent to 4.85 per cent on Friday, which is an account designed for people aged 14 to 35.

The bank's Smart Saver also suffered a 0.15 per cent reduction.

Two savings accounts at NAB, Reward Saver and iSaver, dropped by 0.25 per cent.

There was also a 0.25 per cent cut in the transaction account and savings account at Macquarie Bank.

However, mortgage holders on a variable rate will also see a cut in their interest repayments.

Those with savings accounts at AMP, Great Southern Bank, ME Bank and Hume Bank will also see their savings rates fall from this week.

Are more cuts coming?

Savings rates could soon tumble at Commonwealth Bank and ANZ as those are currently "under review", while Westpac savers will see a 0.25 per cent drop in the rate for the Life and eSaver rates on August 22.