NAB's UBank is the early mover on deposit rates, reducing the "Ultra bonus" rate by 25 bps from Monday.
This takes the bonus saver rate on UBank's premium savings product to 1.85 per cent, more than 20 bps better than the rate NAB pays on a similar product under its main brand.
NAB's move represents almost the only reduction in at call rates so far since the RBA cut the cash rate by 25 bps on Tuesday, at least as monitored by the comparison service InfoChoice.
A handful of banks have pared term deposit rates over the last couple of days, including Judo Bank and MyLife MyFinance.
So far banks big and small have deferred pricing decisions on deposit products, with many changes likely to be communicated today.
Rate conscious savers are "going to have to get used to lower rates for an even longer period of time," Andrew Murray, CEO of Curve Securities said.
For a typical client of Curve - such as local councils - "it's a little bit difficult; budgets are not going to be met on interest income," Murray said.
Curve manages more than A$7 billion in deposits, a milestone the Sydney-based company passed recently, 12 years after opening shop.
"Our $7 billion in current deposits comes on the back of $78 billion deal turnover via 38,000 deals since inception," Murray wrote in a client note yesterday.