Savers have never been worse off after interest rates on standard savings accounts were slashed below 2 per cent by ANZ and NAB on Friday, with other banks are likely to follow after the latest Reserve Bank rate cuts.

The interest savers can earn will get even worse, as the big four banks have all priced in another official interest rate cut to 0.75 per cent by November because of doubts the unemployment rate will not fall to where the central bank believes it needs to be to stimulate wage growth.