The cuts have been applied to a variety of accounts including easy access, notice accounts, cash ISAs, lifetime ISAs, junior ISAs and children’s savings accounts.

When it came to the size of the cut – some providers passed on the full 0.25% cut implemented by the Bank of England, which reduced the base rate from 4.25% to 4% on Thursday last week.

But whilst other savings firms slashed their rates by less than the 0.25%, others made greater cuts.

Atom Bank, for example, reduced the rate on its Instant Saver Reward by 0.58% meaning it now pays 3.93%.

Other brands, according to Moneyfactscompare, withdrew accounts and then replaced them with products offering a lower rate.

It said some now paid less than 4%, such as Cynergy Bank’s Online ISA. This was cut by 0.30% to 3.90%, whilst the provider’s Easy Access account was cut by 0.45% to now pays 4%.

With inflation predicted to rise to 4%, there are concerns more savers could see their pots eroded in real terms, as more savings rate cuts are expected over the next few weeks.

Moneyfactscompare data shows, as it stands, less than a third of standard savings accounts paid more than 4% but less than 10% of all accounts paid a variable rate of over 4%.

Rachel Springall, finance expert at Moneyfactscompare.co.uk, said the actions of these savings providers so soon after the Bank of England base rate cut, showed just how quickly cuts were passed on to hard-pressed savers.

“It is essential consumers stay in tune with market movements and switch to ensure they are not getting a raw deal,” she said.

The cuts have had an impact on the Moneyfacts Average Savings Rate, which has dropped from 3.50% to 3.47% in the last week.

In the coming months, savers are being urged to keep an eye on their savings interest and inflation. If your savings rate is lower than inflation, you should try to move your savings to an account which is paying more.

However, with more cuts expected, options may not be quite so abundant as they have been in the last few years.

Springall added: “As inflation is predicted to rise to 4% in September, it means many savers will see their pots eroded. As it stands, less than 10% of variable rate savings accounts pay more than 4% and it’s not much better including fixed deals, as overall less than a third of the standard savings market pays over 4%.

“Savers need to keep a close eye on the market for any vanishing accounts and ensure they abandon their loyalty if it is not being rewarded with a decent savings rate.”