Commonwealth Bank cut its savings rates by five basis points on Tuesday – the second time it has cut savings rates in a month and the sixth time it has cut its NetBank Saver rate this year, according to Canstar.

CBA’s NetBank Saver rate has dropped from 1.65 per cent to 85 bps this year. Its Goal Saver rate has been cut by 45 bps to 85 bps over the same period.

Canstar said CBA’s move was part of a “tidal wave” of savings rate cuts. Regular savings account rates have been cut by an average of 56 bps this year and the average rate is now 58 bps.

RateCity reported that 31 banks, including Westpac and ANZ, cut rates in the past two weeks, with an average reduction of 14 bps over the period.

P&N Bank made the biggest cut, reducing its Hi Saver base rate and bonus rate by a total of 40 bps to a maximum rate of 1 per cent.

In recent weeks, neobanks 86 400 Xinja and volt have all cut rates. 86 400 cut the rate on its Save account from 1.6 per cent to 1.35 per cent, Xinja cut the rate on its Stash account from 1.65 per cent to 1.5 per cent.

Volt cut its savings rate last month, reducing the rate from 1.65 per cent to 1.45 per cent and cut again this month to 1.25 per cent.