But the three banks have cut at least 25 basis points from some business and personal on-call accounts and PIE fund saving accounts since February 29.
ANZ, the country's largest bank, has chopped 50 basis points from its online account and its PIE fund account dropping them both from 1.25 per cent to 0.75 per cent for someone with savings of at least $25,000.
An ANZ spokesman said the rate on its most popular savings account - the ANZ serious saver had only been cut by 5 basis points to 3 per cent and it had not changed the interest on some of its other savings accounts at all.
We are increasingly seeing our customers preferring the certainty term deposits provide, and if you look at most of our longer term deposit rates they are significantly above wholesale rates.
A Westpac spokesman said the official cash rate change had a direct impact on "at call" deposits which were now worth 25 basis points less in the local market.
"However we have not passed all the flow on impact to term deposits and have left our 3.25 per cent 120 day term deposit special in market to provide a competitive proposition for customers."
BNZ said there were a range of factors involved in a decision to cut or raise interest rates across savings accounts and mortgage rates.
As well as cutting its on-call business and personal accounts the bank has trimmed 10 basis points off its term deposit rates on terms ranging from 120 days to five years.
Rival bank ASB said it had not made any cuts to its on-call, transactional or term deposit rates since the OCR cut but said its rates were constantly under review.
New Zealanders had around $145,702 million dollars sitting in on-call, transactional or eftpos accounts as of January, latest figures available from the Reserve Bank show.
Watch: Reserve Bank governor Graeme Wheeler discusses the official cash rate
Jose George, general manager of Canstar New Zealand, said savers needed to shop around for the best rates and diversify their money by not keeping it all in an on-call account or transaction (cheque) account as those accounts were not designed for saving.
"You need to have a diversified approach to saving."
George said those looking to boost their saving returns could look at putting some in term deposits, shares or even KiwiSaver.
"People need to have a broader approach to money than just an on-call account," he said.
Jose said if people were not happy at the cuts made by their bank they could consider switching banks or talking to their existing bank about how to get a better rate.
"In the first instance talk to your bank and ask 'is there a better option?'"
Jose said people also needed to think about why they were saving the money.
Saving rate changes for a person with $25,000 since February 29
ANZ Business premium call account down 0.25 basis points to 1%
ANZ online account down 50 basis points to 0.75%
ANZ PIE fund down 50 basis points to 0.75%
ANZ Serious Saver down 5 basis points to 3%
BNZ business first on-call down 25 basis points to 1%
BNZ cash PIE down 25 basis points to 1%
BNZ personal on-call down 25 basis points to 1%
Westpac business online saver down 25 basis points to 1%
Westpac online bonus saver down 25 basis points to 2.75%
Westpac online bonus saver PIE down 25 basis points to 2.75%
Westpac online saver down 25 basis points to 1%
Westpac online saver PIE down 25 basis points to 1%
Westpac simple saver down 25 basis points to 0.75%
(source Canstar)
Floating mortgage rate changes since March 10
ANZ floating rate down 10 basis points to 5.64%
BNZ floating rate down 10 basis points to 5.69%
Westpac floating rate down 10 basis points to 5.75%
ASB floating rate down 20 basis points to 5.55%
KiwiBank floating rate down 20 basis points to 5.45%
