To take you through how it works. If a bank cuts its 1-year and 2-year rates on the same day, that counts as 2 cuts.

Though, you don't only care about the total number of cuts. Because if a bank trims 1% off their interest rate, that has the same effect as if a bank cuts 0.1% off a rate 10 times. So let's dig into the size of the cuts.

Who’s delivered the deepest cuts?

TSB’s 1 year rate has had the biggest cut.

At the start of the year, they advertised 7.39% for their 1 year rate. This is now 5.19%, at the time of writing.

That’s a total drop of 2.20% percentage points. That could save you $165 a week on a $500k mortgage (on a 30 year term).

ANZ has trimmed the most off of all their interest rates since the start of the year.

They have cut a combined 13.33% off all their interest rates so far.

Kiwibank has been more conservative, trimming only 10.57% from all their rates so far.

Though, as the Reserve Bank continues to cut the OCR, expect the cuts to continue.

Also, keep in mind that Kiwibank doesn't have an 18-month rate. That disadvantages them in this analysis, since they have one fewer interest rate to cut. That's why I initially excluded Kiwibank from the interest rate cut counter. But, they called me and specifically asked to be included.

Which interest rates are being cut the most?

The 1 year rate has received the most cuts. All up, the banks have cut the 1 year rate 68 times this year.

TSB is the bank have cut this rate that most. On a $500k mortgage (over 30 years) that saves $165 a week.

But the 2 year rate is not far behind with a total of 55 cuts.

In comparison, the floating rate hasn’t been cut much at all.

Across all the banks, it has been cut only 21 times. The biggest cut being only 1.75% percentage points.

On a $500k mortgage (over 30 years) that saves only $140 a week.