Two banks which are currently ran by the state have reportedly cut the returns being paid to savers.
It is understood that the two banks in question the AIB and Permanent TSB have placed advertisements in newspapers recently to display their new rates.
Permanent TSB have apparently cut their rates by up to 0.4% across a range of services.
Meanwhile it is believed that the AIB bank have reduced their rates by 0.5% on its Direct Deposit Access, which is currently closed to new customers. They have also cut the return by up to 0.3% on a range of their other services.
The move comes as the European Central Bank recently lowered its main lending rate to 0.05% in September 2014 in response to weaker economic conditions in the euro zone.