The days of savers earning more than 7 per cent interest on fixed-rate bonds are over, after ICICI and Anglo Irish bank cut the rates on their top-paying deals.

ICICI, the Indian bank has long topped the best buy tables with its HiSave one-year bond paying 7.1 per cent. But responding to the Bank of England's shock base rate cut to 3 per cent, it announced today that it would replace it with a deal paying 6.6 per cent.

Anglo-Irish Bank, which had an attractive fixed rate bond at 7.05 per cent interest for one year, has replaced this with a bond paying 5.55 per cent, mirroring the Bank of England's one and a half percentage point cut. It has also repriced its savings accounts from 6.55 per cent down to 5.4 per cent for a seven day notice account and from 6.4 per cent to 5.25 per cent for an easy access account.

This brings to an end a period when returns on savings account reached seven-year highs as lender became increasingly reliant on consumer deposits to fund their mortgage book.

The Close Brothers' Premium Gold account still pays a fixed rate of 7 per cent for one year but requires a minimum deposit of £10,000. The rate is only guaranteed on applications received before close of business on Monday.

Many attractive deals have already disappeared. Saga, the financial services provider for the over-50s, had a one-year fixed rate bond paying 6.85 per cent. The rate was cut today by 0.5 percentage points to 6.35 per cent. Its six-month bond still pays 6.9 per cent, although it is expected to be pulled on Monday.

Meanwhile, Bradford & Bingley, part of Spanish banking group Santander, has withdrawn all its fixed-rate bonds, which paid up to 6 per cent.

More cuts are expected over the weekend. Abbey, also part of Santander, said that it will slice the top rate on its one and two-year fixed rate bonds by one percentage point. Anyone who applies before the end of Sunday will lock into a rate of 6 per cent, before it drops to 5 per cent on Monday.

Top rates on tax-free Isas have also been tumbling. Northern Rock, the nationalised bank, pulled all its one, three and five year fixed-rate cash Isas paying 6 per cent today, without announcing what it would replace them with.

National Savings & Investment, also backed by the Government, cut the rate paid on its Direct Isa from 4.8 per cent to 3.3 per cent.

Bradford & Bingley's fixed rate cash-Isa paying 6.25 per cent for one year is still available, but it is not expected to be around for long.