Effective today, SBS has reduced its floating rate to 4.54% from 5.29%.
That puts the Southland bank, led by Shaun Drylie, now has a floating rate on par with TSB's offering.
Meanwhile, HSBC is also dropping its floating rate.
The global bank's rate will fall to 4.49% as of Monday, the eighth cheapest in the market.
This week has seen a wide range of floating rate cuts after the Reserve Bank cut interest rates by 75 basis points.
However, only ANZ and Kiwibank have passed on fixed rate cuts so far.