With interest rate cuts on the horizon, the yields on offer with savings accounts and term deposits are likely to be on the way down again.

While this is disappointing for income investors, all is not lost. That's because there are ASX shares and exchange traded funds (ETFs) out there to save the day.

In respect to the latter, let's take a look at three ASX ETFs that could be quality option for investors looking for a source of income. Here's what you need to know about these funds:

Vanguard Australian Shares Index ETF (ASX: VHY)

The first ASX ETF for income investors to look at is the Vanguard Australian Shares High Yield ETF.

Rather than buying individual dividend stocks, this ETF lets you buy a large group of them in one fell swoop.

At present, the fund is home to 65 ASX dividend shares that are forecast to have bigger dividend yields relative to the market average. But this doesn't mean you will end up owning just miners and banks. Vanguard restricts the proportion invested in any one industry to 40% and 10% for any one company.

Its holdings include BHP Group Ltd (ASX: BHP), Commonwealth Bank of Australia (ASX: CBA), Super Retail Group Ltd (ASX: SUL), and Transurban Group (ASX: TCL).

The Vanguard Australian Shares Index ETF currently trades with a trailing dividend yield of 4.9%.

BetaShares S&P 500 Yield Maximiser (ASX: UMAX)

Another ASX ETF to buy when interest rates fall is the BetaShares S&P 500 Yield Maximiser.

It is an actively managed fund that provides investors with access to the top 500 companies listed on Wall Street. This includes giants such as Apple and Walmart.

However, it operates in a very different way compared to a standard ETF. It uses a covered call strategy to target quarterly income that is significantly greater than the dividend yield of the underlying share portfolio over the medium term.

This means that at present its units offer investors a trailing 4.6% distribution yield.

Betashares FTSE RAFI Australia 200 ETF (ASX: QOZ)

A final ASX ETF to combat falling interest rates with is the FTSE RAFI Australia 200 ETF.

This fund, which was recently recommended by BetaShares, uses a fundamental indexing strategy that is designed to screen for stocks based on their merits rather than market capitalisation.

It screens ASX shares using sales, cash flow, dividends, and book value. After which, it ranks these stocks and invests in them accordingly. This strategy means that investors ultimately end up holding stocks that have healthier balance sheets and a greater capacity to pay dividends.

The Betashares FTSE RAFI Australia 200 ETF currently trades with a trailing dividend yield of 4.5%.