Revised interest rates on OCBC, SCB and CIMB high interest rates accounts... What now?

Just less than 3 weeks ago, I posted about re-evaluating high interest savings accounts (HISAs). Since then, I have received news of lowered interest rates for OCBC 360 account, SCB JumpStart account and CIMB FastSaver account starting in July (15 Jul for CIMB).

This is not shocking given that the US has continued to maintain a low interest rate environment.

Also, the news of OCBC 360 account lowering interest rate is not new, but what's new is that they are doing it the 2nd time this year. The following table shows that for the average person with savings less than $35k, your interest rate of 1.2-1.4% has been cut to a measley 0.6% (from Seedly). 

Let's talk finance - high interest savings accounts

Let's talk finance! I don't think I ever written anything about the topic of money other than the "No Spending in May" Challenge. I'm very passionate about personal finance. For my first job I worked as a financial planner because I believed that even though money cannot buy happiness, having enough money is important for leading a comfortable life! It can give one a lot of opportunities to do good and lead a meaningful life, and I wanted to help others achieve that.

This could be due to my own background. Coming from a low-income family, I was eligible for bursaries throughout my school life and I have always been very grateful for that. Receiving money has given me a lot of opportunities and doing relatively well in school has its benefits in a meritocratic society like higher-paid jobs. I'd hoped that by helping others to plan their finances, that perhaps they can have more money to give back to others in need too (although I came to realise this was a bit naive as people who want to give would find the means to give even if not monetary).

So what's spurring today's topic on high interest savings accounts (HISAs)?