This article is interesting. People were letting the banks hold their money for lower returns. The consumers seem to have felt they would be deprived of better returns should interest rates increase.
We have located a fixed annuity that will deliver at least 3% for the life of the contract and increase the rate if new business starts getting a higher rate. Amazing. If you would like a better rate of return – call us. We might be able to help you. Of course, standard disclaimers about insurance products apply, namely that they are backed by the issuing company, not FDIC insured.