The higher interest rates are real. Even if the local bank only pays 0.60%, their legalese gives them the right to drop it even lower. The question you should ask is how other banks are able to get away with paying such low interest rates.

By the way, 3% is not the best you can get for a deposit account. You can get 3.5% on savings in large amounts and even higher for small amounts -- see https://www.doctorofcredit.com/high-interest-savings-to-get/ for an extensive list.