First published by Money Metals Exchange here: https://www.moneymetals.com/news/2023/03/27/why-cant-banks-raise-their-rates-on-deposits-002713

As the Federal Reserve has hiked rates from 0% to over 4.75%, the average interest rate on bank deposits has remained low, around the FDIC's national average for savings accounts of 0.37%. This has led many to ask the simple question. Why aren’t banks raising the interest rate on deposits?