I found out about that last year. Every one is treated like the lowest common denominator
I've found the situation at the two banks I deal with that they want to sit me down and talk about better returns than the near-zero interest rate on FDIC savings. When I pressed them on it, they are annuities "through reputable companies and absolutely safe and secured". Sure. I asked "what if they're bundled and sold to less reputable companies?" The banker did not know what I was saying.
For some reason, these banks seem to not want FDIC insured money deposited with them. Are they afraid of an audit or a run on deposits or something?