The reason your local bank isn't paying you 3% while Cap One (and Ally, Sofi, Charles Schwab, Discover, and others) increases their rates frequently is because your local bank can do whatever the fuck it wants and no one cares. If your local bank keeps paying 0.25 and no one closes their accounts, why should they now start paying 3%? They're making money paying you 0.25% why lose money (or make less money) by paying you 3%?