- The banks giving the high initial rates at first are also to lower immediately when interest rates fall. It might not be a big deal in current economic climate, but its not worth the hassle to chase the extra 0.2% to keep moving $$$ around.
- Many of the banks with higher % also expect you do other things with your account like maintaining direct deposit or having X no of debit card transactions. Again, might be fun early on. But eventually it wears out.
- Actually verify if your savings in that bank is FDIC insured. Check from fdic website https://banks.data.fdic.gov/bankfind-suite/bankfind and not in their webpage.
Not giving any financial advice, but I do save my emergency fund in money market account, its better interest rate than big banks. But at the same time, I wouldn't jump to any arbitrary bank without doing my due diligence. Its not worth the effort in the long run.