> the largest banks for typical consumers like Bank of America or Wells Fargo or Chase

These banks are up front about not competing on rates.

I wouldn't call them "being upfront" at all.

They promote their savings accounts with opening bonuses, offer bonus rates for high net worth account holders (up to 0.04% instead of 0.01!!) etc.

Transparency would be not calling these terrible offers "savings" accounts (or sometimes even "high-yield savings accounts!") in the first place.