The wealthy may not keep their money in savings accounts (they dont) but I think the GP's argument still stands -- because most other products pay a spread abov

The wealthy may not keep their money in savings accounts (they dont) but I think the GP's argument still stands -- because most other products pay a spread above the base rate. If savings rates are low, so are all riskier rates above. As an example, Triple A corporates generally pay a mostly-consistent spread above the risk free rate. Triple B pay a mostly-consistent spread above that. And so on.