Why would anyone agree to go into such an arrangement of not that they want to make themselves slaves to their savings. It should be the other way round. That's the essence of saving up. You recall your savings when emergencies arise. Even if I would consider leaving huge amount of cash in a bank, I will never succumb to this arrangement of locking up my savings and then die in lack.

I believe something similar still exists in banks in my country. You make a deposit for a long period (a year or several years) during which you will not be able to withdraw money from the account, where the bonus is higher interest on the deposit. If you withdraw before the end of the deposit, all bonus interest will be lost.
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They used to do that in my country a few years ago. I found that out when I cared about what banks were doing with the little cash I had with them. Then it was three months of not making withdrawal on accounts to qualify for the interest. I don't know if banks still do that now or not. This day, the crave for crypto investments has discouraged me (I guess many too) from keeping cash with banks. I'm so much enjoying it. The little I make now goes into investments.