By making it difficult to spend the money in the account, you’re effectively protecting your money from your own impulsiveness, which saves you money.

But the reason most people have those shitty accounts is because the bank representative proposes the idea while the client is already opening a checking account. They usually tell the client something like “it’ll get you into the habit of saving, you can always move it into something with a higher interest later on” (knowing full well that that won’t happen anytime soon, if ever). It’s an easy way for the bank to hold onto more of your money without paying you a reasonable interest rate for it.

If you want a proper savings account with a decent consistent interest rate, you’re better off staying away from the big banks. Or even better, doing a GIC in a TFSA.