Aside from the near-zero interest rates (thanks for nothing, Federal Reserve!), those who save in traditional vehicles such as CDs and savings accounts often face increased fees and the potential for their institutions to become insolvent.
The economy was blinking even before COVID-19.
Observant advisors, investors, and other well-informed people noticed a slight wobble in our economy months before the pandemic.
When the economy begins to falter, the default course of action is for the Federal Reserve to cut interest rates. This is usually great for some folks but not very great for people with large cash reserves parked in CDs or savings accounts.
Adding insult to injury, the desperate rate cuts have, at best, had only a negligible effect on halting the economic downturn.