Yes, 8% only seems high in comparison to companies that are ran by adults that don't evaporate with your money every few years.
No financial company in the world that isn't a fraud is going to pay me a $800/year for parking $10,000 in their bank account, once all risks are taken into account.
The first six months of this year it was possible! All that would be needed would be a parent company that creates child LLC’s, one per customer, and then purchases $10,000 of I Series bonds using the child LLC tax ids.
The rate was 9.6% so you would have been pocketing a 1.6% spread on the customer deposits.
No financial company in the world that isn't a fraud is going to pay me a $800/year for parking $10,000 in their bank account, once all risks are taken into account.