Rate Guarantee On New Savings Account

I just noticed that Capital One Bank has launched a new IN-BRANCH savings account called "Smart Savings." It requires a minimum daily balance of $300 to avoid a $5 monthly service fee, and the rate of 0.60% (in the NY-NJ-CT market area) is guaranteed for one year on balances up to $500K ("after 12 months, a standard APY will be applied to all balances"). Must be a new savings account customer ("promotional interest rates not applicable to converted savings accounts"). ATM card available upon request.