Savings Account With 1.0% Rate

Recently checked Indus American Bank's website, and I noticed a new savings account called "Power Statement Savings" that currently has a rate of 1.0% with a daily balance of $25K (if account falls below $25K daily balance, there are lower rate tiers: 0.50% for $10K-$24,999 and 0.25% for under $10K).  A daily balance of $1,000 is required to avoid $10 monthly fee. There doesn't appear to be any other "strings" attached. Local deal; apply in branch. Branches located in the New Jersey cities of Jersey City, Iselin, and Parsippany, and in Hicksville, NY.