Account description from bank website:
"FIRST RATE DEPOSIT (FReD) ACCOUNT
Statement Savings Account.
Interest rate of 3.00%.
Annual Percentage Yield of 3.04%.
Minimum $10,000 balance required to open account and obtain the advertised APY.
If account balance drops below $10,000 during any period of the month you will forfeit any accrued but unpaid interest.
Interest posted monthly to the account.
Fees may reduce earning on account. "