What's the return? Chase offers $200 for a new savings account

JPMorgan Chase Bank sent me a promotional offer in the mail this week:

Enjoy $200 on us with a new savings account

Sounds nice doesn't it?  Let's check the fine print:

Open a Chase Savings account, deposit a total of $15,000 or more in new money within 10 business days, and maintain a $15,000 balance for 90 days.

So they want to hold onto $15,000 of your money for 3 months, and they'll give you a $200 bonus.  That works out to a 1.33% return after 3 months.  Hold the phone, you say?  What about the interest they pay on the savings account?  At the time of this writing, that happens to be 0.01%.