I have had this account for several years. It has a high interest rate compared to the market though not the highest. I also have several other savings accounts so I don't depend on this for everything. I largely put money in this for keeping and not spending. I also like companies that have great customer service. After Amex started a relationship with Charles Schwab for a co-branded credit card, I applied for that credit card and now I can access my amex personal savings from clicking to my amex account from schwab. It is almost like my amex personal savings is a Charles Schwab savings account :). That is great because Charles Schwab, while great for investing and checking, doesn't have a great savings account. Likewise, the Amex personal savings doesn't have investing or checking. That said, the Amex Schwab Credit Card and Amex Personal Savings are a perfect fit for the Charles Schwab checking and investing accounts.
This may be a "card of last resort" for those with nowhere else to go. But you still have a right to expect efficiency and honesty. I mail my payments 10 days before they are due -- and twice this year the payment has posted one day late, with a hefty late fee on top of nearly 30 percent interest.
Other banks process payments in 3 - 5 days. So why does Merrick take more than twice as long? You can blame the postal service once, but twice in six months is more than a coincidence. I can't prove anything, but it looks suspciious.
I'd recommend steering clear of these guys unless you have no other options.
I found out about VirtualBank by searching for CD rates. I decided to open an account since they offered me better rates than my main bank was offering.
Overall, I've had a great experience with them. Opening my account was pretty easy. I linked my primary bank account to make my initial deposit and the rest was taken care of. I really like the fact that I can quickly transfer funds between my VirtualBank account and my main bank without any issues.
I haven't really considered VirtualBank as a primary bank, but to earn a bit of extra cash, why not.
I have had no issues with this bank. There are no hidden fees and my money is always available. It was an easy online signup process and my cards arrived on time. The only thing I do not know as of yet is how to access my Savings account but I havent added money to it, just the checking. But all my transfers and direct deposits have been accounted for. I have been with them for 4 months now.
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