What kind of saving account to choose: American Express
Having both a checking account and a savings account at the same bank can expose some vulnerabilities.
The main issue is that you can easily access the cash in your savings account whenever you need it.
The purpose of saving money in a savings account is to build an emergency fund or accumulate seed money.
However, when your checking account balance runs low, or when you need to pay off a credit card bill urgently,
you may end up transferring money from your savings account for what feels like an emergency but often isn’t.

To prevent such mishaps, the method I’ve chosen is to keep my savings account at a different bank than my checking account.
Additionally, I selected a financial institution that doesn’t have physical branches
(of course, one that is trustworthy)
This way, even when someone asks to borrow money or I need to use the funds urgently,
it takes at least 1 to 3 business days for transactions to process.
This delay allows me time to reconsider whether the money is
truly needed for the purpose or whether it’s wise to lend it to someone.
In short, the bank should remove any immediate access to the funds,
supporting my savings goals by minimizing the temptation to transfer
and spend money quickly.
Based on these criteria, I chose American Express for my savings account.

https://www.americanexpress.com/en-us/banking/online-savings/account
At one point,
when the U.S. federal interest rate was close to 0%, keeping cash in a savings account was actually a loss.
From the early 2000s until 2019, the U.S. maintained a historically low interest rate policy,
and during this period, American Express introduced its Savings Account product.
While the market savings interest rate was around 0.8%, American Express offered a slightly higher rate of 1%.
Even now, Amex offers a higher interest rate on savings accounts compared to major U.S. banks.

In conclusion,
keeping your savings account and checking account at different banks
is an effective way to protect your emergency funds or seed money, making it harder to spend impulsively.
Specifically, choosing a financial institution without physical branches
and with restrictions on transfers can greatly strengthen your savings discipline.
While I chose American Express to meet these criteria, it’s important for everyone to carefully select
a savings account that fits their personal situation.
As a tip, it’s better to avoid banks that offer high interest rates but lack trustworthiness.
For example, despite the high rates,
I chose not to go with Ali Bank because I didn’t trust it, being a Chinese bank.