Anyone here have experience with the AMEX One card?

[Newbie]

I received a pre-approved offer for this card in the mail today. Normally I'd rip it up and toss it but this was a bit interesting..

It has no annual fee and an offer to open an online savings account (FDIC insured) with a 5% APY and 1% of your spendings automatically deposited. Plus they deposit $50 for you free after your first purchase..

You can also link your bank accounts and deposit on your own as well. Since I only have ING, I'm thinking this might be a good second OSA..

I guess my real question should be about experiences with AMEX Private Bank since I don't plan to use the card after the initial purchase. I can't seem to find anything via google so I'm guessing everything is done through the One Card website...

[jsc1328]

I wrote a longer reply, but lost it when the post form went bad. Here is a summary:

1. AmexBank has great service.

2. BUT cannot us it ex-US.