Ping...
Due to recent questions, I've been revisiting the old threads dealing with simplifying the GUI, and this one really screams for some attention...
Doing completely away with the 'Defaults' account per this FR will eliminate a lot of confusion for beginners.
But...
Combining these changes with one additional change:
Change the 'Use the following text...' text box to a checkbox option that, when not checked, would cause the 'Calculated URL' to be used. This would make Custom accounts use the Calculated URL for password calculation just like the current Defaults account does, resulting in more security and less confusion.
Of course, for backwards compatibility, existing accounts would have to be converted with this option checked and with the current value intact, but this should be the default for new Accounts.