Bask Bank and their Mileage Savings account earn American Airlines AAdvantage miles instead of interest. It's a great option for accruing rewards that you can redeem for flights, from domestic web saver trips to international premium cabin flights.
During 2020 I was able to earn tens of thousands of miles with a Bask mileage savings account. Bask Bank is my only savings account and the low-interest rate environment made it a no-brainer for me.
If you don't already have a Bask Mileage Savings Account, there's a new offer that is especially compelling for AAdvantage elites.
The elite status qualification was changed in March of this year to be based on how many loyalty points you accumulate. You get one Loyalty Point for every AAdvantage mile you earn. The requirements for AAdvantage elite status are as follows.
You can redeem AAdvantage miles for travel, but not Loyalty Points.
New Bask Bank customers can earn 5,000 Loyalty Points when they open an account between September 15 and December 15 of 2022.
You need to do these things.
The qualifications should be met within 10 business days.
You can now earn 1.5 AAdvantage® miles for every dollar deposited by Bask Bank. You will earn 37,500 AAdvantage® miles if you keep $25,000 in your Bask Savings Account.
You are not eligible for the Loyalty Points offer if you have previously had a Bask Mileage Savings account.
The full terms of the offer can be found here.
Bask Bank is offering 5,000 AAdvantage® Loyalty Points for customers that (i) are first time Bask Mileage Savings Account customers; (ii) meet Bask Bank’s qualifications to open an account; (iii) complete the online account opening process between September 15, 2022 and December 15, 2022; (iv) fund the account a minimum of $25,000 within fifteen (15) calendar days following the initial account opening; (v) maintain a minimum daily balance of $25,000 for ninety (90) consecutive days out of the first one hundred and five (105) days following the initial account opening; and (vi) provide Bask Bank with an AAdvantage® account number in the same name as the subject Bask Mileage Savings Account. The Bask Mileage Savings Account will reflect the Loyalty Points award within ten (10) Business Days once all of the conditions of this offer have been met. Loyalty Points may take 6-8 weeks to post to the linked AAdvantage® account. This offer is limited to one 5,000 Loyalty Point award for each new customer. Customers who have previously opened a Bask Mileage Savings Account, whether the account is still open or if it has been closed, are not eligible for this Loyalty Point offering. This offer replaces the 1,000 AAdvantage® mile account opening bonus and is exclusive of all other offers and may not be combined with, or in addition to, any other Bask Bank offers of Bonus Miles. For additional information about Loyalty Points click here.
The Bask Mileage Savings account has enabled me to travel more for my family. I think AAdvantage miles are worth 1.5 cents each. Let's calculate the value proposition of Bask Bank based on that.
If you wanted to put $25,000 in a Bask Mileage Savings Account, you would have to complete all the requirements.
In the first year, there are Loyalty Points as well.
The math seems to check out well. You will want to think about if you feel the same.
The current interest rate environment is not as good as it would have been last year, but it is still a good option for most people who are good at redeeming AAdvantage miles.
If you want to earn cash instead of miles, Bask Bank has a 2.75% annual percentage yield on their interest savings account. You will not receive Loyalty Points when opening an Interest Savings account.
Your savings can take you further Maximize your return on adventure by earning miles on your savings.When opening a Bask Mileage Savings Account, you can earn 1.5 American Airlines AAdvantage ® miles for every $1 you save.
When you open a Bask Mileage Savings Account, you will earn miles every month, which will keep your AAdvantage account active. AAdvantage miles are usually not renewed after 18 months.
I switched to Bask Bank in 2020 and am very happy with it. When I want to transfer money into my account at Bask Bank, I rarely interact with them. When I see miles deposited in my AAdvantage account once a month, I am reminded that the account is still there.
You should have a savings account as well as a checking account if you haven't already done so. If you redeem your miles wisely, you can get an outsized return on your savings account.
There's an option to earn extra Loyalty Points if you're chasing AAdvantage elite status.
*Bask Bank is a division of Texas Capital Bank, Member FDIC. The sum of your total deposits with (i) Bask Bank; (ii) Texas Capital Bank; and (iii) any other division of Texas Capital Bank are insured up to $250,000. Additional coverage may be available depending on how your assets are held.