During the Pandemic, I was able to lower my house's interest rate and no longer have to pay property taxes or insurance. I set aside money in a Bask Mileage Savings Account to pay my property taxes.
I have a full-time job where taxes are not taken from my paycheck, but I also earn income from this website and occasional consulting work, and I have to make quarterly tax deposits. I put that money into a savings account as well.
I need this money in a few months, so I can't invest it long-term. There aren't many options to invest in these funds. A mileage-earning savings account is the perfect solution for me, and I have picked up quite a few miles this way.
The account opening bonus was due to end in December. I wasn't sure if they would want to spend money to encourage people to earn a high return on their savings account in a low interest rate environment. The end date on the bonus has been extended by six months. You can open an account and earn a bonus until June 30, 2022.
You can earn miles without spending money. You still have your money even though you earn miles in a mileage-earning savings account. The best mileage-earning deals can cost a lot of money. I view this as a great deal even if you earn less interest than other savings account options. I use the account myself and it is the only savings account that I have.
The Boeing 787-9 Business Class is for American Airlines.
You can earn bonus miles for opening the account. If you open a Bask Mileage Savings Account by June 30, 2022, you will receive 1,000 AAdvantage® miles and a minimum daily balance of $5,000 for 90 consecutive days.
The rate of return is high. I value American Airlines AAdvantage® miles at 1.3 cents apiece so earning 1 mile per dollar on deposit per year is equivalent to a 1.3% APR, which is very high for a savings account. I can get more value out of the miles than that. I redeem American Airlines AAdvantage miles the most for premium cabin awards on Qantas, British Airways, and more.
First Class of the airline.
That is even better on a tax-adjusted basis. Bask Bank did a good job of figuring out how to report the miles earned as a return on accounts. According to the terms and conditions of Bask Bank, miles are currently valued at 0.42 cents per mile, the equivalent of 0.42% annual percentage yield. They report a value of $42 for every 10,000 miles earned. I have argued that a mileage-earning Bask Savings Account can return three times as much as a savings account with a small rate of interest.
You can choose between earning miles or interest. Bask Bank has a high yield savings account called the Bask Interest Savings Account that is only available to existing customers. If you are not a current accountholder, you can open a Bask Mileage Savings Account and become eligible for their Bask Interest Savings Account.
The current interest on the Bask Interest Savings Account is one of the top rates in the market, and it has no monthly account fees or minimum balance requirements. Many high yield accounts place limits on how long you can earn a top rate, or on how much money you can keep, which can cause you to split your money between banks. This is a simple and straight-forward product, and an easy way for Bask Bank accountholders to transfer money between their interest and mileage accounts.
A Bask Mileage Savings Account is a great way to save money. I have earned more than 50,000 miles this way by putting aside cash for short-term needs. You can still earn bonus miles by opening an account at Bask Bank.
Texas Capital Bank is a member of the Federal Deposit Insurance Corporation. The total of your deposits with Bask Bank, BankDirect, and Texas Capital Bank are insured up to $250,000. Depending on how your assets are held, additional coverage may be available.
The annual percentage yield was as of January 6, 2022. At any time before or after the account is opened, the APY may change.
The account is called Bask Mileage Savings Account.
A Bask Savings Account is unique because it allows you to earn large amounts of American Airlines AAdvantage® miles without spending any money. Money can be moved in and out of your no fee account. A Bask Savings Account makes a lot more.
May 6, 2020.
"Airlines"
At the beginning of 2020, I wrote about Bask Bank and the Bask Savings Account. I've been saving and earning with them for a year and the mileage-earning strategy has proven to be successful. That is not a surprise. Texas Capital Bank is the parent of Bask Bank.
April 13, 2021.
"Airlines"
The frequent flyer program of American Airlines is more relevant to people in some of the largest cities in the country this year. With low interest rates, American Airlines AAdvantage miles with your savings account is even better. There is an opportunity to earn money.
September 29, 2020.
"Airlines"
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