Bask Bank Increases Mileage Earning 25%: Now Earn 1.5 AAdvantage Miles Per Dollar On Savings

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Effective today Bask Bank is now awarding 1.5 American AAdvantage miles per dollar annually on its Bask Mileage Savings Account, an increase of 25% over the previous 1.2 miles per dollar. And that rate had only gone into effect on August 1. From the time of product inception (about two and a half years ago) until that point, the account had earned 1 mile per dollar. So that’s a 50% increase in earn rate in just over two months.

There’s also a compelling offer for opening a new Bask Mileage Savings Account by December 15, 2022: new accounts that hold a minimum daily balance of $25,000 for 90 consecutive days earn 5,000 American Airlines AAdvantage Loyalty Points.

  • You must be a first time Bask Mileage Savings Account customer and successfully open an account during the offer period.
  • Fund the account with $25,000 within 15 calendar days following initial account opening.
  • Maintain a $25,000 minimum daily account balance for 90 consecutive days out of the first 105 days following the initial account opening.
  • Provide Bask Bank with an AAdvantage® account number in the same name as the subject Bask Mileage Savings Account.
  • The Loyalty Point new account bonus offer is on top of the regular earn, that’s now 1.5 AAdvantage miles per dollar annually. I value American Airlines AAdvantage® miles at 1.3 cents apiece so earning 1.5 miles per dollar on deposit per year is equivalent in my view to ~ 2% APY. And of course I can get a lot more value out of the miles than that. American Airlines AAdvantage miles are the currency I’ve redeemed the most, for premium cabin awards on Etihad; Qantas; Cathay Pacific; Japan Airlines; British Airways and more.

    It’s even better on a tax-adjusted basis. Bask Bank did a good job determining how they should be reporting the miles earned as a return on accounts. Bask Bank’s terms and conditions say “[m]iles are currently valued at 0.42 cents per mile, the equivalent of 0.42% annual percentage yield.” So for every 10,000 miles earned on deposits they report a value of $42. Net of taxes at a 39% marginal rate the return is roughly equivalent to a savings account that pays 3%. And that’s before the value of the account opening bonus.

    Bask Bank Mileage Savings Account

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