Bask Bank, which is my go-to bank for my savings accounts, has a fantastic promotion for both new and existing members. I’ll be taking advantage of this, and I imagine many OMAAT readers will be as well.
Bask Bank Mileage Savings Account basics
First for some background, Bask Bank allows you to open an account and earn American Airlines AAdvantage miles or cash interest for your savings, depending on your preferences. As you’d expect, the rewards rates can change over time, and depend on the current interest rate environment.
As it currently stands:
- With a Bask Mileage Savings Account, you can earn 2.5x AAdvantage miles for every dollar deposited annually
- With a Bask Interest Savings Account, you can earn a 5.00% Annual Percentage Yield (APY)
Interest earned with these kinds of accounts is taxed (as you’d expect), so one further advantage of earning miles is that when Bask Bank issues 1099s for AAdvantage miles, they’re only valued at the very conservative amount of 0.42 cents per mile. This is a big advantage if you’re in a high tax bracket.
Personally I have both a Bask Mileage Savings Account and a Bask Interest Savings Account, and I move amounts around between accounts depending on which is more lucrative (since both the AAdvantage miles earned and APY earned do change over time).
For more information, read my review of Bask Bank here.
Lucrative Bask Bank summer bonus offer [EXPIRED]
As a standard, Bask Bank doesn’t offer a bonus when you open an account, since the ongoing rewards are extremely competitive to begin with. Fortunately Bask Bank has just launched a summer bonus offer, which is valid for new and existing members, and is a great incentive to deposit money with the bank.
With the Bask Bank summer bonus offer:
- If you deposit $10,000-24,999.99, you can earn 4,000 bonus AAdvantage miles
- If you deposit $25,000-49,999.99, you can earn 10,000 bonus AAdvantage miles
- If you deposit $50,000+, you can earn 20,000 bonus AAdvantage miles
As you’d expect, there are some terms & conditions to be aware of. There’s no registration required, so here’s how you can be eligible:
- For new customers who open an account, you have to complete the online account opening process between June 1 and August 31, 2023, then have to fund the account within 15 business days, and then have to maintain the account balance for 180 consecutive days
- For existing customers, you have to make a deposit between June 1 and August 31, 2023, and maintain an aggregate account balance equal to or greater than the combined qualifying deposit and the account’s ending balance on May 31, 2023, for a period of 180 consecutive days
This is a really great promotion. Just to crunch some numbers, let’s assume you were to deposit $50,000 in a Bask Bank account, and you value AAdvantage miles at 1.5 cents each (as I do):
- If you maintained the balance for a full year, you’d earn 145,000 AAdvantage bonus miles (20,000 miles + 125,000 miles), which is like earning 2.9x AAdvantage miles per dollar saved, which I value at a return of 4.35% (not factoring in the tax advantages)
- If you maintained the balance for half a year, you’d earn 82,500 AAdvantage miles (20,000 miles + 62,500 miles), which is like earning 1.65x AAdvantage miles per dollar saved in half a year, which I value at a return of 2.475% (and this is only half a year, not a full year)
At an absolute minimum, I think most people would consider this to be a very good rate of return for a period of at least six months. This is an excellent offer, and it’s causing me to move around money to put more into my Bask Mileage Savings Account.
Bask Bank has a lucrative new summer bonus offer. This is valid not just for those who open an account, but also for existing members who deposit more money with Bask Bank. You can earn anywhere from 4,000 to 20,000 AAdvantage bonus miles with this offer, based on the amount you deposit and maintain as a balance for at least 180 days.
If you have cash sitting around, it’s hard to beat the value of depositing money in this way for at least 180 days (and even longer, if you’re anything like me).
Do you plan on taking advantage of this Bask Bank summer bonus offer?