LIMITED TIME: 5000 American Airlines Loyalty Points With New Savings Account

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Update 12/1/22: Bask Bank Mileage Savings Accounts now offer 2 American AAdvantage® miles per $1 saved annually.

Update 10/4/22: Bask Mileage Savings Accounts now earn even more miles: 1.5 AAdvantage® miles for every dollar saved annually.



Several readers have shared with me how excited they are to jump on the new Bask Bank* Loyalty Points bonus offer (offer terms). It’s something that readers have hoped for ever since American Airlines announced the new way to earn status last fall. Their offer to do so is now live.

Status in the AAdvantage® program is no longer earned strictly by flying and spending money on airline tickets. You now accrue Loyalty Points by engaging with the airline in its partners, from flying to online shopping and spending on co-branded credit cards. Until now the one thing I’ve heard from readers the most about what’s been missing is the ability to earn Loyalty Points through Bask Bank, whose Mileage Savings Account already earns 1.2 AAdvantage® miles for every dollar saved annually.

Bask Bank has a limited-time Loyalty Points Bonus offer for their Bask Mileage Savings Account: Between September 15, 2022 and 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. And you don’t even have to spend any money.

How to Qualify:

  1. You must be a first time Bask Mileage Savings Account customer and successfully open an account during the offer period.
  2. Fund the account with $25,000 within 15 calendar days following initial account opening.
  3. Maintain a $25,000 minimum daily account balance for 90 consecutive days out of the first 105 days following the initial account opening.
  4. Provide Bask Bank with an AAdvantage® account number in the same name as the subject Bask Mileage Savings Account.

In my view this is a big improvement over the most recent prior account opening bonus of 1,000 AAdvantage® miles for holding a minimum daily account balance of $5,000 for 90 consecutive days.

And this is a great opportunity since Bask Bank also recently increased the earning on its Bask Mileage Savings Accounts, offering 20% more miles for your savings than before – on top of the credit towards status with American Airlines that is now available to new account holders.

I Would Jump On This In A Heartbeat

This offer for opening a new Bask Mileage Savings Account can help you earn AAdvantage® status, but it does more than that. I am a current Bask Bank customer, so not eligible for this offer, otherwise I would open an account to take advantage of it – it would help put me over the top not just towards status but towards Loyalty Choice Rewards as well.

American Airlines is the airline I’ve flown the most over the past decade, and their miles are the currency I’ve redeemed the most. I’ve valued the upgrades I’ve received, the lounge access flying on their partners around the globe, and the complimentary Main Cabin Extra seats my status has provided.


American Airlines Boeing 787-9 Business Class

It’s not just the status that I want to secure, though. It’s also the Loyalty Choice awards that they offer at each of 125,000 points; 200,000 points; 350,000 points; 550,000 points; and 750,000 points provided you also receive credit for at least 30 flights during the qualifying period.

This can include systemwide upgrades; bonus miles; gifting of status and more. My favorite option is the 15% award discount at the 125,000 Loyalty Point level which provides for a 15% rebate on an American Airlines roundtrip redemption for up to 2 people. Since I’d realistically consider spending 195,000 miles apiece each way to Sydney, this award could save me 117,000 miles.

You can chase status and Loyalty Choice Awards by opening and funding a new Bask Mileage Savings Account and meeting the qualifications listed above.

A Great Offer Made Better

When it launched the Bask Mileage Savings Account earned 1 AAdvantage® mile for every dollar saved annually. That has increased to 1.2 AAdvantage® miles earned for every dollar saved annually – a 20% increase.

If you save $25,000 for a year, you’ll earn 30,000 miles. That’s about the balance I have been keeping in my account. I use it for cash that I would to earn some rate of return, but that I am going to need soon. Primarily it’s money I’ve set aside for taxes.

I’ve far preferred to earn these miles rather than interest, and with the increased earn rate I plan to continue to do so. Many of you will want to open an account just to earn the Loyalty Points, but remember that you are earning redeemable miles as well – miles that can be used to travel on American or on their airline partners like Qatar Airways, Etihad, Japan Airlines and Qantas.


Qantas First Class Lounge, Sydney

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.

About Gary Leff

Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel - a topic he has covered since 2002. Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »

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Comments

  1. If i wait until the end of the promo, and the 3 month period spills into 2023, will the LPs count for 2023 qualification?

  2. @paul – The AAdvantage year now begins March 1, so an account opened after Dec. 1 should theoretically not earn LPs until after the AAdvantage year 2023 begins. There may be something in the fine print I’m not aware of, but your idea is basically sound.

  3. Two questions.

    1. It’s really confusing when they say 1.2 AA points per dollar saved annually. They do prorate, right? Do they post points to AA balance monthly?

    2. With these promo terms, do I get it right that there’s no way we could get the 5000 points bonus posted to AA account this year?

  4. @Alex – Calendar 2022, yes, as long it was funded by Sep 30. AAdvantage 2022 would need to be funded before Dec 1. Given how long it takes the points to post, I’d back up those dates to make sure you make any deadlines you’re trying to make.

  5. Sounded like a great promotion until I received an online message “At this time, we can not open a Bask account for you”.

    Fascinating since there’s no explanation given. Oh well, yet another reason to give American Airlines the 1-finger salute!

    Disappointing to say the least!

  6. – The current rate for Schwab 10-18 months CDs is 3.9% APY. and is likely to go up up Fed’s meeting next week. So from investing 25k with Schwab will give you $975 of taxable interest in 1 year. If you still like AA miles, you can then buy them on sale for ca. $0.018/mile. This will give you about 54k of AA miles instead of 30k from this bank. Even if you consider taxes, you will be ahead with Schwab.

  7. Oooooh!!!! The opportunity to earn 0% interest, but instead to earn AA miles while my capital is eaten alive by inflation! Wait, you mean I get to pay taxes on the miles too!?!?! Sign me up!

  8. @Alex – they post miles monthly. And you do not need the loyalty points to post this year! You have until February 28, 2023 to accrue loyalty points towards next year’s status.

  9. @JC Franjs – You earn 5000 loyalty points as an account opening bonus (upon meeting the tems) *and* 1.2 American AAdvantage miles per dollar saved annually on an ongoing basis, I think that is worth a lot more than 1%!

  10. @paul – yes, if you want until December to open and fund the account you won’t earn the loyalty points until March 2023 and they will count towards next year’s qualification for 2024 status.

  11. They need to award 1 LP per mile earned to draw me back to earning miles. I’ve switched over to earning cash interest at current rates.

  12. 3m bills at 3.29% and 2yr note 4.30%. 6 months ago it was a good idea. $100k invested for a year, even after taxes is gonna buy more business class seats the the miles earned.

  13. Not even close to good deal beyond the $25k minimum with other rates on treasuries, CDs, etc

    They need to start awarding 3 miles per dollar or 2 miles per dollar plus 1 loyalty point per dollar on deposit to be competitive

    I’ve been withdrawing funds into more attractive options

  14. Same result here as @Rock B with “Thank You For Your Interest At this time, we cannot open a Bask Bank account for you.” And the exact same response my partner received.

  15. With Bask Bank, you have a choice (right now) between 2.75 cents per interest vs. 1.2 miles for every $1.

    MAYBE, MAYBE if you where close to an award.. But otherwise forgoing 2.75 cents for 1.2 miles seems like a bad deal. Take the INTEREST and IGNORE Gary’s bad financial advice.

  16. 5,000 points is a pimple on an elephant’s ass type promotion

    I have AA cards that regularly provide me 5,000 points when I spend 1.000 USD in a 90 day time horizon.

    I earn those points though normal spending. You want to divert my deposits elsewhere offer 100,000 points otherwise the juice ain’t worth the squeeze

  17. Let me do some math. I get 5,000 miles worth 1.3 cents = $65 to tie-up $25K for 90 days. Annualized that’s a 1.04% return – whoopee!!! Where do I sign for this BS!

    One VFTW blog tells how AA is selling 80% of 1st class seats, so upgrades are rare. So someone please tell me what good are AA loyalty points or any airline for that matter?

  18. This is shocking bad sign up bonus given the conditions to earn it. Anyone thinking of this should go to Doctor of Credit’s best deals page before doing anything rash

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