[Update, Higher Interest] Bask Bank High Interest Savings Account Now Open To Everyone

Update: 5/5/22: Bask Bank has again increased the yield on its Bask Interest Savings Account
Update: 4/1/22: Bask Bank has again increased the yield on its Bask Interest Savings Account
Update: 1/20/22: Bask Bank increased the yield on its Bask Interest Savings Account, and I’ve updated the post below.
Update: 1/21/22: Bask Bank’s interest savings accounts are no longer restricted to existing mileage customers, so you can open an account without being an existing mileage savings customer.

Bask Bank is known for its Mileage Savings Account which awards American AAdvantage miles rather than interest – the math on this works out especially well in a low-interest rate environment.

They’ve now launched a new Bask Interest Savings Account, currently restricted to Bask Mileage Savings Account holders.

  • No monthly fees or minimum balance requirements
  • Current interest is 1.25% annual percentage yield (APY)*, one of the top rates in the market today.

This is definitely above-average return and it’s a simple and straight-forward product, and will be easy for Bask Bank accountholders to transfer money back and forth between mileage and interest accounts.

There are accounts where you can chase higher yields. Those are usually either limited-time higher rate offers, or the amounts on which you can earn high rates are capped. It’s a lot of work to scale, so a simple way to ‘toggle money’ back and forth between earning miles and earning interest has an appeal.

I’d choose the math on earning an average of one AAdvantage mile per dollar deposited per year over the current interest rate although as rates rise the decision could shift. Some might prefer to hit reward goals in their AAdvantage account and then shift to earning interest.

In my own view the unique value proposition Bask Bank offers is on the mileage-earning side, it is what differentiates their product from other banks. As a result I think the best way to expand is in offering miles and points in conjunction with other loyalty programs (gaining access to United or Delta loyalists for instance, or working with Hyatt). However this new product is an addition, not a substitution, so it’s all to the good.

*Annual percentage yield (APY) as of MAY 5, 2022. APY may change at any time before or after account is opened.

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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  1. Doesnt Bask issue a 1099 for the miles you earn via them? A few years ago they did and they placed a very high value on the miles, so I went elsewhere. Have they either stopped issuing 1099s or lowered the value to a reasonable one?

  2. Is this a legit bank? Many people have had trouble getting find released from internet banks much less PayPal, etc.

    No way I would tie up any significant amounts for a few AA miles

  3. I am pretty certain that American Airlines onging devaluation of the value of an AAdvantage mile will greatly exceeded the devalution of money due to inflation. Might make sense for a sort term place to store some cash but over long term, you lose. Ally and other online banks currently paying .5%

  4. @Anon or anyone in the know. Are you talking about T-Mobile money to get 4% interest with 10 debit transactions a month? Are there other internet banks that also do that?

    Do you know a way to automate the 10 transactions so it’s not so much work? Thanks for any insights you can share.

  5. TMobile money only gives 4% on $3,000. Then it drops to 1%. Anyone know a bank with a higher limit on high interest account?

  6. I wasn’t able to open an account. I completed the form with my name and address and the site I couldn’t open an account. No clear reason was given, just an error code. Apparently not open to everyone.

  7. Boraxo, I’ve used BankDirect and Bask (part of Texas Capital Bank) for more than 12 years. It’s a legitimate bank and publicly traded.

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