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

Update 9/26/22: The Annual Percentage Yield (APY) on the Bank Interest Savings Account has increased from 2.53% to 2.75%.
Update 9/12/22: The Annual Percentage Yield (APY) on the Bank Interest Savings Account has increased from 2.20% to 2.53%.
Update: 8/16/22: Bask Bank has increased hte yield on its Bask Interest Savings Account to 2.2%
Update 7/20/22: Bask Bank has increased the yield on its Bask Interest Savings Account to 2.02%
Update: 6/22/22: Bask Bank has again increased the yield on its Bask Interest Savings Account
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 2.2% 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 AUGUST 16, 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.

  8. FDIC protected 1.5% interest certainly enticing. Had considered moving a decent amount but had a few questions regarding funding/transfer limits, so tried calling and emailing. No response…not impressed. Surprising because the repeated recording while on hold assured that “your call is very important to us”.

  9. FYI I’ve moved out $10/$20k chunks from Bask’s AA earning account to another bank and its been easy via the app.

  10. I’ve got about $3m in bask bank right now earning miles. At 1.6% vs miles (with a 0.4c tax rate), it was a toss up. Now, I’d go with the 2% APY. It is a well capitalized bank. It’s at Texas Capital Bank, Bask is just a marketing name for the product.

  11. While 2% in the same bank is convenient, i’d prefer a higher mileage earning rate to compensate for higher interest rates. The miles are the unique value prop of Bask.

    The $300k monthly online xfer limit is a drag but I maxed that xfer out because if i’m going to earn 2% i’d rather have some of it elsewhere if Bask won’t make the miles earning more competitive.

  12. Can anyone translate this for me ? Does it mean if I were to close my account today that there would be no interest paid for July ?

    Effect of Closing an Account – If the Account is closed before or on the last day of a statement cycle, accrued interest for that period will not be paid.

  13. Will Bask increase the return on the mileage savings account soon? If they don’t, it’s time to say goodbye

  14. They increased the miles to 1.2 but want to see more – I’ve moved funds away – should be more like 2 miles per dollar, or 1.5 plus earn loyalty points

  15. Andrew, that is common practice in the banking industry. Banks do not pay you interest after you close the account.

  16. Thanks tomri, before your reply I emailed (they insisted I call) Bask Bank to confirm it. The rep was quite upset that I would ask such a question but I persisted and she finally muttered “yes” to no interest for closing month. Really feel this disclosure should be upfront/visible rather than buried in different sections of the disclosure document.

  17. I joined BaskBank for the higher than normal interest rates. However, my recent experience makes me very nervous with this bank. I transferred $25K (my wife another $25K) into new accounts (they do not allow joint accounts). It has been 7 days since the transfer took place. When I sign in it clearly shows that my current balance is $25K but my available balance is 0. They clearly received my money yet, if I wanted to take out money in an emergency, I cannot. They claim that it can take up to 5 days for the money to be available but here we are at 7 days and my money is in limbo. I hope that the old adage that if something is too good to be true, it usually is, is not the case here and it is just a hiccup. I seriously thinking of investing my money elsewhere even if the return is lower. For those people that are attracted to this bank for their highest savings yield, just be aware that your money can be in limbo for a while.

  18. When I logged into my BaskBank mile-earning account yesterday, it said that I am not eligible to open the above mentioned interest-earning savings account. The website said that one can only have one of these.

  19. They do have joint accounts and also beneficiaries. All my deposits are quick. It is the online division of a Dallas, TX bank.

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