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.