Update 12/1/22: Bask Bank Mileage Savings Accounts now offer 2 American AAdvantage® miles per $1 saved annually.
Last month I did a deep dive on the value you can get with Bask Bank. They’re offering a no fee account that earns American Airlines AAdvantage® miles. And this is the last chance for one of their initial bonus offers.
The Bask Bank savings account earns 1 mile per dollar saved annually. If you have a $60,000 average balance in the account you’re going to earn 60,000 miles for the year. In addition there are several current offers that stack with each other:
Here are the current offers:
- 1000 miles just for completing online feedback within 60 days of opening an account. This offer requires you to open an account by April 30, 2020 and provide feedback by June 30, 2020.
- 5000 miles for a $1000 deposit into the account held for 30 consecutive days within 60 days of account opening, but you have to open the account by February 29, 2020 to qualify for this.
- Large balance bonuses If you maintain a $25,000 balance for 360 days you earn 10,000 bonus miles; $50,000 balance for 360 days earns 20,000 bonus miles; $100,000 balance for 360 days earns 40,000 bonus miles. These bonuses are paid half after 180 days, and the other half after 360 days.
This is a new product and they have aggressive bonus offers to get you to sign up with them and try them out. There’s no fee to do this, and it’s quick and easy. (In full disclosure Bask Bank has been advertising on this blog, but this is not a sponsored post.)
Open an account, give them quick feedback, back earn 1000 miles. That boosts your balance and resets the expiration clock on your miles.
The next piece is a no-brainer, deposit $1000 and earn 5000 miles in a month. You still have the $1000 in your account (and it keeps earning miles). This offer ends unless you open your account by Saturday, February 29. Starting March 1 they’ll require a $5000 deposit to earn 5000 miles after account opening.
Open the account now. You’ll still have 30 days to make the deposit. But you’re better off jumping on this before the end of the week, when the offer becomes less generous (though still quite good).
I’ve got much better earning potential elsewhere…and I’m not tied to AA. Though the bonus is good it’s just not worth it.
Bask Bank notes that they will report miles earned as “interest” – fair enough. Have they clarified to you or publicly what the valuation will be? (The terms say “fair market value”, which as you’ve reported can mean just about anything).
@Kevin Bask Bank’s terms and conditions say “[m]iles are currently valued at 0.42 cents per mile, the equivalent of 0.42% annual percentage yield.” Assuming that doesn’t change over the next year, earning 10,000 miles would generate a 1099 tax reporting form showing a value of $42.
Easy sign-up and funding for me, but I do not see the option to get 1,000 bonus miles for giving them feedback.
Where would I find that?
This bank is not quite ready for prime time. My husband and I both opened accounts and have had about 10 issues between us. They are trying hard but very slow at resolution. So be prepared. Gary, if you have a high level contact to try to get through this mess I’d certainly appreciate it.
You cannot open an account with Bask Bank if you do not have a cell phone. I called customer support and was told that one must have a cell phone to bank with Bask Bank. No exceptions. I explained that I have enough money to not need a cell phone. Although that is true, he was unimpressed.
I opened an account but did not see where the initial bonus of $5,000 for a deposit of $1,000 or the feedback bonus of $1,000 comes in. Gary, can you please let us know how that works?
@Paul I see it in my welcome checklist as “Provide App Feedback”