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Bask Bank* just launched an exciting Loyalty Point Bonus offer for new customers who open a Bask Mileage Savings Account between September 15 and December 15, 2022.
For the first time ever, the Bask Mileage Savings Account will award Loyalty Points to qualified applicants to help you reach the next level of American AAdvantage® elite status!
Even before factoring in the Loyalty Point Bonus offer, the Bask Mileage Savings Account has tremendous value over the long term. There aren’t many ways to earn miles without spending money, so it’s pretty cool to put your savings to work earning miles on autopilot.
And with this new limited-time offer, you’ll get a significant one-time boost towards earning AAdvantage® elite status as a bonus for opening a new account and meeting funding requirements.
How Does the Bask Mileage Savings Account Work?
This account is a unique product that should be on every travel fan’s radar. Instead of interest, the Bask Mileage Savings Account earns redeemable American Airlines AAdvantage® miles.
Since its launch in early 2020, account holders earned 1 AAdvantage® mile per dollar saved annually. But as of December 1, 2022, Bask Bank increased that earning rate by 100%—now offering 2 miles for each dollar saved annually.
Fortunately, you don’t have to wait until the end of the year to receive your miles. Bask Bank calculates the miles you accrue based on your daily account balance and deposits your earnings each month.
What’s the Difference Between Loyalty Points and Redeemable Miles?
Before we go any further, it’s important to note the difference between the Loyalty Point Bonus offer and the ongoing rewards you earn with a Bask Mileage Savings Account. See full terms and conditions here.
Loyalty Points are the metric that measures your progress towards American Airlines elite status. The current Loyalty Point Bonus offer awards 5,000 of these Loyalty Points as a one-time bonus if you meet the funding requirements.
Redeemable miles, on the other hand, are miles that you can redeem for travel with American Airlines and 21 other airline partners.
The Bask Mileage Savings Account earns redeemable miles—which don’t count towards elite status—as the ongoing return on your savings. That means you won’t earn Loyalty Points on money deposited with Bask Bank besides through the one-time bonus, but you will still earn 2 miles for every dollar saved annually.
Here is how you can qualify for the Loyalty Point Bonus offer:
Limited-Time Offer: Earn 5,000 Loyalty Points Qualifications:
- You must be a first-time Bask Mileage Savings Account customer and successfully open an account during the offer period.
- Fund the account $25,000 within 15 calendar days following the initial account opening.
- Maintain a $25,000 minimum daily account balance for 90 consecutive days out of the first 105 days following the initial account opening.
- Provide Bask Bank with an AAdvantage® account number in the same name as the subject Bask Mileage Savings Account. The full terms of the offer can be found here.
Will My 5,000 Loyalty Points Count Toward 2022 or 2023?
Bask Bank did a great job with the timing of this signup bonus. As noted above, the limited-time offer will apply to new Bask Mileage Savings Accounts opened between September 15, 2022, and December 15, 2022.
If you open your account right away, there is plenty of time to meet the requirements and earn your bonus Loyalty Points before the current elite qualification year ends on February 28, 2023.
On the other hand, you could choose to open your new account closer to the end of this Loyalty Point Bonus offer and receive your AAdvantage® Loyalty Points in the 2023 qualification period that begins on March 1, 2023. This could be a good option if you already have an earning plan for this year—or if you want to make a bigger push for AAdvantage elite status next year.
Is it Worth Pursuing American AAdvantage® Elite Status?
Elite status can go a long way to making your travels more comfortable. Depending on the level you achieve, you’ll enjoy perks like free checked bags, access to extra-legroom seats, priority check-in, priority boarding, and complimentary upgrades to first class.
If you aren’t familiar with the benefits or requirements to earn each level of status, you can find all the details in our guide to AAdvantage® elite status.
Why Earn Redeemable AAdvantage® Miles with Your Savings?
American AAdvantage® is one of our favorite frequent-flyer programs for good reason. The miles you’ll earn with your Bask Savings Account can take you to over 1,000 destinations in 170 countries and territories.
In addition to booking flights on American Airlines, you can use your miles to fly with 21 partner airlines, including 12 other members of the oneworld alliance and 9 other non-alliance partners.
If you’re looking for travel-planning inspiration, check out our post highlighting some of the incredible ways you can redeem your AAdvantage® miles.
What If I Want to Earn Interest Instead of Miles?
If you already have plenty of AAdvantage® miles in your account or prefer earning interest over miles, Bask Bank also offers an excellent Interest Savings Account that delivers top-tier returns on your savings.
The Bask Interest Savings Account currently gives accountholders a 3.85% annual percentage yield (APY). That will earn $385 in interest for every $10,000 saved annually. See full terms and conditions here.
For a deeper look at the Bask Interest Savings Account, check out our in-depth review covering all the details.
Bask Bank gives travelers a way to earn airline miles just by saving. That’s a unique way of earning miles that no other U.S. airline currently offers. And now, a new Loyalty Point Bonus offer from Bask Bank is the perfect way to fast-track your elite-status goals, with 5,000 AAdvantage® Loyalty Points up for grabs for eligible new account holders.
Remember that the offer runs from September 15 through December 15, 2022. Make sure to determine the best application strategy to ensure the Loyalty Points post in the correct elite status year.
*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.
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