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Bask Bank burst onto the points and miles scene in early 2020 with a revolutionary new savings account. Instead of earning cash interest, the Bask Mileage Savings Account offers travelers American Airlines AAdvantage® miles on their savings — all with no minimums or monthly account fees.![?gdpr=${GDPR}&gdpr_consent=${GDPR_CONSENT_78}&us_privacy=${US_PRIVACY}&cachebuster=[CACHEBUSTER]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Since that initial launch, Bask Bank also launched a traditional cash-earning interest account (the Bask Interest Savings Account) and increased the interest rates on both accounts several times. Now, Bask Bank savers can choose between earning 2x miles per dollar saved annually or 4.2% APY interest.
I am an unabashed fan of Bask Bank and personally hold my cash savings at Bask Bank. That's why we've written quite a bit about these accounts on AwardWallet. But for those just getting started, here's a high-level recap of what you need to know about Bask Bank and its savings account options.
Current Bask Bank Sign-Up Offer
New account holders can earn 10,000 bonus AAdvantage® miles when opening and funding a Bask Mileage Savings Account by August 31, 2025. To earn this mileage bonus, you'll need to deposit $75,000 into your new Bask Mileage Savings Account within 15 business days of opening your account. Then, you'll need to maintain a minimum daily account balance of $75,000 for 180 consecutive days out of the first 210 days after account opening.
Keep in mind that these “bonus miles” won't count as Loyalty Points toward AAdvantage® status. For those looking to earn AAdvantage® status, it's worth noting that Bask Bank has previously offered 5,000 Loyalty Points as a sign-up bonus on the Bask Mileage Savings Account.
For more coverage of the current welcome offer — and how to use those miles — check out our full post on this Bask Bank bonus miles offer.
Current Bask Bank Savings Rates
The Bask Mileage Savings Account currently earns 2 AAdvantage® miles per dollar saved annually. At current rates, you'll earn 6,000 bonus AAdvantage® miles after saving $3,000 for a full year. That's around 500 AAdvantage® miles earned each month on a $6,000 balance, with the exact number depending on how many days are in the month.
When the Bask Mileage Savings Account was originally launched, savers only earned 1 AAdvantage® mile per dollar saved annually. That earning rate grew all the way to 2.5 miles per dollar saved annually. However, on November 1, 2024, Bask Bank dropped the earning rate to 2 miles per dollar saved annually to reflect decreasing interest rates.
Meanwhile, the Bask Interest Savings Account currently earns 4.2% Annual Percentage Yield (APY). That's a highly competitive earning rate that's well ahead of the measly 0.42% APY national average for savings accounts (as of May 19, 2025).
Since launching this account to existing account holders in October 2021, Bask Bank has raised the interest rate 21 times — before starting to drop rates in October 2024 after the Federal Reserve cut interest rates:
| Effective Date | Bask Interest Savings Account APY |
|---|---|
| 4/18/2025 | 4.2% |
| 2/5/2025 | 4.35% |
| 12/20/2024 | 4.5% |
| 11/13/2024 | 4.65% |
| 10/1/2024 | 4.85% |
| 10/18/2023 | 5.1% |
| 7/31/2023 | 5% |
| 6/8/2023 | 4.85% |
| 4/27/2023 | 4.75% |
| 4/12/2023 | 4.65% |
| 3/20/2023 | 4.45% |
| 3/13/2023 | 4.35% |
| 2/3/2023 | 4.25% |
| 1/9/2023 | 4.15% |
| 12/13/2022 | 4.03% |
| 11/30/2022 | 3.85% |
| 11/2/2022 | 3.60% |
| 10/13/2022 | 3.05% |
| 9/26/2022 | 2.75% |
| 9/12/2022 | 2.53% |
| 8/16/2022 | 2.20% |
| 7/20/2022 | 2.02% |
| 6/23/2022 | 1.61% |
| 4/1/2022 | 0.80% |
| 1/20/2022 | 0.70% |
| 10/4/2021 | 0.60% |
Should You Earn Miles or Cash Through Bask Bank?
Both the Bask Mileage Savings Account and Interest Savings Account offer compelling earning rates. That can make it hard to choose between the two options.
When deciding whether to earn AAdvantage® miles or cash interest on your savings, it's not as simple as dividing the interest rate (4.2% APY) by the current AAdvantage® earning rate (2) and comparing that to your personal valuation of AAdvantage® miles. That's because there's a tax advantage to earning AAdvantage® miles instead of interest.
We will spare you the math. To help you figure out your break-even point, here's the cash interest rate you'd need to earn to justify earning cash interest instead of 2x AAdvantage® miles:
For instance, say you value AAdvantage® miles at 1.7 cents each, your marginal tax rate is 30%, and you have $10,000 in savings. You have the choice between earning:
- 20,000 AAdvantage® miles per year through Bask Mileage Savings Account — worth $340 at 1.7 cents per mile
- $420 cash interest through Bask Interest Savings Account
Since the value of the miles ($340) is less than the cash interest ($420), earning cash interest seems like the clear winner. However, you only have to pay ~$25 in taxes on the mileage earnings vs. ~$130 on the cash interest. That means your after-tax return is much more similar than the initial math would suggest.
For deeper analysis and math behind this calculation, check out our full guide to when earning AAdvantage® miles beats earning cash interest on your savings.
Of course, you don't have to commit to earning exclusively cash interest or AAdvantage® miles. You can open both a Bask Mileage Savings Account and Interest Savings Account to earn a mix of both. Having both accounts at the same bank makes it super easy to shift funds between strategies.
Final Thoughts
We were encouraged to see Bask Bank continually raise earning rates on both the Bask Mileage Savings Account and Interest Savings Account many times over the past couple of years to stay competitive with rising interest rates. However, we are now experiencing the flipside of that as interest rates have begun dropping.
A recent decrease in the earning rate on the Mileage Savings Account makes it much more difficult to earn AAdvantage® miles instead of cash interest. But the value is still there for certain travelers that value AAdvantage® miles highly and have a high tax rate.
New accountholders can earn 10,000 bonus AAdvantage® miles. That can provide a nice boost to your mileage earnings and make the Bask Mileage Savings Account that much more attractive. If you're interested in earning this mileage bonus, don't delay. You'll need to sign up for a new account by August 31, 2025.
Terms & Disclosures:
Bask Bank is a division of Texas Capital Bank, Member FDIC.
Mile awards are subject to change at Bask Bank's sole discretion. Please see Terms and Disclosures for details.
American Airlines reserves the right to change the AAdvantage® program and its terms and conditions at any time with or without notice, and to end the AAdvantage® program with six months' notice. Any such changes may affect your ability to use AAdvantage® Rewards and Benefits that you have already accumulated. Unless specified, AAdvantage® miles earned through this promotion/offer do not count toward status qualification. American Airlines is not responsible for products or services offered by other participating companies. All third-party provider terms and conditions apply. For more information on miles and Loyalty Points, visit aa.com/loyaltypoints. For complete details about the AAdvantage® program, visit aa.com/aadvantage. For the AAdvantage® terms and conditions, visit AAdvantage® terms and conditions − AAdvantage® program − American Airlines.
American Airlines, AAdvantage®, the Flight Symbol logo and the Tail Design are marks of American Airlines, Inc.
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