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Stop Earning a Pittance on Your Savings — Earn Airline Miles with This Bank
Planning a budget for vacation, especially when you depend on travel rewards from your credit card, can be a double-edged sword: You have to spend money to earn those miles in the first place. Being expected to then save money to spend on the good stuff (Food! Swanky hotels!) when you arrive can become a daunting task.
But what if it were your savings account, not your credit card, that earned you miles? And what if it gave you miles for NOT spending your hard-earned cash? Seems too good to be true. But we learned that Bask Bank is doing exactly this, and we had to share what we learned with you.
We’re serious! For every dollar you keep in your Bask Savings Account each year, you earn one American Airlines AAdvantageⓇ mile, annually.
If you open a Bask Savings Account and maintain a balance of at least $5,000*, you’ll earn 1,000 bonus miles to use toward future travel.
With a traditional savings account, you’ll earn an industry average annual percentage yield of .05%** on your money, according to the FDIC, so saving with Bask Bank will literally get you farther toward your goals. With a year’s worth of interest, you could buy a frozen deep dish pizza; With a year’s worth of miles, you could fly to Chicago for the real thing.
It’s easy to deposit a lump sum or schedule recurring deposits to help you toward your travel goals. Either way, your miles are deposited into your AAdvantageⓇ account each month, and as long as you have a Bask Savings Account, they’ll never expire. Save for as long as you want and redeem your awards later!
In a matter of minutes, you can open an FDIC-insured savings account online with Bask Bank and start being rewarded for saving — instead of spending.
Kari Faber (kfaber@thepennyhoarder.com) is a staff writer at The Penny Hoarder. The farthest her miles have taken her is Hong Kong.
*Must maintain a minimum daily account balance of $5,000 for 90 consecutive days out of the first 120 days from the time you open your account to receive bonus.
**Industry average annual percentage yield of 0.05% is based on the FDIC calculated national rate effective 02/15/2021.
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