Personal Finance News
Bask Bank Negatively Adjusts Mileage Savings Account Rate
Bask Bank is updating the earnings rate for its Mileage Savings account.
About Bask’s Updated Rate:
Effective today, Bask will be lowering the rate that its Mileage Savings account customers earn. Now, members will earn 1.75 miles per $1 saved annually versus the previous rate of 2 miles per $1. This means that an accountholder with $10,000 in their account will now earn 17,500 American Airlines AAdvantage miles over the course of a year rather than 20,000 miles. Prior to this, Bask last adjusted its rate in November 2024. That brought rates from 2.5 miles per $1 saved annually to 2 miles.
Elsewhere, Bask continues to offer “traditional” savings and checking products. Currently, its Interest Savings account earns 4.05% APY, while the Interest Checking earns 1% APY. The bank also offers Certificate of Deposit (CD) options ranging from three to 24 months, with APYs from 3.75% to 4.10%.
More on Bask Bank’s Mileage Savings:
With Bask Bank’s Mileage Savings accounts, customers can earn American Airlines AAdvantage miles instead of cash interest. When accountholders connect their AAdvantage account to Bask, they’ll receive mileage deposits each month based on their balance. For example, if a customer has $1,000 in their account, they’d earn approximately 145 AAdvantage miles per month with the new earnings rates. Notably, these monthly “interest” payments prevent AAdvantage miles from expiring as the deposits qualify as account activity.
Despite the updated rate, Bask is still offering a bonus for its Mileage Savings account. Customers who open an account by November 30th, fund their account within 15 days, and maintain a balance of at least $75,000 for 180 consecutive days out of the first 210 days following the initial account opening will earn 10,000 bonus AAdvantage miles.
What They’re Saying:
In an email to customers, Bask explained the account adjustment, saying, “Mileage rates — like flight prices — don’t stay static. They’re shaped by a mix of economic factors, including interest rate trends and shifts in the travel industry. As these conditions evolve, we adjust our offerings to stay competitive and sustainable.”
My Thoughts:
It is, of course, disappointing that Bask is lowering its mileage accrual rates again. However, when you consider that the account earned just 1 mile per $1 saved annually when it launched, things might not be as bad as they seem. Looking at my average earnings, it seems that I’ll likely be missing out on around 25 miles per month due to this change. That’s a bummer, but it’s also not a huge impact given my relatively low balance.
Incidentally, it was just a couple of weeks ago that I tapped some of the AAdvantage miles I’ve been slowly accruing thanks to my Bask Mile Savings account, using them to upgrade myself to a first-class seat on my flight home from Dallas. Surely there would be better uses, but this proved to be a nice little perk. Thus, I’m happy to keep my $1,000 parked with Bask for a while longer and keep earning my trickle of AAdvantage miles.
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