Bask Bank Review (2023) - Are Airlines Miles Better Than Cash Interest?

Are you curious about the idea of earning frequent flier miles instead of regular interest on your savings? Let's revisit Bask Bank, including what the service has to offer in 2023.
Bask Bank review: fioney.com/bask-bank-review/
A few years back, Bask Bank launched, allowing customers to earn American Airlines AAdvantage miles instead of cash interest. In that time, the offering has updated in a few ways - and, with demand for travel continuing to be strong, it felt like a good time to revisit to account. So how does Bask Bank work and how has it evolved? Let’s take a look at few things to know.
The first thing to know about Bask Bank is 2023 it is a direct division of an FDIC-insured bank
Considering some recent developments in the world of banking, Americans are probably more aware of what FDIC insured means now than they have been in years past. On that note, Bask Bank a division of Texas Capital Bank, Member FDIC. Because of this, deposits are FDIC insured up to $250,000 per depositor, so hopefully that provides some peace of mind.
Next, the mileage accrual rate of Bask has steadily risen as of late, as is now double what the bank originally offered
When it first launched in early 2020, Bask Bank offered 1 AAdvantage mile per for every $1 in your account on an annual basis. And, to their credit, they kept rate intact even when interest rates plummeted. Now, as APYs are soaring, Bask has continued to adjust its earnings as well. In fact, as I was editing this video, I received an email alerting me that they’d increased once again.
Currently, as of May 2023, customers can earn 2.5 AAdvantage miles for every dollar in their account on an annual basis. Put more simply, if you hold $1,000 in your account, over the course of the year, you’d accrue a total of 2,500 American Airlines miles. However, earned miles are paid out monthly to your linked AAdvantage account.
Overall, while Bask hasn’t been as quick to raise rates as other account have been, it’s still nice to see to see them adjusting their product to remain more competitive.
Another benefit of Bask Bank that I still think is worth mentioning is how it can help prevent your other miles from expiring
As I noted, with Bask, your earned miles will be deposited into a linked American Airlines AAdvantage account. What’s nice about this is that, while American miles can expire, their expiration date is based not on when the miles were earned but when there was last activity in your account. Thus, by earning these monthly miles with Bask, you’ll be keeping your account active and extending the amount of time you have to use them. To me, this is especially advantageous for casual fliers who might otherwise risk letting their earned miles go to waste. Therefore, I see this as an added bonus, albeit a relatively small one.
If you decide that the whole miles instead of interest thing isn’t really for you, Bask now also offers a more traditional high yield savings account as well as CDs
Funny enough, while Bask Bank is most associated with their unique mileage-earning account, they also offer an account with one of the higher APYs available. As of May 2023, the Bask Interest Savings Account earns 4.75% APY - which, if you’re keeping score, is 60 basis points higher than Apple’s recently-launched and much hyped savings account. Elsewhere, Bask also offers certificates of deposit - or CDs - with APYs as high as 4.85%. So, even if the American Airlines AAdvantage miles aspect doesn’t interest you, perhaps you can find other reasons to give Bask a try.
Finally, Bask does currently offer a sign up bonus, although you will need to deposit quite a bit of cash in order to earn it.
When I first opened an account with Bask, I was able to score a nice chunk of miles for not much effort. Unfortunately, these days, their bonuses are far less gererous. For example, until May 31st of 2023, those who deposit at least $10,000 into their account within 15 days of opening it and maintain that balance for at least 90 consecutive days will earn a whopping 2,000 miles. Meanwhile, past offers have seen similar returns, but with different deposit thresholds and payouts. So, although you might eventually come across one that makes sense to shoot for, I wouldn’t worry too much about claiming these lackluster bonuses.
Overall, while earning miles instead of cash might not make sense for everyone, I think that many people could still get decent value out this option - especially if you can take advantage of some of American Airline’s Web Specials
#banking #awardtravel #FioneyMoney

[@TRUEEEEET]

Good video. Thanks

[@Native722]

I prefer cash

[@fallback8314]

i MUCH prefer the miles!

[@totallysawthat]

Unless you're putting in the max of 250k, and you live next to an AA hub airport not worth.@@fallback8314