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Bask Mileage Savings Account Review: Earn Miles Instead of Cash APY

Review Updated
Steven Porrello
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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Our quick take: The Bask Mileage Savings Account is a unique way to earn frequent flyer miles -- instead of interest, it pays you 2 American Airlines AAdvantage® miles for every $1 saved annually. But unless you're an American Airlines superfan, this savings account might not be the best choice for most savers.

  • Our team of experts assessed 100+ banking institutions
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Ratings Methodology
Rates as of Dec 20, 2024

Bask Mileage Savings Account

Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
N/A Rate info Circle with letter I in it. The Bask Mileage Savings Account pays you 2 AAdvantage miles for every $1 saved annually.
Min. To Earn APY
N/A
  • Earn 2 AAdvantage miles per $1 saved
  • Potential to save on taxes for interest income
  • Welcome bonuses for new customers
  • No monthly account fees
  • No minimum balances
  • FDIC insured
  • Low annual percentage yield
  • No ATM card
  • No cash deposits
  • Limited withdrawal options

The Bask Mileage Savings Account pays AAdvantage® miles instead of interest, and can give high-income earners a way to reduce their taxable interest income. This account's APY is lower than the best savings accounts. But if earning AAdvantage® miles is worth more to you than earning cash yield on your savings, the Bask Mileage Savings Account could offer an interesting alternative to typical savings accounts.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Full Bask Mileage Savings Account review

Here's what you need to know about the unique features and benefits of the Bask Mileage Savings Account.

Bask Mileage Savings Account interest rate

Account APY Minimum Deposit
Bask Mileage Savings Account N/A $0
Data source: Bask Bank.

The Bask Mileage Savings Account's APY is calculated based on the value of AAdvantage® miles, with a "yield" of 2 miles per $1 saved every year.

For tax purposes, this account's miles are valued at $0.0042 per mile. At the current earning rate of 2 miles per $1 saved, the taxable APY is approximately 0.84%

Fees

The Bask Mileage Savings Account has no monthly account fees. Most of this account's fees are only related to unusual situations and special services, like sending wire transfers or dealing with legal processes.

Fee Amount
Monthly account fees $0
Wire transfer fee Domestic wires: $20 online, $35 manual. International wires: $35 online, $50 manual
Account research fee $35 per hour
Legal processing fee $125 per hour
Data source: Bask Bank.

Minimum balance

Bask Bank doesn't require a minimum balance for the Bask Mileage Savings Account. This is more customer-friendly than many of the best savings accounts, which require you to have a minimum balance of (for example) $500 or $5,000 before you can earn the best APYs. However, if your account stays unfunded for 15 consecutive business days, Bask Bank may choose to close your account.

Withdrawal limit

You can withdraw the available balance from your Bask Mileage Savings Account at any time. Currently, Bask Bank does not appear to enforce any monthly restrictions on the number of withdrawals you can make from this savings account. Some banks limit you to six "convenient withdrawals" per month from your savings account -- this account is more flexible.

Mobile app

The Bask Bank mobile app is available for iOS and Android, and it lets you manage your savings account, make transfers, and keep an eye on your money with online banking. This bank's app gets highly favorable reviews: 4.7 stars on the App Store, and 4.6 stars on Google Play. Not every banking app gets such high ratings, especially not for Android devices.

How to access your money

Like most online banks, Bask Bank has a few limitations on how you can deposit and withdraw money. But you still have several good options for how to access money in a Bask Mileage Savings Account.

Deposit options

As an online bank, Bask Bank doesn't accept cash deposits. Here are your choices for how to deposit money:

  • Electronic funds transfer
  • Direct deposit
  • Wire transfer
  • Mobile check deposit
  • Check deposit by U.S. mail

Withdrawal options

Bask Bank doesn't let you withdraw directly from your savings account at ATMs. If you need to get your hands on cash (or just move money to a different bank), here are your options:

  • Electronic transfers
  • Wire transfers

Bear in mind that Bask Bank imposes transfer limits. Customers are limited to:

  • $50,000 to $150,000 per transaction and $100,000 to $250,000 per day
  • Six to 12 transfers for a maximum of $150,000 to $300,000 per calendar month

If you need to move larger amounts of money than are covered by these transfer limits, contact Bask Bank Customer Support to discuss your options.

Online user reviews

Bask Bank gets a grade of "B" from the Better Business Bureau, although it is not BBB accredited. However, the bank gets some negative customer reviews, with an overall rating of 2.0 out of 5 on BBB.org -- customers have complained about burdensome verification processes and being unfairly rejected for a new savings account.

Bask Bank gets slightly better ratings on Trustpilot (2.3 stars out of 5), where customers praised the bank's high-interest savings account, although some complained about complicated account application processes.

Top perks

Earn AAdvantage® miles instead of cash: If you fly with American Airlines often, this savings account can help you earn trips faster.

No monthly maintenance fees: You won't pay any fees to open a savings account at Bask Bank.

No minimum account balance: Bask Mileage Savings Account doesn't require a minimum balance.

Frequent special offers and bonuses for new members: Bask Bank has frequent promotional offers to earn thousands of AAdvantage® bonus miles when you open a new Bask Mileage Savings Account and make a qualifying deposit (terms apply). Check the Bask Bank website for details on current bonuses.

Potential to save on taxes for high-income earners: With a typical bank savings account, interest earned in a savings account is taxable and will be taxed at your marginal tax rate. But the Bask Mileage Savings Account is unique in that it pays you in miles, not cash. This can actually give you an advantage at tax time.

That's because Bask Bank and the IRS assume each mile is worth $0.0042, and that's the amount that gets reported on your IRS Form 1099-INT. At that low valuation, your account (for tax purposes) earns an APY of 0.84%, which is much lower than the potential value of those miles.

This could be a nice tax perk for higher-income American Airlines frequent flyers who might otherwise have to pay 24% (or more) marginal tax rates on their usual savings account interest.

What could be improved

Low APY: Unless you're a high-income earner, the APY on this account isn't competitive compared with other high-yield savings accounts.

No debit or ATM cards: This could pose a problem if you're trying to access cash fast. Although you can withdraw from your savings account at any time, you'll have to transfer money to an external account that lets you withdraw it as cash. The transfer could take a few business days -- not exactly ideal if you're facing an emergency.

No physical branches: As an online bank, Bask Bank does not have brick-and-mortar stores.

Is Bask Mileage Savings Account FDIC insured?

Bask Bank is FDIC insured. Your deposits are protected, up to $250,000 per depositor, per account ownership category. Bask Bank is a division of Texas Capital Bank, which is a member of the FDIC.

Bask Mileage Savings Account is right for you if:

You're a highly loyal, frequently-traveling member of AAdvantage® with a big income and plenty of cash in the bank, and AAdvantage® miles are worth more to you than money.

Keep reading about Bask Bank:

Our savings account methodology

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • Yes, Bask Bank is protected by FDIC insurance just like many other banks. Deposits made at Bask Bank are FDIC insured up to $250,000 per depositor, per account ownership category.

  • No, it doesn't. Any AAdvantage® miles earned through your Bask Mileage Savings Account don't count as loyalty points, and don't help you earn elite status.

  • You earn 2 miles per $1 saved annually. Miles accrue daily and are awarded to your account based on the average monthly account balance.