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.
Earn an American Airlines AAdvantage® Mile for Every Dollar You Save With This Bank
We’re serious! For every dollar you keep in your Bask Savings Account each year, you earn one American Airlines AAdvantageⓇ mile, plus hefty bonuses that encourage you to save more.
If you open a Bask Savings Account and maintain a balance of at least $5,000*, you’ll earn 5,000 bonus miles to use toward future travel.
With a traditional savings account, you’ll earn an industry average annual percentage yield of .06%** 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.
*Must maintain a $5,000 balance for 90 consecutive days out of the first 120 days from the time you open your account to receive the bonus.
**Industry average annual percentage yield of 0.06% is based on the FDIC calculated national rate effective 06/08/2020.
All Bonus Award offers valid through June 30, 2020. Terms and Conditions apply. AAdvantage® bonus miles are awarded within 10 business days upon meeting offer qualifications and may take 6-8 weeks to post to your AAdvantage® account. The value of this offer will be reported to the IRS and the recipient is responsible for any federal, state or local taxes on this offer. Bask Bank and BankDirect are divisions of Texas Capital Bank, N.A. Member FDIC. The sum of your total deposits with (i) Bask Bank; (ii) BankDirect; and (iii) Texas Capital Bank, N.A. are insured up to $250,000. Additional coverage may be available depending on how your assets are held.
Kari Faber ([email protected]) is a staff writer at Codetic. The farthest her miles have taken her is Hong Kong.