Bask Bank Mileage Savings Account 2025 Review

Bask Bank Mileage Savings is a rewards savings account with a twist. Instead of earning interest, you'll earn American Airlines AAdvantage Miles that you can apply toward future flights. 

The Bask Bank Mileage Savings account is a unique savings option that's designed with frequent flyers in mind. This online savings account rewards you with airline miles in place of interest. 

You might consider Bask Bank Mileage Savings if you:

• Would like to save money on flights
• Prefer American Airlines to other airlines
• Are comfortable with an online savings account
• Want a savings account with no monthly maintenance fees

Bask Bank also offers a high-interest savings account, CD accounts, and an interest checking account to help you meet all your money management needs.

Compared to Other Online Savings Accounts

American Express High Yield Savings Account

The American Express High Yield Savings account features a competitive APY, with no minimum balance requirements, opening deposit requirements, or monthly fees. You won't earn rewards with this account but you could get Membership Rewards points with an American Express checking account. With either account, you'll have 24/7 access to superior customer service. 

Read our full editorial review of the American Express High Yield Savings account.

Rising Bank High Yield Savings Account

Rising Bank's high-yield savings account offers one of the best rates of any online savings option. You'll need $1,000 to open the account and there's a $1,000 monthly minimum balance requirement to earn the advertised APY. There are no monthly maintenance fees and you can easily manage your money through online banking. 

Read our full editorial review of the Rising Bank High Yield Savings account.

Ponce Bank High Yield Savings Account 

Ponce Bank offers high yield savings accounts online, though the APY isn't as high as what you could find at other banks. There's no monthly service fee if you open your account through Raisin, and the minimum opening deposit is $1. The minimum deposit rises to $100 if you're opening your account through the Ponce Bank website instead. 

Read our full editorial review of the Ponce Bank High Yield Savings account.

Valley Direct High Yield Savings Account

Valley Direct offers FDIC-insured savings at competitive rates, with a low opening deposit requirement of $1. There are no monthly maintenance fees and it's easy to get your account up and running online. If you're looking for other ways to save at high yields, you might check out Valley Direct's range of CD offerings. 

Read our full editorial review of the Valley Direct High Yield Savings account.

Interest Rates

Most savings accounts pay interest on balances. Some banks offer one flat APY that applies to all balances; others tier rates so that your balance determines the APY you earn. 

Bask Bank Mileage Savings is a little different. With this account, you earn airline miles for saving, rather than interest. 

Here's how it works:

• Earn 2 American Airlines AAdvantage Miles for every $1 you save annually. 
• Earn an introductory miles bonus when you open a new account and meet a minimum balance requirement. (Limited time offer).

Is earning airline miles better than earning interest? Maybe, if you're a frequent flyer who prefers American Airlines to other airlines. If you have an American Airlines-branded rewards credit card, you could pile up even more miles toward free flights with the Bask Bank Mileage Savings account. 

If you prefer cold, hard cash, on the other hand, you may want to check out other high-yield savings options. As you compare savings accounts ask these questions:

• What is the APY and interest rate?
• Does the APY apply to all balances or are rates tiered?
• Is there a minimum opening deposit requirement?
• Is there an ongoing minimum balance requirement to earn interest? 
• Does the bank limit the amount of interest you can earn?

It's also wise to check out the fees you'll pay. Lower fees mean you get to keep more of your interest earnings. 

Fees

Online banks tend to be fee-friendly and Bask Bank is no exception. While there are a few fees to be aware of, the bank does a good job of keeping costs to a minimum overall. 

Here's what you'll pay.

Other Service Fees - Bask Bank Mileage Savings Account

Again, this account is light on fees overall. The only fees you might have to worry about are fees to send a wire transfer. 

ATM Access

Some banks offer an ATM card with savings accounts so you can stay connected to your money. Bask Bank doesn't include an ATM card with any of its savings accounts. 

You can, however, get a debit card with a Bask Bank interest checking account. You can use your card to withdraw cash fee-free at 55,000+ Allpoint ATMs.

If you'd like to have that level of accessibility with savings, you might open a Bask Bank Interest Checking account to go with your Mileage Savings account. That way, you could transfer money from savings to checking when you need to make cash withdrawals. 

Check Writing

Savings accounts usually don't come with checks, unless they're money market savings accounts.

A money market account combines the features of a savings account with a checking account. So you might earn a competitive APY on balances and be able to write checks, pay bills, or make purchases with a debit card. 

Bask Bank doesn't offer paper checks with Mileage Savings accounts. You could, however, order paper checks with a Bask Bank Interest Checking account. 

Account Management

Bask Bank is an online bank so there are no branches to visit. Instead, you can manage your money online or through the Bask Bank app. You can also visit more than 55,000 Allpoint ATMs. 

Online banking features allow you to:

• View transaction history
• Review and download statements
• Move money between Bask Bank accounts
• Open a new account
• Pay bills
• Update your personal information

You can also use mobile check deposits to add money to your Mileage Savings account. 

If you want to send or receive funds, you can use ACH transfers, wire transfers, or Zelle. Between wire transfers and Zelle, Zelle is the cheaper option since there's no fee to send payments. 

You can log in to the Bask Bank mobile app to get started with Zelle and view your daily and weekly transfer limits. If you decide to use a wire transfer instead, just be aware of the fee that you'll pay. 

FDIC Insurance

FDIC insurance is intended to protect depositor accounts at member banks. Specifically, the FDIC is a shield against bank failures. 

Bask Bank is FDIC-insured, which means that if it were to go under, the FDIC would help you get your money back. There are limits, however. 

The current FDIC coverage limit is $250,000 per depositor. That limit applies at all member banks you have accounts with. 

Frequently Asked Questions

Is Bask Bank a real bank? 

Bask Bank is the online banking division of Texas Capital Bank. It was one of the earliest banks to offer online-only savings accounts. Deposits held at Bask Bank are FDIC-insured and you can open savings accounts, checking accounts, and CD accounts here. 

Are online savings accounts safe? 

Online savings accounts are generally safe places to keep your money when your deposits are held at an FDIC-insured bank. You're not investing in the market so there's virtually zero risk of losing money. If the bank fails for any reason, the FDIC is there to help you recover your savings, up to the maximum insurance limit. 

Which bank offers the best high-yield savings account? 

A lengthy list of banks offer high-yield savings accounts but some are better than others when it comes to the interest rates they pay and the fees they charge. The best savings account for you is one that pays a competitive APY and offers convenient access to your money, without nickel-and-diming you to death in the fee department.