Bask Bank offers a simple way to earn 82,500 miles in six months not by spending money but via its new promotion. The bank, associated with American Airlines, rewards customers with miles instead of traditional interest. If you keep $25,000 in the Bask Savings Account for one year, you can earn 10,000 miles. If you keep an additional $25,000 in the bank for six months, you can earn 10,000 more miles. If you have a total of $50,000, you can earn 20,000 miles. The first 5,000 miles will come within 10 business days after meeting the criteria, while the rest will be granted after keeping the balance for the agreed time.
Additionally, Bask Bank is offering 500 miles for completing its “financial quiz” and opening an account, plus a bonus of 1,000 miles if you keep at least $5,000 in the account for 90 days and another 1,000 if you provide feedback about their program. Hence, customers can earn up to 82,500 miles in six months without spending money.
This novel banking approach provides an alternative to traditional savings accounts, especially for frequent flyers who can maximize their rewards with the earned miles. However, it’s essential to consider the value of miles versus traditional interest rates in personal finance. While a mile is usually worth more than one cent, its value can vary, unlike the predictable earnings of a conventional savings account.
There are also tax implications as the IRS will report the miles as interest income on your tax return, which you would need to declare. Bask Bank helps to estimate the tax liability on these miles, but customers should also seek independent tax advice.
In summary, the new Bask Bank offer provides a unique way to earn miles, offering potential benefits for regular travelers or those looking for unconventional savings methods. However, customers should consider their personal financial circumstances and potential tax implications before deciding. This review has been independently produced and has not been endorsed or approved by any of the bank’s advertising partners.