Bask Bank offers air miles instead of interest

New challenger bank Bask Bank is offering American Airlines AAdvantage miles to savers instead of interest through a digital savings account

Texas Capital Bank has launched the all-digital Bask Bank to provide savers with an alternative to traditional savings accounts.

Bask Bank’s collaboration with American Airlines provides savers with an incentive-based account that earns an AAdvantage mile for every dollar saved.

The digital savings account is fee-free, requires no minimum balance and offers significant potential to earn miles.

New users can integrate their existing or new American Airlines AAdvantage account and begin earning miles for every dollar they save. Miles are accrued daily and awarded based on average monthly balances.

Bask Bank will also offer several ways to earn AAdvantage bonus miles, including an account opening bonus of 5,000 AAdvantage miles, a feedback bonus and a variety of balance bonuses.

Texas Capital Bank has appointed Matt Quale as president of Bask Bank.

He previously served as chief marketing officer at Brighthouse Financial, where he played a key role in the company’s spinoff from MetLife. He has also held key roles at American Express, McKinsey & Company, Coca-Cola and General Mills.

Quale called Bask Bank a groundbreaker in the banking industry. He said: “It’s a bold new platform—a stronger option for savers who aren’t getting much out of a traditional savings account. Bask Bank helps you enjoy more of life’s experiences today, while still saving for the future.” 

Bridget Blaise-Shamai, president of the AAdvantage programme and vice president of customer loyalty and insights for American Airlines, said: “We take pride in creating opportunities for AAdvantage members to earn miles through their everyday activities. Collaborating with Bask Bank gives our customers a new way to easily earn miles toward their travel dreams while still tracking toward their financial goals.”

Image: Bask Bank

Mark Dugdale