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New offer from Bask Bank enables earning up to 82,500 airline miles without spending

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New offer from Bask Bank enables earning up to 82,500 airline miles without spending
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Gary Leff Chief Financial Officer | View from the Wing

Bask Bank has introduced a new offer that allows customers to earn 82,500 American Airlines AAdvantage® miles in six months without spending money. The Bask Mileage Savings Account awards 2.5 AAdvantage® miles per dollar saved annually, providing one of the highest returns possible for a savings account that awards miles instead of money.

Currently, new customers can earn a bonus of 20,000 miles for deposits of $50,000 held for six months. This is in addition to the annual rate of 2.5 miles per dollar saved on those funds. After six months with the $50,000 deposit, customers will have earned a total of 82,500 miles—62,500 from the annual rate and 20,000 as a bonus.

To qualify for this offer, individuals must be first-time Bask Mileage Savings Account customers and open an account between June 1 and August 31, 2024. They must fund their account within 15 business days following the initial opening and maintain a minimum daily balance of $50,000 for 180 consecutive days.

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The value proposition is significant when considering tax implications. If AAdvantage® miles are valued at 1.5 cents each, earning 2.5 miles per dollar saved annually equates to a return of approximately 3.75%. Bask Bank reports these earnings at a value of 0.42 cents per mile for tax purposes.

Earning 82,500 miles (worth $1,237.50) from saving $50,000 over six months would generate a tax report showing a value of $346.50. Assuming a combined federal and state income tax rate of 47%, taxes would amount to $162.86, resulting in net earnings of $1,074.64 after taxes.

Compared to hypothetical savings accounts offering an Annual Percentage Yield (APY) of up to 5.50%, which are rare or non-existent in the current market environment—the same deposit would yield significantly less after taxes.

Bask Bank was launched by Texas Capital Bank in January 2020 and has progressively increased its earning rates from an initial one mile per dollar saved annually to the current rate of 2.5 miles per dollar saved annually.

This promotion provides an aggressive incentive for potential customers to open an account and hold substantial deposits with Bask Bank while earning valuable travel rewards through American Airlines' AAdvantage® program.

Texas Capital Bank d/b/a Texas Capital is FDIC insured and operates Bask Bank as its division.

Mile awards are subject to change at Bask Bank’s discretion; terms and disclosures apply.

American Airlines reserves rights concerning changes to its AAdvantage® program without notice.

For more details about the AAdvantage® program visit aa.com/aadvantage.

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