Texas Capital Bank, has launched Bask Bank, a digital savings account that earns American Airlines AAdvantage miles instead of interest.
With interest rates in the doldrums and traditional bank accounts returning fractional pennies on the dollar, the Bask account rewards savers with miles for every dollar they save. AAdvantage miles are accrued daily and awarded based on average monthly balances.
Bask Bank also pledges to offer several ways to earn AAdvantage bonus miles, including an account opening bonus of 5,000 miles, a feedback bonus and a variety of balance bonuses.
Texas Capital Bank has appointed Matt Quale, formerly of Brighthouse Financial. as president of the new digital bank.
He describes Bask Bank as a groundbreaker in the banking industry.
"It's a bold new platform - a stronger option for savers who aren't getting much out of a traditional savings account," he says. "Bask Bank helps you enjoy more of life's experiences today, while still saving for the future."