I don't think finding a string of accessible banks that pay 3% on open checking is that easy, since many require you to come into the bank and a lot of them have limits less than $25,000.

But let's assume all that away and just see what this gets you. 3% on 200k is $6,000 taxable, which nets me about $3,900 after tax. You value miles at 1.5 cents each which means the 240,000 miles BD would pay you are worth $3,600.

My time is worth a lot and I'm not going to run around finding, opening and dealing with what is likely to be 10 or more different banks for a year to make $300. Or $600 either.

While I agree completely that cash is better than miles, the values here are skewed heavily in favor of BD in today's climate. If you value your time otherwise, then you should proceed in pursuing all those banks.