Here is what I'd do if I had $100.000 available:

1. Open the 24-months CD.
2. Wait 6-8 until 100.000 miles post
3. Cancel the CD

Cost Analysis
Penalty for early withdrawal is 180 days of interest on the principal. Current APR is 1.25. The actual interest should be slighty lower because of compounding. Let's go with 1.25%/2 = 0.625% = $625 in penalties.

Let's assume it does take about two months to get the miles, then cancel and transfer the money back into an interest bearing account. Ingdirect.com offers 2% APR on savings accounts. (Again, slightly lower due to compounding). You do receive 1.25% from bankdirect. Monthly lost interest = $100,000 * 0.75%/12 = $62.5 or $125 for two months.

For anyone with $100k, a marginal tax rate of 35% is reasonable, I think. The $625 is tax deductible, so the true cost is $406. The $125 in lost interest comes out to $81 after taxes

For $487, you get 100,000 AA miles.

Be sure to have the CD interest cut via a monthly check as it will otherwise be credited quarterly.

Check here for terms:
1. Penalty: http://www.bankdirect.com/learn/prod...ileage_cds.asp
2. FAQ: http://www.bankdirect.com/learn/aa_faq.asp
3. CD Disclosure: http://www.bankdirect.com/disclosure...s.asp#checking