Old Nov 22, 19, 9:51 am
  #2116  
Dr Jabadski
 
Join Date: Feb 2011
Location: NYC suburbs
Programs: UA LT Gold, AA LT Plat (HT BD), Hilton, Hyatt, IHG, Delta, BA
Posts: 906
Just spoke with a very knowledgeable and helpful representative at BankDirect Customer Service. Bask Bank is new, customer service for Bask and BankDirect are the same. No changes to mileage earning for BankDirect EXISTING accounts. No NEW mileage accounts at BankDirect. Bask is currently offering just ONE SAVINGS account per person; no checking, no CDs, no multiple accounts. No maximum deposit or miles at Bask.

Bask accounts will generate a 1099 based on .0042 (0.42%). ($10,000 average annual balance, 10,000 miles annually, will get a 1099 for $42.) As in the past, no 1099 for BankDirect miles THIS year. Starting for tax year 2020 (in early 2021) BankDirect will generate 1099s at the same rate as Bask Bank.

He told me that for FDIC insurance, Bask and BankDirect and Texas Capital Bank are all the same. So given $250,000 in an individual savings account at Bask and $250,000 in the same person’s individual savings account at BankDirect (without beneficiaries), only $250,000 would be FDIC insured. Can increase Bask FDIC insurance limit with beneficiaries, including charitable organizations.

From a pure miles earning perspective, Bask Bank would seem advantageous. BankDirect checking up to $50,000 balance earns slightly more miles than Bask savings but BankDirect checking has significant fees. BankDirect checking over $50,000 and BankDirect Savings and BankDirect CDs all earn significantly fewer miles than Bask.

Last edited by Dr Jabadski; Nov 28, 19 at 1:16 am Reason: Decimal point and "%" sign correction.
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