I've had a small amount of money in a BankDirect "mileage checking" account for a few years now. Back when savings/checking accounts were paying 1-2%, the BD 0.75%/year+1.2 miles/year/$ option was very attractive. But now you can easily get 4.5% interest on savings and money market accounts, making the BankDirect opportunity cost much higher -- I am basically "buying" 1.2 miles/year for 3.75 cents/year.

Is it time for me to close the account? Why hasn't BankDirect increased their interest rates on this account? If they were making money when the spread was 1%, they must be buying miles from AA for less than 1 cpm. So I'm feeling a bit gouged.