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Questions on BankDirect, now Bask Bank (consolidated)

Questions on BankDirect, now Bask Bank (consolidated)

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Old Dec 1, 22, 4:12 am   -   Wikipost
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Last edit by: Dr Jabadski
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Miles typically post by the 4th of the month but may take longer when there's a Monday holiday. Check the "Rewards" section of your Bask dashboard, or the Recent Activity section of your AA account.

Current earn rate as of December 2022: 2.0 miles/dollar/month (no LP's)
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Old Oct 1, 22, 9:00 am
  #2416  
 
Join Date: Jul 2019
Programs: AA, UA
Posts: 31
At best an AA Frequent Flyer Mile is worth 1.5 cents. So getting 1.2 miles for every dollar in your Bask Bank Account is only giving you something similar to 1.7% interest on the account. Compare this to a 2.75% interest rate paid in cash for having money in their savings account, getting miles through Bask Bank is a poor deal currently.

https://www.nerdwallet.com/article/t...es-miles-worth
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Old Oct 1, 22, 10:00 am
  #2417  
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Join Date: Dec 2003
Location: Not here; there!
Programs: AA Lifetime Gold
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Originally Posted by Narrow Seat View Post
At best an AA Frequent Flyer Mile is worth 1.5 cents.
No: at best, an AA mile can be worth much more than 1.5. It really depends on the types of redemptions one makes. But Bask Bank will likely have to continue to increase the mileage-earning rate on its mileage account if cash interest rates keep going up.
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Old Oct 4, 22, 2:00 pm
  #2418  
 
Join Date: Oct 2021
Location: TX
Programs: Alaska, AA, Marriott
Posts: 918
Bask bank updated the rate to 1.5 miles / $.

https://www.baskbank.com/products/mi...avings-account
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Old Oct 4, 22, 3:25 pm
  #2419  
 
Join Date: Sep 2001
Location: San Diego, CA
Programs: UA 1K MM, AA Gold, SPG Plat, HH Gold
Posts: 957
5000 LPs for $25k new customer

https://www.baskbank.com/bonus-miles...and-conditions

5000 loyalty points for new customers depositing $25,000 into a Bask savings account.
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Old Oct 4, 22, 3:59 pm
  #2420  
 
Join Date: Oct 2006
Posts: 140
I did the math on my monthly mileage earnings for September and it didnt match the credited amount (which hasnt yet posted to AA). Is anyone else having this issue? Im basing this on a 30-day month (30/365) at a 1.2x earnings rate.
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Old Oct 4, 22, 6:15 pm
  #2421  
 
Join Date: Apr 1999
Location: San Francisco, CA, USA
Programs: Hyatt LT Globalist, Marriot LT Titanium, UA 2.4MM, HH Gold, AS MVPG
Posts: 3,361
Originally Posted by MillenniumFlyer View Post
I did the math on my monthly mileage earnings for September and it didnt match the credited amount (which hasnt yet posted to AA). Is anyone else having this issue? Im basing this on a 30-day month (30/365) at a 1.2x earnings rate.
Just looked after I saw your post and same here. If I calculate backwards its about 1.12 not 1.2. The month before was accurate at the 1.2.
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Old Oct 4, 22, 6:22 pm
  #2422  
 
Join Date: Oct 2021
Location: TX
Programs: Alaska, AA, Marriott
Posts: 918
Originally Posted by SF1K View Post
Just looked after I saw your post and same here. If I calculate backwards it’s about 1.12 not 1.2. The month before was accurate at the 1.2.
Same here. Made the deposit in July, haven't touched it, and different months have different earnings that don't correlate to the number of days in a month. Mine also map to about 1.12; prior month was 1.2. I sent an Ask a Question to see what's going on.
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Last edited by thatmikereed; Oct 4, 22 at 6:28 pm
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Old Oct 4, 22, 8:49 pm
  #2423  
 
Join Date: Oct 2004
Location: NYC
Programs: AS MVP Gold, AA Gold, Marriott Titanium, Hyatt Globalist
Posts: 1,585
Originally Posted by thatmikereed View Post
Same here. Made the deposit in July, haven't touched it, and different months have different earnings that don't correlate to the number of days in a month. Mine also map to about 1.12; prior month was 1.2. I sent an Ask a Question to see what's going on.
I agree your calculation --- my September posting (Oct.4) was 1.12 compared to 1.2 for August (Sept.2).

Kindly pass along their response. It clearly affects all of us here.... TIA!
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Last edited by jbalmuth; Oct 4, 22 at 8:57 pm
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Old Oct 4, 22, 11:07 pm
  #2424  
 
Join Date: Jan 2016
Location: APAC
Programs: AA EXP, Hyatt Globalist
Posts: 116
Originally Posted by Narrow Seat View Post
At best an AA Frequent Flyer Mile is worth 1.5 cents. So getting 1.2 miles for every dollar in your Bask Bank Account is only giving you something similar to 1.7% interest on the account. Compare this to a 2.75% interest rate paid in cash for having money in their savings account, getting miles through Bask Bank is a poor deal currently.

https://www.nerdwallet.com/article/t...es-miles-worth
This completely ignores taxation and how Bask reports the taxable value of earned miles. There was another thread that discussed this more, but for those in high income brackets, Bask tends to be a pretty good option even assuming miles are (only) worth 1.5c. Obviously, it only gets better if you value the miles more highly. Personally, I've found AA miles to be by far the most useful of the US3 carriers, although I'm sure there must be a devaluation coming at some point given how much Delta and UA have gutted their values.
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Old Oct 4, 22, 11:39 pm
  #2425  
 
Join Date: Aug 2003
Location: Washington,DC
Posts: 1,711
I've gotten $0.10 value from AA miles on a last minute domestic ticket.
I've gotten $0.06 on an international flight on AA
I've gotten $0.20 value on short BA Comair flight from South Africa

So using Bask Bank to maintain a healthy AA balance can make a lot of sense, so where it makes sense you get +5 cents a point

The higher your income tax rate the better deal they become
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Old Oct 4, 22, 11:48 pm
  #2426  
 
Join Date: Aug 2003
Location: Washington,DC
Posts: 1,711
Angry

Originally Posted by jbalmuth View Post
I agree your calculation --- my September posting (Oct.4) was 1.12 compared to 1.2 for August (Sept.2).

Kindly pass along their response. It clearly affects all of us here.... TIA!
I just checked and I have been shorted 8,000 miles - that said they haven't posted to AA yet, so maybe the actual transfer will be accurate.
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Old Oct 5, 22, 11:33 am
  #2427  
 
Join Date: Feb 2011
Location: NYC suburbs; prefer LGA, then JFK, maybe EWR
Programs: UA LT Gold (BIS), AA LT Plat (CC SUBs & BD), Hilton Dia (CC), Hyatt Glob (BIB), several others
Posts: 2,062
Originally Posted by Narrow Seat View Post
… getting miles through Bask Bank is a poor deal currently…
Originally Posted by rill2503456 View Post
… Bask tends to be a pretty good option ...
This debate has been going on since the start of BankDirect (and Bask Bank), this thread is 12 years old and the debate started within the first few posts. The calculation is different for everyone, each of us has different goals, cash, taxes, tolerances and preferences. It’s certainly not black and white, it’s a grey area. Personally, I’m quite grateful to BD and Bask; I’ve flown in comfort to many places, “banked” enough miles to do so for the foreseeable future and achieved lifetime status all based mostly on BD/Bask miles.

Originally Posted by jbalmuth View Post
… my September posting (Oct.4) was 1.12 compared to 1.2 for August (Sept.2)…
Based on my spreadsheet, mine was 1.1212. Interesting mistake, with it supposed to be 1.2 but actually (erroneously) being 1.12 or 1.1212. I just called, twice, unfortunately got newbies who were relatively clueless, asked to speak with a supervisor. Hold for 2 minutes, was told that Ms. Xxxxx (who I’ve spoken with several times in the past and who helped me with waiving a wire fee when Bask first started wire fees) would call me back, I’ll repost here with what she tells me.

Originally Posted by thatmikereed View Post
Bask bank updated the rate to 1.5 miles/$...
Not that I’ve had it but I’ve kept track of the maximum miles that could be earned with $1M on deposit at BD and Bask since 2010. FWIW, the recent change to 1.2x changed the maximum possible miles to the same as BD in 2010, before the maximum decreased significantly for the next 10 years. The change to 1.5 brings the maximum to the highest number since 2010, 25% higher than ever.

(Until 2011 BD had no limit for miles earning checking account balances. In March 2011 and again in June 2013 BD changed the miles earning equations with graduated fewer miles for higher balances so that a single checking account could no longer earn the maximum miles. Two checking accounts and a MMF account and multiple CDs were required to earn the maximum miles.)

Maximum Annual AA Miles
BankDirect: 10/10 - 3/11: 1,200,000 AA miles
3/11 - 6/13: 800,000
6/13 - 11/19: 575,000
Bask Bank: 11/19 - 7/22: 1,000,000
8/22 - 9/22: 1,200,000
10/22 - ?/??: 1,500,000

Even with the significant increase in the number of miles necessary for an award of the past few years, at 1.5 miles/$, for who knows how long and who knows if the next change will be higher or lower, this could possibly turn out to be the “Golden Age” for earning Bask miles.
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Old Oct 5, 22, 1:55 pm
  #2428  
 
Join Date: Sep 2009
Programs: AA Executive Platinum, SW A-List Preferred, Marriott Lifetime Titanium, IHG Diamond
Posts: 257
With a BASK mileage account, are you "locked in" to the mileage rate from your initial deposit? Or do your earnings on existing funds go up as the earnings rate goes up (like a standard interest-bearing account)?
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Old Oct 5, 22, 3:41 pm
  #2429  
 
Join Date: Dec 2010
Programs: Honors/IHG Diamond
Posts: 2,271
Originally Posted by WannaTheater View Post
With a BASK mileage account, are you "locked in" to the mileage rate from your initial deposit? Or do your earnings on existing funds go up as the earnings rate goes up (like a standard interest-bearing account)?
The second one. It's not locked.
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Old Oct 5, 22, 5:05 pm
  #2430  
 
Join Date: Aug 2003
Location: Washington,DC
Posts: 1,711
Originally Posted by Dr Jabadski View Post
This debate has been going on since the start of BankDirect (and Bask Bank), this thread is 12 years old and the debate started within the first few posts. The calculation is different for everyone, each of us has different goals, cash, taxes, tolerances and preferences. Its certainly not black and white, its a grey area. Personally, Im quite grateful to BD and Bask; Ive flown in comfort to many places, banked enough miles to do so for the foreseeable future and achieved lifetime status all based mostly on BD/Bask miles.

Based on my spreadsheet, mine was 1.1212. Interesting mistake, with it supposed to be 1.2 but actually (erroneously) being 1.12 or 1.1212. I just called, twice, unfortunately got newbies who were relatively clueless, asked to speak with a supervisor. Hold for 2 minutes, was told that Ms. Xxxxx (who Ive spoken with several times in the past and who helped me with waiving a wire fee when Bask first started wire fees) would call me back, Ill repost here with what she tells me.

Not that Ive had it but Ive kept track of the maximum miles that could be earned with $1M on deposit at BD and Bask since 2010. FWIW, the recent change to 1.2x changed the maximum possible miles to the same as BD in 2010, before the maximum decreased significantly for the next 10 years. The change to 1.5 brings the maximum to the highest number since 2010, 25% higher than ever.

(Until 2011 BD had no limit for miles earning checking account balances. In March 2011 and again in June 2013 BD changed the miles earning equations with graduated fewer miles for higher balances so that a single checking account could no longer earn the maximum miles. Two checking accounts and a MMF account and multiple CDs were required to earn the maximum miles.)

Maximum Annual AA Miles
BankDirect: 10/10 - 3/11: 1,200,000 AA miles
3/11 - 6/13: 800,000
6/13 - 11/19: 575,000
Bask Bank: 11/19 - 7/22: 1,000,000
8/22 - 9/22: 1,200,000
10/22 - ?/??: 1,500,000

Even with the significant increase in the number of miles necessary for an award of the past few years, at 1.5 miles/$, for who knows how long and who knows if the next change will be higher or lower, this could possibly turn out to be the Golden Age for earning Bask miles.
Don't forget Bask Bank or actually Bank Direct at the time , started charging a monthly account fee of $5 or $10, that made the miles less valuable back then. It was the account fee that made me close my Bank Direct account. I recently reopened and have been happy with BB since (until the recent shortage of miles issue)
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