I’ve written before about the new Bask Savings Account, which is similar to the BankDirect accounts that are no longer offered, but on a more modern tech platform.
In this article
The Math on Bask Bank vs. Online Savings Accounts
This article explains my math on why Bask Bank can be an attractive alternative to interest – and even more so with interest rates more than 1/3 less than when I wrote it:
How Earning Miles Instead of Interest Can Beat Cash “By a Mile”
I also recommended that if you were going to sign up for a Bask Savings Account, you should do so before June 30th, because all of the bonus offers are set to expire then.
Reminder on Expiring Offers:
The following bonus mileage offer programs will expire on June 30th, 2020:
- Balance Bonus
- Feedback Bonus
- Account Opening Bonus
New Bask Bank Refer-a-Friend Program
From now to September 30, 2020, you can refer a friend to Bask Bank and earn 5,000 AAdvantage miles. The person you refer is eligible for all of the above offers – but only if you refer them by June 30th.
After June 30th, most of the Bonus Offers expire. The only new one will be that, starting in July, you’ll get an an account opening bonus of 1,000 miles if you maintain $5,000 for 90 consecutive days funded within 120 days.
All you need to do is sign-on to your Bask Savings Account and look for the Refer-a-Friend link in your Bonus Dashboard to get your own link.
You are limited to 5 referrals and you must maintain your own $10,000 balance for 90 consecutive days between June 17, 2020 and December 31, 2020. If you only deposited enough for the new account and feedback bonuses, you’ll need to add to your deposits to refer.
The referred friend will also get 5,000 miles – but only if they also keep $10,000 on deposit for 90 days.
You may receive a 1099 for the miles with a 0.42 cent value. I value 5,000 American Airlines AAdvantage miles at $75 and you’ll pay tax on $21.
Bask Bank Refer-a-Friend Terms and Conditions
- Existing Bask Bank customers can earn 5,000 AAdvantage® bonus miles per friend for referring up to five friends.
- In order to be eligible to earn Refer a Friend bonus miles, referring customers must share a unique referral link from their Bonus Dashboard before September 30, 2020, as well as maintain a minimum daily balance of $10,000 for 90 consecutive days between June 17, 2020 and December 31, 2020.
- Referring customers will only earn miles for successfully referring a maximum of five friends – but they may share their referral link with as many friends as they want.
- Newly referred customers will be able to earn 5,000 AAdvantage® miles for themselves when they sign up for a Bask Savings Account using the link shared by a friend between June 17, 2020 and September 30, 2020, fund their account and meet the minimum daily balance requirement of $10,000 for 90 consecutive days within the first 120 days of account opening.
- Both referring and referred customers must link their AAdvantage® account in order to receive Refer a Friend bonus miles, and miles will be awarded on the first Wednesday following all qualifications being met.
- The value of this bonus/offer will be reported to the IRS and the recipient is responsible for any federal, state or local taxes on this offer.
Questions?
Let me know here, on Twitter, or in the private MilesTalk Facebook group.
You can find credit cards that best match your spending habits and bonus categories at Your Best Credit Cards.
New to all of this? My “introduction to miles and points” book, MilesTalk: Live Your Wildest Travel Dreams Using Miles and Points is available on Amazon and at major booksellers.
