BankDirect has sent out a letter to account holders informing them that it will be discontinuing the partnership with American Airlines on August 31st, 2020. BankDirect has long offered account holders up to 22,000 American Airlines miles for opening a checking account and maintaining a certain balance. BankDirect account holders are being offered 5,000 miles if they change their account to a Bask Savings Account by August 31st, 2020 with a deposit of at least $5,000. Customers that don’t switch will have their account turned into a regular BankDirect interest bearing account. Previously Bask Bank has offered a 5,000 mile bonus with a deposit of only $1,000.
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The sad part is that with falling rates the Bask AA savings looks enticing. But then again AA might file for a bankruptcy soon, not to mention the FF miles are being devalued on a regular basis.
It’s a lot more enticing now. They also 1099 at 0.42cpp.
I wonder if Bask will be following suit. It was starting to look more appealing with other HYSA now around 1% but my cash is tied up elsewhere for now.
Bask is a subsidy of BankDirect if I am not mistaken, so I doubt it. They probably pre-purchased the miles and now they are “reselling” them via interest. The last time the rates crashed to near 0%, BankDirect kept their AA accounts open.
I actually had one back then, one advice – do some activity or they will try to close it after a few months.