How to Build Your Savings While Earning Rewards

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Maximizing your savings comes down to finding the right savings vehicle. And it’s not all about interest rates. Even in a low-interest market, you can make the most of your savings while accommodating your lifestyle and budget. The key is to look for a savings account that matches your individual needs. So, what are the best options to choose from? Following a few simple steps can help you determine which type of savings vehicle is right for you.

Determine Your Savings Needs

Before you can settle on the best savings account, it’s important to have a clear sense of your overall financial goals. This means creating a budget and identifying how much of your income you can spend and how much you can save. The best way to do this is by tracking your current essential and nonessential expenses—including rent, utilities, groceries, and entertainment—and using that information to create a monthly savings goal. 

A good rule of thumb is to save around 5% to 8% of your current income, though you can adjust this based on your specific needs and circumstances. Once you’ve established your savings goal, you can look for a savings vehicle that will offer you the best return on investment while also allowing you to maintain your desired lifestyle.  

Understand the Different Savings Options

High-yield savings accounts have become a big trend over the past few years, but they’re not the only way to maximize savings. Savings vehicles such as CDs and money market accounts can also be good options for long-term savers, though it’s worth noting that they don’t offer the same level of liquidity as traditional savings accounts.

Given the current circumstances, it’s also important to select an account that offers you the flexibility to securely and confidently bank from home. Digital accounts can provide this type of flexibility, and when combined with other benefits, such as direct deposit of savings, they can provide the best overall customer experience.

For those looking for a digital account that can help maximize savings with rewards rather than earned interest, the Bask Savings Account earns one American Airlines AAdvantage® mile for every dollar saved annually—a great alternative to traditional savings solutions.

Opt for a Savings Vehicle That Fits Your Financial Needs and Lifestyle

The key to selecting the right type of savings account is to determine which option aligns most closely with your financial goals. Ask yourself what features are most important and what you’re looking to get out of your savings. If you need easy access to cash, a digital savings account is likely your best option. From there, it’s important to focus on other features that most closely match your needs. 

If you’re looking for a long-term savings solution and aren’t as concerned about interest rates or rewards, a CD or money market account could be a good option.

On the other hand, if you’re looking for a lifestyle-focused option that can offer you a more rewarding alternative to an interest-based account, the Bask Savings Account could be right for youBy earning AAdvantage® miles rather than interest, the Bask Savings Account can serve as a complement to other savings solutions while helping you go a lot further. 

In fact, based on the current industry average annual percentage yield of 0.10%*, if you have $5,000 in savings, you’re likely to earn only $5.00 in an average year with a traditional savings account, whereas you could earn 5,000 AAdvantage® miles with a Bask Savings Account, making it easier to travel once current circumstances allow for it. This can be a great way to earn that last batch of miles toward a dream vacation, a trip to see family, or even a honeymoon.

Whatever your future travel goals, choosing an account that helps you build savings while earning miles can help you outsmart interest, especially in the current climate. And because Bask Bank is FDIC insured, your savings will be protected up to $250,000 per depositor, per ownership category, even if circumstances change.

Selecting the right savings account doesn’t have to be complicated. By figuring out your individual needs and the features that most closely align with them, you can choose the right savings vehicle and start growing your savings. 

Industry average annual percentage yield of 0.10% is based on the FDIC calculated national rate effective July 18, 2022.


Bask Bank and BankDirect are divisions of Texas Capital Bank, N.A. Member FDIC. The sum of your total deposits with (i) Bask Bank; (ii) BankDirect; and (iii) Texas Capital Bank, N.A. are insured for up to $250,000. Additional coverage may be available depending on how your assets are held.

The value of this offer will be reported to the IRS, and the recipient is responsible for any federal, state, or local taxes on this offer.

Article Sources

  1. Federal Deposit Insurance Corporation. "National Rates and Rate Caps."