Texas Capital Bancshares, the parent company of Texas Capital Bank, has launched a first-of-its-kind digital savings account service.
The Dallas-based bank’s new all-digital platform, Bask Bank, enables users to earn American Airlines AAdvantage miles instead of interest.
In collaboration with American Airlines, the digital bank provides 1 AAdvantage mile for every dollar amount deposited annually.
“Even more importantly,” said Keith Cargill, president and CEO of Texas Capital Bank, “the digital nature of Bask Bank will bridge the gap between physical and virtual banking to deliver a premier user experience beyond mere transactions by giving savers memorable and tangible benefits for their deposits.”
As an example, a $30,000 savings deposit at Bask Bank will yield 30,000 Aadvantage miles. Whereas, the same deposit would earn about $27, based on the national average interest rate of .09%.
Matt Quale, who formerly served as the chief marketing officer at MetLife spinoff Brighthouse Financial, has taken the helm at Bask Bank as its president.
“It’s a bold new platform – a stronger option for savers who aren’t getting much out of a traditional savings account. Bask Bank helps you enjoy more of life’s experiences today, while still saving for the future,” Quale said.
The digital account has no fees or minimum balances associated with it. Customers can earn unlimited miles through the account, according to Texas Capital Bank.
Texas Capital Bancshares is undergoing a $5.5 billion merger with McKinney-based Independent Bank Group.
The combined companies will have about $48 billion in assets and $39 billion in deposits, according to the bank’s announcement last month.