Last year I posted about the BankDirect checking account which earns you American Airline miles. I personally use it now as my primary checking account, however, wanted to let all existing and interested account holders know that: “Beginning January 1, 2012 there will be a $12 monthly fee for all Mileage Checking Accounts regardless of balances.”
Many of you have emailed me interested in opening an account and I wanted to ensure you know of this change. Even with the $12/month fee, it MIGHT still be worth it as your primary bank account. I am pretty bummed about this new fee they are tacking on, but am still going to keep my account open. I am able to earn a pretty decent number of AA miles from this and do not have to report earnings (yet) as I would with another checking account where I earn interest.
If you are interested in this online checking account, you can read a detailed prior post here. However, I will quickly recap the bonus potential for you all:
New Account Bonus:
- Earn 1,000 miles for each new Mileage Checking Account or Mileage Money Market Account opened.
- Earn an additional 1,000 miles for every $100,000 in initial deposit, up to $500,000, per household.
- Earn 10,000 miles for establishing full payroll direct deposit from your employer into a Mileage Checking Account. Needs to be the full amount for three consecutive months.
- Earn 5,000 miles for using BankDirect’s bill pay service. Need to have 3 bill pay merchants for 12 consecutive months.
- Earn 5,000 miles for using your BankDirect Visa® CheckCard. Need 12 transactions per statement for three consecutive months.
- Earn 1,000 miles for referring a friend when they open a Mileage Checking account.
Ongoing Earning Potential:
- Earn 100 miles per month for every $1,000 of the monthly average collected balance in your Mileage Checking Account up to the first $200,000 on deposit.
- For monthly average collected balances over $200,000, earn 25 miles per $1,000 for all balances over the first $200,000 on deposit.
For example, if you have $50,000 in your checking account, you will earn 5,000 American Airline miles per month. This will result in 60,000 miles per year (enough for a round-trip ticket to Europe)! I am not going to go through the numbers and do an entire analysis of whether of not this account is worth it due to the sole fact that there are a variety of other checking accounts out there all with different interest amounts and fees tacked on. However, with a conservative 2 cents per mile, these 60,000 miles can be valued at about $1,200.
I also like how you get reimbursed for AMT withdrawals (4 per statement cycle), but I am not a fan of the site’s interface.
Just be aware of this new $12/month fee and if you are looking for a referral, feel free to contact me, or find a friend to refer you for that 1,000 point bonus. Every little bit helps, right?!