BankDirect reducing earning on Mileage Checking accounts

Posted on May 2, 2013 by in American Airlines AAdvantage

BankDirect has been a generous sponsor of American Airlines miles in the past – for every $1,000 deposited you'd receive 100 miles per month. That's 1,200 miles in a year!

Up until now the limit for that earning rate was a deposit of $200,000 -above that rate the earning rate would decrease.

For the joy of earning miles a monthly fee of $12 was imposed about a year ago.

However BankDirect has now changed the terms and conditions and only allows earning 100 miles per $1,000 with the first $50,000 on deposit.

If you deposit $50,000 it will earn you 60,000 miles a year with a fee of $144. That's just 0.2 cents per mile. Bankdirect pays a very low interest rate but so do many other banks for checking accounts. This is still a rather good deal.