It’s no longer necessary to go deeper into credit card debt to earn reward miles. The new Rewards Money Market account from Capital One lets you earn miles just by saving.

Savers will earn an annual yield of 4.66% and one mile for each $20 of their average monthly balance in the Rewards Money Market account. As an opening bonus, savers who deposit at least $500 within the first month will receive 2,500 bonus miles.

Like the credit card equivalent, rewards miles can be redeemed for cash, travel, merchandise, and charitable donations. There’s no limit to the number of miles you can earn and thankfully, miles never expire for the life of the account. Earned miles will be applied to the rewards balance on a monthly basis within 60 days after the end of each month.

If you happen to already have a Capital One No Hassle Miles Rewards credit card, the miles from your Rewards Money Market Account can be added to your Capital One credit card miles.

At its core, the Capital One Rewards Money Market account is a typical online money market account. There are no monthly fees or minimum balance requirements to be concerned about. Funds can be transferred in and out using the “linked” account system where the account holder can electronically link their current checking account to the Rewards Money Market account. This is done using Capital One’s online banking system.

Money can be withdrawn by zipping funds to the linked account, by writing a check, or by using an ATM. Capital One doesn’t charge a fee for using an ATM, but the ATM owner probably will. Unfortunately, Capital One doesn’t refund ATM fees, so it would probably be best to use this as a checking account.