SCB is offering Asia Miles instead of interest on new deposits:

240,000 Asia Miles for a HKD1 million 12 month deposit.

Leaving aside the fact that I don't have a million dollars sloshing around in my bank account, depending on seat class, destination and seasonal/off-peak pricing, the tickets I would likely try and get by redeeming the miles came to around HK$35K which is a theoretical yield of 3.5% which looks quite attractive.

The problem of course is that even with flexible travel dates, actually redeeming Asia Miles for tickets is often an exercise in frustration - available dates are few and far between. In addition, usually only one leg is available which means paying for the other leg. Since one leg always costs more than half the return ticket this reduces the value of the points being redeemed so the actual yield will be lower than the theoretical yield.

I'm inclined to pass but would be interested to know if anyone else has looked at this?

As a side note, there is also another 25,000 Asia Miles on offer if you sign up for SCB Priority Banking and "up to" 60,000 Asia Miles for taking out a SCB Asia Miles MasterCard.