Bask Bank Review
Looking to earn a competitive APY? Interested in earning miles as you save? Bask Bank offers enticing savings options to meet your needs.
Overall Score | 4.5 | ||
Savings | 5.0 | ||
CD | 5.0 | ||
Mobile App | 4.0 | ||
Customer Service | 4.0 | ||
Pros and Cons
- High APY on savings
- Earn American Airline mileage
- No monthly fees
- No physical locations
Bottom Line
Digital bank with high APY and ability to earn airline mileage
With many options available, choosing where to grow your money can be tough. If you want a digital bank with high interest rates and hassle-free online banking, Bask Bank might be perfect for you.
Whether you want to earn miles with your savings or prefer a consistent interest account, Bask Bank has options to suit your needs. Keep reading to learn more.
About Bask Bank
Bask Bank, a division of Texas Capital Bank, specializes in digital banking products and services. Its history dates back to 1999 when Texas Capital Bank launched one of the first online-only savings banks in the United States, pioneering the digital banking experience.[1]
They've since expanded their offerings to include high-interest savings accounts and CDs, ideal for anyone looking to save and grow their money effortlessly.
Who is It Best For?
 |
Bask Bank is ideal for individuals looking to grow their funds with competitive interest rates and prefer the convenience of digital banking. With no monthly fees and easy-to-use online services, it's perfect for modern savers seeking efficiency and high returns.
- Choose Bask Interest Savings if: you want to grow your funds with high interest. With a competitive APY and no fees, this account can help you achieve your financial goals faster.
- Choose Bask Mileage Savings if: you often fly with American Airlines and have an AAdvantage account. You can save money and earn miles at the same time, which you can use for travel perks.
- Choose Bask CDs if: you want to boost your savings and don't mind locking your funds for a set period. With several terms to choose from, each offering competitive rates, it's a great way to grow your money securely.
Pros and Cons
Pros
- High interest rates on Bask Interest Savings and CDs
- Ability to earn American Airlines mileage
- No monthly maintenance fees
Cons
- No checking account yet
- No physical branches
- No ATM access
Bask Savings Accounts
Bask Bank offers two savings accounts: Bask Interest Savings and Bask Mileage Savings. Both accounts come with attractive features and no hidden costs to help you save smarter. Here's how they differ:
- Bask Interest Savings is one of Bask Bank's most appealing accounts due to its impressive 4.65% APY. With no monthly fees or minimum balance requirements, it's perfect for anyone looking to earn a great rate and effortlessly grow their savings.[2]
- Bask Mileage Savings is a unique account that allows you to earn American Airlines AAdvantage miles instead of traditional interest rates. For every dollar you save, you'll earn 2.5 AAdvantage miles which you can use to redeem rewards.[3]
The only drawback is that both accounts are quite basic in terms of digital banking, as there are no tools to help you save more efficiently.
Bask® Interest Savings Account
- 4.65% APY
- No monthly account fees
- No minimum balance requirement
How Much Can You Earn?
Use this savings calculator to see how much your money can grow with Bask Bank:
Here's how to use the calculator:
- Input your initial or current balance and your estimated monthly contribution.
- Choose the number of years you plan to grow your savings.
- Put the current APY offered by the bank, then click Calculate.
From there, you'll see how much you've contributed, the total interest earned, and your final balance all based on your chosen number of years.
Bask Certificates of Deposit
Bask Bank offers great CDs for those who want to earn interest on their money and don't mind keeping it locked up for a while.
You can choose from term lengths of 3 months, 6 months, 9 months, 12 months, 18 months, and 24 months. The shorter the term, the higher the interest rate you'll earn.[4]
No matter the term length, you'll need a minimum deposit of $1000 to open a CD and earn interest. If you need to take out your money prematurely, you might face early withdrawal penalties.
3-Month CD - 4.65% APY
6-Month CD - 4.45% APY
12-Month CD - 4.25% APY
18-Month CD - 3.90% APY
24-Month CD - 3.75% APY
Fees to Look Out For
Bask Bank doesn't charge monthly maintenance fees on either its Bask Interest Savings or Bask Mileage Savings accounts. But, there are fees for outgoing wire transfers, including:[5]
- $20 for online domestic wires
- $35 for manual domestic wires
- $35 for online international wires
- $50 for manual international wires
For CDs, the only fee to be aware of is if you decide to withdraw your funds early.
How to Open a Bask Bank Account
Opening a Bask Bank account is simple and can be done online. Here's how:[6]
- Click the Get Started button on their website and choose the account you want to open.
- Fill out the form with your details, including your name, contact information, and social security number.
- Upload a selfie and provide a valid ID to verify your identity.
- Submit your application and fund your account.
How to Deposit and Withdraw Funds
Even without physical locations, Bask Bank offers several convenient ways to access your funds. To deposit money into your account, you can:[7]
- Transfer from a non-Bask account
- Set up direct deposit
- Wire funds from a non-Bask account
- Use mobile check deposit
- Mail a check to: Texas Capital Bank, Attn: Financial Center, 5800 Granite Pkwy, Suite 150, Plano, TX 75024
For withdrawals, you can either do an ACH transfer or a wire transfer from your Bask account to an external bank account.
Is Bask Bank Trusted?
Yes, Bask Bank is safe and reliable. As a division of Texas Capital Bank, an FDIC member (Cert #34383), deposits with Bask Bank are federally insured up to $250,000 per depositor, per ownership category.
Thus, should Bask Bank or Texas Capital Bank ever go under, you are guaranteed to get your money back up to the maximum amount allowed by law.
Other Bask Bank Products
Currently, Bask Bank offers three savings products. They also offer Bask Interest Checking with no monthly account fees and access to 55,000+ surcharge-free Allpoint ATMs.[8]
Bottom Line
If you're aiming to earn a high APY or accumulate miles with your savings, Bask Bank is a reliable choice. Despite its limited selection, it offers competitive rates and distinctive features in its savings options. It is also great for people who just want an easy account without any complications.
But, if you're interested in leveraging digital tools to save more efficiently, you might want to explore other online banks available.
References
- ^ Bask Bank. Our History, Retrieved 07/01/2024
- ^ Bask Bank. Bask Interest Savings, Retrieved 07/01/2024
- ^ Bask Bank. Bask Mileage Savings, Retrieved 07/01/2024
- ^ Bask Bank. Certificates of Deposit, Retrieved 07/01/2024
- ^ Bask Bank. Interest Rate & Annual Percentage Yield (APY) & Fee Schedule, Retrieved 07/01/2024
- ^ Bask Bank. Opening an Account, Retrieved 07/01/2024
- ^ Bask Bank. Funds Management, Retrieved 07/01/2024
- ^ Bask Bank. Bask Interest Checking, Retrieved 09/17/2024
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Discover® Online Savings - $200 Cash Bonus
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Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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