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Bask Bank Review 2023

Updated January 5, 2023
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At a glance

3.9
Rating: 3.9 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.4 stars out of 5

Savings

Rating: 4.7 stars out of 5

About Bankrate Score

Overview

Bask Bank is best for consumers looking for a savings account that earns a competitive yield, requires no minimum balance and charges no monthly maintenance fee.

Highlights

  • High APY
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Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.15
%
APY
Rating: 0 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.40
%
APY
Rating: 0 stars out of 5
$500
Min. balance for APY
View offer Arrow Right

Overall

Bask Bank is an online bank that offers one savings account that earns interest and another that earns American Airlines miles. It also offers four terms of CDs.

Pros

  • Checkmark

    Bask Bank pays one of the highest APYs on its Interest Savings Account.

  • Checkmark

    Bask Bank offers a rare opportunity to earn miles with its Mileage Savings Account.

Cons

  • Bask Bank doesn’t offer a checking or money market account.

  • The Interest Savings Account has been offered only since February 2022, so it’s unproven whether a consistently high yield will be offered.

Bask Bank bank products

4.7
Rating: 4.7 stars out of 5
Bankrate Score

Bask Bank savings overview

Bask Bank offers two savings accounts. Its Interest Savings Account offers customers a competitive yield, has no minimum balance requirements and charges no monthly maintenance fee. An initial deposit must be made within 15 days to keep the account open.

Bask Bank also offers a Mileage Savings Account, which allows account holders to earn American Airlines miles, based on the monthly balance.

Bask Bank charges a $35 outgoing wire transfer fee — at the top end of what most banks charge for domestic wire transfer fees.

Pros

  • Checkmark

    The Interest Savings Account pays one of the highest yields available.

  • Checkmark

    The Mileage Savings Account offers customers a rare opportunity to earn miles with a savings account.

Cons

  • Whether Bask Bank continues to offer highly competitive yields remains to be seen, since it just started offering an interest savings account in February 2022.

  • Known customers can only transfer a maximum of $150,000 per transaction, $250,000 per day and $300,000 per month via online transfers. New customers have online transfer limits of $100,000 per transaction and per day and $150,000 in a month.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

Bask Bank offers phone customer service hours six days a week: 7 a.m. to 7 p.m. Central time, Monday-Friday, and 9 a.m. to 4 p.m., Saturday.

During Bankrate’s review, the Bask Bank mobile app had a score of 3.6 out of 5 from iOS users in the Apple App Store, while the Android version had 3.2 stars on Google Play.

About Bask Bank

Bask Bank is an online bank that offers two types of savings accounts: one that earns a competitive annual percentage yield and another that earns American Airlines miles. Bask Bank got its start in January 2020 and is a division of Texas Capital Bank.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.