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Bask Bank Review 2024

Updated January 2, 2024
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At a glance

3.9
Rating: 3.9 stars out of 5
Bankrate Score
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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
  • Top CD Rates
Compare offers
Info
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 4/22/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: 0 Monthly Acct Fees. No Balance Cap to Earn APY.
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/22/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 4/22/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

Overall

Bask Bank is an online bank that offers a high-yield savings account that earns interest and another rewards-based savings account that earns American Airlines miles. It also offers four terms of CDs ranging from six to 24 months.

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.

  • Checkmark

    Yields on CDs are very competitive.

Cons

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

  • Your CD may be closed if you don’t fund it within 10 business days or if you don’t deposit money into a Bask savings account within 15 business days.

Bask Bank banking products

4.7
Rating: 4.7 stars out of 5
Bankrate Score
Invest Rate
5.10% APY
Info
Loan
$0 minimum deposit to open

Bask Bank savings overview

Bask Bank offers two savings accounts: the Bank Interest Savings Account and the Bask Mileage Savings Account.

Its Interest Savings Account offers customers a very competitive yield, has no minimum balance requirements and charges no monthly service 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 savings accounts are limited to six withdrawals or transfers per statement cycle. Bask Bank charges a $35 outgoing wire transfer fee — at the top end of what most banks charge for domestic wire transfer fees.You’re limited to having one single Mileage Savings account. But you can have two single Interest Savings accounts and two joint Interest Savings accounts.

Pros

  • Checkmark

    Bask Bank offers a unique savings account for earning miles.

  • Checkmark

    Bask Bank’s Interest Savings Account offers a top-tier yield.

  • Checkmark

    There are no monthly account fees.

Cons

  • 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.

  • You can only have one mileage savings account at Bask Bank.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Bask Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Current Savings Rate
Info
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 4/22/2024
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
Promoted offer: 0 Monthly Acct Fees. No Balance Cap to Earn APY.

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fees None
Out-of-network ATM fee N/A
Excessive transaction fee None

Customer experience

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

During Bankrate’s review, the Bask Bank mobile app had a score of 4.3 out of 5 from iOS users in the Apple App Store, while the Android version also had 3.8 stars on Google Play.

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The above images were last updated on Dec. 11, 2023.

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. Bask Bank also offers four terms of CDs.

How Bask compares to other banks

Bask Bank vs. Ally Bank

Ally Bank offers more CD types and terms. It also gives customers more products by offering a checking account and a money market account. But Bask Bank is known to pay a higher yield on its interest savings account and also has a savings account that allows you to earn airline miles. Bask Bank could be the right bank for you if those accounts/features are what you’re looking for in a bank.

Bask Bank FAQs

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.