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Bask Bank Review 2022

Published May 2022 by Matthew Goldberg

AT A GLANCE
3.4

Bankrate Score

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TOP OFFER
2.75 % APY
Savings account
$ 0
Min. balance for APY
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High APYs

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.

  • Savings
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    5.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Quorum

    Insured by NCUA

    Savings account

    3.00 % APY

    $ 10,000

    Min. balance for APY

    UFB Direct

    Member FDIC

    Savings account

    2.85 % APY

    $ 0

    Min. balance for APY

    LendingClub

    Member FDIC

    Savings account

    2.65 % APY

    $ 0

    Min. balance for APY

    Overall

    3.4

    Bankrate Score

    Bask Bank is an online bank that offers one savings account that earns interest and another that earns American Airlines miles.

    What we like

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

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

    What we don't

    • Bask Bank offers only savings accounts.

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

    Savings accounts

    5.0

    Bankrate Score

    TODAY'S SAVINGS RATES
    Bask Bank

    Member FDIC

    Savings account

    2.75 % APY

    $ 0

    Min. balance for APY

    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 60 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.

    What we like

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

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

    What we don't

    • 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.

    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 4.7 out of 5 from iOS users in the Apple App Store, while the Android version had 3.6 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 like its sister bank, BankDirect, is a division of Texas Capital Bank.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth