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Bask Bank Review: Overall Rating
Bask Bank Pros and Cons
About Bask Bank
Bask Bank is an online division of Texas Capital Bank. It has two types of savings accounts: the Bask Bank Interest Savings Account and Bask Bank Mileage Savings Account. It also offers CDs.
The online-only bank doesn’t have ATMs, debit cards, or ATM cards. You’ll need to link an external bank account and transfer funds if you’d like to deposit money into your account.
Bask Bank’s mobile app is rated 3.9 out of 5 stars in the Google Play store and 4.5 out of 5 stars in the Apple store.
If you have questions about a bank account, call customer support from 7 a.m. to 7 p.m. CT on Mondays through Fridays, or 9 a.m. to 4 p.m. CT on Saturdays.
Your deposits are FDIC-insured through Texas Capital Bank. Up to $250,000 is secure in a bank account.
Is Bask Bank Trustworthy?
Bask Bank hasn’t been involved in any recent public settlements.
We use also ratings from the Better Business Bureau so you can see how a bank addresses customer issues.
Bask Bank received a B rating from the BBB because it’s received over 30 customer complaints on the BBB website. However, its parent company, Texas Capital Bank, has an A+ rating from the BBB.
Bask Bank Accounts
Bask Bank Savings Accounts
Bask Bank pays a competitive interest rate that’s higher than what many traditional and high-yield savings accounts pay right now. You may like the Bask Bank Interest Savings Account if you’re searching for a high-yield savings account with zero monthly service fees or minimum balance requirements.
The one downside to the Bask Bank Interest Savings Account is you’ll have limited access to your account. To deposit or withdraw money, you’ll need to link an external bank account and initiate a bank transfer.
You might find the Bask Bank Mileage Savings Account appealing if you frequently travel. The Bask Bank Mileage Savings Account is a unique savings account that lets you earn 2.5 American Airlines AAdvantage miles for every $1 saved annually on a Bask Bank Mileage Savings Account. You can redeem miles for booking flights or hotels, upgrading flights, renting transportation, or planning vacation activities.
To earn AAdvantages miles, you must provide your AAdvantage account number. Otherwise, you won’t be able to earn miles.
Right now, there is also the opportunity to earn up to 10,000 bonus AAdvantage® miles for new Bask Mileage Savings Account customers who open and fund their account within 15 business days from account opening and maintain a minimum daily balance of $50,000 for 90 consecutive days out of the first 120 days (open account by May 31, 2024)
Bask Bank Interest Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.10%
Minimum Opening Deposit
$0
- High interest rate
- No minimum opening deposit
- No monthly service fees
- May not be easy to deposit cash
Product Details
- Interest compounded daily and deposited monthly
- FDIC insured through Texas Capital Bank
Bask Bank Mileage Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
up to 10,000 bonus AAdvantage® miles
- No minimum opening deposit
- No monthly service fees
- Earn American Airlines AAdvantages miles
- May not be easy to deposit cash
Insider’s Take
The Bask Bank Interest Savings Account and Bask Bank CD are excellent options if you’d like to earn a high interest rate. The Bask Bank Mileage Savings Account may be a great choice if you frequently use American Airlines for travel. Bask Bank doesn’t offer a checking account, though.
Product Details
- Earn up to 10,000 Bonus AAdvantage® miles. To qualify for this offer, you must be a first time Bask Mileage Savings Account customer, open a Bask Mileage Savings Account between March 1, 2024 and May 31, 2024, fund your Bask Mileage Savings Account within 15 business days following the initial account opening and maintain a minimum daily account balance of $50,000 for 90 consecutive days out of the first 120 days following the initial account opening.
- Earn 2.5 American Airlines AAdvantage miles for every $1 saved annually on a Bask Bank Mileage Savings Account
- Must provide your AAdvantage account number to receive AAdvantages miles
- AAdvantage miles earned through the Bask Mileage Savings Account can’t be used toward boosting your American Airlines elite status
- Miles awarded monthly
- Deposits FDIC insured through Texas Capital Bank
Bask Bank Certificates of Deposit
Bask Bank also now offers four CD options: a 6-month, 12-month, 18-month, and 24-month CD. Bask Bank CDs offer competitive interest rates. But if you’re looking for terms over 2 years, our best CD rates guide includes long-term options.
Bask Bank CD
Annual Percentage Yield (APY)
4.50% to 5.40%
Minimum Opening Deposit
$1,000
- Competitive interest rate on CDs
- $1,000 minimum opening deposit
- Limited term options
- Standard-to-high early withdrawal penalties
Product Details
- Terms range from 6 months to 24 months
- Early withdrawal penalties: For terms 1 year and under, the penalty is 90 days of simple interest; For any terms over 1 year, the penalty is 180 days of simple interest
- Interest compounded daily, deposited monthly
- FDIC insured through Texas Capital Bank
Compare Bask Bank
Bask Bank vs. Bread Savings
Bask Bank may be a better choice if you’re a frequent traveler. The Bask Bank Mileage Savings Account stands out out from most savings accounts because you can earn American Airlines AAdvantage miles on your savings.
In terms of opening a high-yield savings account or CD, it could be a toss-up between the two banks.
The Bask Bank Interest Savings Account and Bread Savings High-Yield Savings Account stack up pretty evenly against one another. The most notable difference between the two accounts is that the Bread Savings High-Yield Savings Account requires a minimum opening deposit of $100, while Bask requires none.
Meanwhile, for CDs, it will likely depend on the term you choose. Bread Savings has more CD terms, but you’ll need at least $1,500 to open an account. Bask Bank has only four CD options, but you’ll only need $1,000 to open a CD.
Bread Savings Review
Bask Bank vs. Marcus
You’ll likely prefer Bask Bank to Marcus if you are strictly looking to earn a high interest rate on a savings account. The Bask Bank Mileage Savings Account currently pays a higher interest rate than the Marcus High Yield Online Savings Account.
Marcus has a variety of CD options, including a Marcus No-Penalty CD, which is a CD that doesn’t charge early withdrawal penalties. Ultimately, the best option for you might depend on which CD you’d like to open.
Marcus Bank Review
Bask Bank FAQs
Yes, Bask Bank is a legitimate financial institution. It is an online-only savings bank and division of Texas Capital Bank.
Yes, Bask Bank has FDIC insurance through its parent bank, Texas Capital Bank. Up to $250,000 is safe in an individual account. This means that if Bask Bank or Texas Capital Bank shuts down, your insured money is secure.
The Bask Bank Interest Savings Account paying 5.10% APY. Bask Bank also has CDs paying 4.50% to 5.40% APY.
Bask Bank compounds interest daily. Interest on the Bask Bank Interest Savings Account is credited on the last day of the statement cycle. Interest on Bask Bank CDs is also paid monthly.
Bask Bank does not have debit cards or ATM cards.
Why You Should Trust Us: How We Reviewed Bask Bank
At Personal Finance Insider, we rate savings, checking, CD, and money market accounts using our banking methodology and CD methodology.
Each account receives a rating between 0 and 5. We evaluate a bank’s ethics, customer service, and mobile app for all accounts. We also consider different features for specific types of bank accounts. For example, we look at monthly service fees for savings accounts and early withdrawal penalties for CDs.
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