Bask Bank Review (September 2024) (original) (raw)
Bask Bank is best known for its online savings account, which offers one of the highest annual percentage yields (APY) you’ll find anywhere. But it also offers a savings account that lets you earn American Airlines AAdvantage miles instead of interest.
In our Bask Bank review, we at the MarketWatch Guides team explore the online bank’s accounts, reputation and customer satisfaction to help you determine if it’s the right banking choice for you.
Our Bask Bank Ratings
We give Bask Bank 4.2 out of 5 stars after evaluating categories including its branch availability, account fees, interest rates and customer support. The bank earns its highest score for its savings accounts, with its certificates of deposit (CD) not far behind.
It earns its lowest score in our banking experience and access category since it doesn’t offer physical branches or ATM access. It also offers few banking accounts, with no checking accounts or money market accounts.
Here’s how the company scores in each of these factors:
*Ratings are determined by our editorial review team. Learn more about our scoring methodology.
Bask Bank vs. Other Top Banks
At first glance, it may seem that Bask Bank can’t compete with larger banks. Big banks such as Chase, Wells Fargo and Bank of America can offer thousands of in-person branches, a full suite of banking products and nationwide ATM access.
But Bask Bank offers competitive rates across its deposit accounts and no fees, which traditional, brick-and-mortar banks can’t compete with — only online banks such as Ally can. Additionally, no other bank offers a mileage-earning account.
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| Our Rating | 4.2 | 4.5 | 4.0 | 3.8 | 4.0 |
| Savings APY | 5.10% | 4.00% | 0.01% | 0.05% | 0.01% |
| 1-Year CD APY | 4.60% | 4.25% | 0.01% | 1.01% | 0.03% |
| Number of Branch Locations | Online Only | Online Only | 4,700 | 4,600 | 3,800 |
| Number of ATM Locations | N/A | 43,000 | 15,000 | 11,000 | 15,000 |
| Available Deposit Products | Savings, CDs | Checking, Savings, CDs, Money Market | Checking, Savings, CDs | Checking, Savings, CDs | Checking, Savings, CDs |
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| Our Rating | 4.2 | 4.5 | 4.0 | 3.8 | 4.0 |
| Savings APY | 5.10% | 4.00% | 0.01% | 0.05% | 0.01% |
| 1-Year CD APY | 4.60% | 4.25% | 0.01% | 1.01% | 0.03% |
| Number of Branch Locations | Online Only | Online Only | 4,700 | 4,600 | 3,800 |
| Number of ATM Locations | N/A | 43,000 | 15,000 | 11,000 | 15,000 |
| Available Deposit Products | Savings, CDs | Checking, Savings, CDs, Money Market | Checking, Savings, CDs | Checking, Savings, CDs | Checking, Savings, CDs |
*APYs accurate as of September 26, 2024.
>> Related: Learn more about the best online banks
Bask Bank Pros and Cons
Bask Bank is an online-only division of Texas Capital Bank, which is headquartered in Dallas and has several locations throughout Texas and one in New York City. Through Texas Capital Bank, Bask Bank also has insurance through the Federal Deposit Insurance Corp. (FDIC).
Bask offers a limited selection of banking accounts, including one high-yield savings account and four CDs, all with competitive interest rates. It also offers a mileage savings account, which earns American Airlines miles instead of cash interest.
However, Bask Bank doesn’t offer a checking account, money market account, credit cards or other financial products or services. It also doesn’t offer ATM or branch access, so you’ll need to be comfortable with managing your account on the bank’s website or through its mobile app.
Pros
One of the best banks for high rates: Bask Bank offers high interest rates on its savings and CD accounts.
Unique savings option: The bank’s mileage savings account is a niche product for frequent travelers and a rare savings account option from banks in the U.S.
No fees or minimums: There are no monthly fees on any of Bask’s accounts, and both savings accounts have no minimum deposit or balance requirements.
Cons
Limited access to your money: There’s no ATM card or debit card to provide quick access to your funds.
Fewer account options: Bask’s account options are limited, so someone seeking a full-service bank will have to look elsewhere.
Limited account transfers may apply: Bask bank accounts may be subject to dollar amount or monthly transaction limitations.
Who Is Bask Bank Best For?
Here are some of the types of people Bask Bank would be best suited for:
- People Who Want a High-Yield Savings Account: Bask Bank offers one of the highest APYs you’ll find on a savings account, helping it earn a spot on our list of the best high-yield savings accounts. Plus, there are no minimum opening deposit requirements or monthly maintenance fees.
- People Looking for High Rates on Short-Term CDs: Bask Bank has competitive CD rates on all of its terms, but its best rates are for six-month CDs and one-year CDs. Its CDs also have a reasonable minimum opening deposit requirement of $1,000.
- People Interested in Earning Airline Miles Instead of Interest: Bask Bank offers a savings account that gives customers airline miles instead of cash interest. If you’re looking to pad your American Airlines AAdvantage account, this is one way to do so at a rate of 2.5 miles per dollar saved annually. In other words, add $10,000 to your mileage savings account during a year and you’ll earn 25,000 AAdvantage miles.
Bask Bank Account Options
Bask Bank offers one high-yield savings account, one mileage savings account and four fixed-term CDs.
| Bask Bank Account | APY* | Minimum Opening Deposit | Minimum Account Balance |
|---|---|---|---|
| Bask Interest Savings Account | 5.10% | 0∣0 | 0∣0 |
| Bask Mileage Savings Account | N/A (earns 2.5 American Airlines AAdvantage miles per 1savedannually)∣1 saved annually) | 1savedannually)∣0 | $0 |
| Bask Certificates of Deposit | 4.00% to 5.35% | 1,000∣1,000 | 1,000∣1,000 |
*APYs accurate as of September 26, 2024.
Bask Bank Savings Accounts
| Bask Bank Savings Account | Minimum Opening Deposit | Minimum Account Balance | Monthly Service Fee | APY* |
|---|---|---|---|---|
| Bask Interest Savings Account | 0∣0 | 0∣0 | $0 | 5.10% |
| Bask Mileage Savings Account | 0∣0 | 0∣0 | 0∣N/A(earns2.5AAdvantagemilesper0 | N/A (earns 2.5 AAdvantage miles per 0∣N/A(earns2.5AAdvantagemilesper1 saved annually) |
*APYs accurate as of September 26, 2024 .
Bask Bank Savings Account Rating
We give Bask Bank’s savings accounts 4.7 stars. It offers two savings accounts: a high-yield option and a miles-earning option. It earns points for its high-yield savings account rate, and both of its savings accounts have no monthly maintenance fees, minimum deposits or minimum balance requirements.
Bask Bank’s high-yield savings account is ideal for savers who don’t need frequent access to their funds and are seeking a high interest rate. Its mileage savings account is aimed at those interested in earning airline miles on their savings instead of cash interest.
Bask Bank Savings Account Pros and Cons
Pros
High savings rate: Bask’s high-yield savings account offers one of the highest rates on the market.
No fees: Bask Bank’s accounts don’t have monthly service fees.
No minimums: Bask doesn’t require a minimum balance to earn interest or a minimum deposit to open an account.
Cons
No ATM access: Bask Bank doesn’t offer ATM cards or debit cards, so you won’t get ATM access with either account.
Transaction limitations: Monthly or dollar amount transaction limitations may apply.
Bask Bank Savings Account Options
The Bask Interest Savings Account offers an APY that’s much higher than the national average savings account rate of 0.49%. However, this account has no option to set up bill payments, make purchases or access an ATM, unlike some other savings accounts.
Bask bank accounts may also be subject to monthly or dollar amount transaction limitations depending on your banking relationship and account activity. While its monthly transaction limits are set to a maximum of three to six transfers per month, its dollar amount limits are set at a maximum of:
- 50,000to50,000 to 50,000to150,000 per transaction
- 100,000to100,000 to 100,000to250,000 per day
- 150,000to150,000 to 150,000to300,000 per calendar month
The Bask mileage savings account is best for those who’d rather earn American Airlines AAdvantage miles instead of interest on their savings. The account offers 2.5 AAdvantage miles per dollar saved annually. Each month, the accrued miles are deposited into the account holder’s linked AAdvantage account.
Note that the miles earned with this account are seen as interest income and therefore taxable like other types of interest-bearing accounts. Bask Bank says that the miles earned in this account are taxable at a rate of 0.42 cents per mile. Additionally, miles earned through this account don’t count toward AAdvantage elite status.
>> Related: Learn more about the best savings accounts
Rate History for Bask Bank’s Savings Account
Bask Bank’s Interest Savings Account earns 5.10% APY, which is steady from the rate at the same time last week. Over the last quarter, the Bask Interest Savings Account APY has changed 1 time.
| Date | Bask Interest Savings Account APY | National Average Savings APY |
|---|---|---|
| Today (September 26, 2024) | 5.10% | 0.49% |
| Last Week | 5.10% | 0.91% |
| Last Month | 5.10% | 0.90% |
Bask Bank CDs
| Bask Bank CD Term | Minimum Opening Deposit | APY* | CD Type | Early Withdrawal Penalty |
|---|---|---|---|---|
| 6-month CD | $1,000 | 4.80% | Standard | 90 days’ simple interest |
| 1-year CD | $1,000 | 4.60% | Standard | 90 days’ simple interest |
| 18-month CD | $1,000 | 4.20% | Standard | 180 days’ interest |
| 2-year CD | $1,000 | 4.00% | Standard | 180 days’ interest |
*APY accurate as of September 26, 2024.
Bask Bank CD Rating
We give Bask Bank’s CD options 4.1 stars. Bask offers four standard-term CDs, from six months to two years, all of which have competitive rates.
Bask Bank CD Pros and Cons
Pros
High rates: All of Bask’s CDs offer high APYs, but its best APYs are for its shorter-term CDs.
Time to fund: You don’t need to fund your account immediately — you’ll have 10 business days to fund after account opening.
Cons
Few term options: Bask Bank only offers four CD terms.
No specialty CDs: Bask doesn’t offer specialty CDs such as no-penalty CDs or bump-up CDs.
Minimum deposit required: While a $1,000 minimum deposit is fairly standard for CDs, some financial institutions don’t have a minimum deposit requirement.
Bask Bank CD Options
Bask Bank offers four fixed-rate CDs, including a six-month CD, a one-year CD, an 18-month CD and a two-year CD. Its CDs all have rates about two to three times higher than the FDIC’s national average CD rates for comparable terms, and its rates aren’t far behind the best CD rates on the market.
All Bask Bank CDs have a minimum deposit requirement of $1,000, and the account has to be funded in a lump sum within the first 10 days of opening the account.
Like nearly all CDs, Bask Bank CDs have early withdrawal penalties if you take funds out before the maturity date:
- CD terms of six months to a year: 90 days of simple interest based on the principal amount withdrawn
- CDs terms greater than one year: 180 days of interest based on the principal amount withdrawn
>> Related: Learn more about how a CD works
Bask Bank CD Rate History
| Term | APY Today | APY Last Week | APY Last Month | Changes Over Last Quarter |
|---|---|---|---|---|
| 6 months | 4.80% | 4.80% | 5.10% | 5 times |
| 1 year | 4.60% | 4.60% | 5.00% | 5 times |
| 18 months | 4.20% | 4.20% | 4.90% | 4 times |
| 2 years | 4.00% | 4.00% | 4.75% | 3 times |
>> Related: Learn more about Bask Bank CDs
Bask Bank Customer Experience
Bask Bank earns 5 out of 5 stars from Bauer Financial, an independent organization that rates banks and credit unions. However, Bask is not accredited with the Better Business Bureau (BBB) and receives only a B rating, which the BBB says is due to having 34 complaints filed against the business in the last three years. Bask has responded to each of the complaints and they’ve all been closed.
Bask also receives an average customer review score of 1.4 out of 5 stars with the BBB though this is based on fewer than 20 reviews. Most customer reviews cite issues with opening an account or having their application rejected without explanation. Some customers also mention that Bask’s identification verification system is too extensive and invasive.
The bank’s mobile app receives positive ratings, earning 4.6 out of 5 stars from more than 650 reviews in the App Store and 4.5 out of 5 stars from more than 250 reviews in the Google Play store.
The Bottom Line: Is Bask Bank Right for You?
Bask Bank may be the right choice for someone who is looking for high rates on savings accounts or CDs and doesn’t need frequent or immediate access to funds. The mileage account could also be a good option for someone looking to earn miles instead of interest. But whether Bask Bank’s perks are worth the trade-off of what a larger bank can provide will come down to a consumer’s personal preferences and needs.
FAQ: Bask Bank Reviews
Bask Bank is considered to be a safe bank. As a division of Texas Capital Bank, Bask Bank is FDIC-insured, which means your total deposits across both banks are insured up to $250,000 per depositor for each account ownership category.
A Bask Bank interest savings account could be right for you if you’re seeking a top APY on your funds, are OK with online banking and don’t need frequent or immediate access to your money.
Yes, Bask Bank is FDIC-insured through its parent company, Texas Capital Bank. That means your total deposits with Bask Bank and Texas Capital Bank are insured up to $250,000 per depositor for each account ownership category.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
- Savings and money market accounts (35% of total score): The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
- Checking accounts (30% of total score): High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
- Certificates of deposit (20% of total score): Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
- Banking experience and access (15% of total score): Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank
_*Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com .