2024 Bask Bank Review: Is It the Best Savings Option for You?
We want to be transparent! Some of the links on this page are affiliate links, which means we earn a small commission from our partners when you make a purchase. But don’t worry — our opinions are all our own! You can check out our advertiser disclosure for full details. If you’re curious about how we evaluate banking products, take a look at our rating methodology.
Our personal finance experts have taken a deep dive into Bask Bank, comparing it to the top online banks out there. The consensus? Bask Bank offers a reliable service, particularly with its Certificates of Deposit (CDs) that boast some of the highest interest rates available through national banks and credit unions.
If you’re on the hunt for a savings option that packs a punch, look no further than the Bask Bank Interest Savings Account and the Bask Bank CD. Both are solid choices for those looking to earn a competitive interest rate. Frequent flyers with American Airlines will love the Bask Bank Mileage Savings Account, which lets you earn miles for your savings! While Bask Bank does offer an interest-bearing checking account, be sure to explore our guide on the best checking accounts for even better options.
Bask Bank Pros and Cons
Pros
Cons
About Bask Bank
Bask Bank is the online arm of Texas Capital Bank, offering two types of savings accounts: the Bask Bank Interest Savings Account and the Bask Bank Mileage Savings Account. They also provide various CDs and an interest-bearing checking account.
With stellar mobile app ratings of 4.6 stars on Google Play and 4.7 on the Apple Store, managing your finances has never been easier!
If you have questions, customer support is available Monday to Friday from 7 a.m. to 7 p.m. CT, and Saturday from 9 a.m. to 4 p.m. CT.
Your hard-earned deposits are backed by FDIC insurance through Texas Capital Bank, keeping your money safe up to $250,000.
Is Bask Bank Trustworthy?
Bask Bank has maintained a clean record with no recent public settlements. Additionally, it’s rated by the Better Business Bureau, where it holds a B rating due to some customer complaints. However, its parent company, Texas Capital Bank, is recognized with an A+ rating.
Bask Bank Accounts
Bask Bank Savings Accounts
Bask Bank offers a highly competitive interest rate that surpasses many traditional and high-yield savings accounts currently available. If you’re looking for an account with zero monthly fees and no minimum balance, the Bask Bank Interest Savings Account could be your best bet.
However, do note that access to your account is somewhat limited. You’ll need to link your Bask checking account or another bank account to facilitate deposits and withdrawals.
If you frequently travel, the Bask Bank Mileage Savings Account might catch your interest. It allows you to earn 2 American Airlines AAdvantage miles for every dollar saved annually. These miles can be redeemed for flights, hotel upgrades, and more exciting travel perks!
Plus, there’s a limited-time offer for new customers: earn 10,000 AAdvantage® bonus miles by opening a Bask Mileage Savings Account and maintaining a balance of at least $50,000 for 180 consecutive days.
Bask Bank Certificates of Deposit
Bask Bank features six CD options ranging from 3 to 24 months, all offering competitive rates. For those considering terms longer than two years, check out our guide on the best CD rates for additional choices.
Bask Bank Interest Checking Account
The Bask Interest Checking Account is another great option, offering interest on your balance with no minimum opening deposit and access to the Allpoint ATM network nationwide.
However, if you’re after a high-yield checking account, you might find better rates elsewhere. Bask Bank stands out with its no-limits 1.00% APY, unlike many competitors that require certain conditions to meet.
Bask Bank Alternatives
Bask Bank vs. Bread Savings
If you’re a frequent traveler, Bask Bank might be your better option, especially with the Bask Bank Mileage Savings Account allowing you to earn American Airlines miles on your savings.
For high-yield savings or CDs, both banks present compelling offers. The major difference? Bread Savings requires a minimum opening deposit of $100 for its high-yield savings account, while Bask Bank has no such requirement.
For CDs, it depends on your preferred term. Bread Savings offers more flexibility but requires at least $1,500 to open an account, while Bask Bank has fewer options but only needs $1,000.
If checking accounts are on your wishlist, Bask Bank is your go-to, as Bread Savings does not offer them.
Bask Bank vs. Marcus
Those after maximum interest rates on savings will likely lean towards Bask Bank. The Bask Bank Interest Savings Account currently offers higher rates than Marcus’s offerings.
Marcus, however, provides a variety of CD options, including a no-penalty CD for those wary of early withdrawal fees. Your best choice may depend on the specific CD options you desire.
For checking account options, Bask Bank is the clear winner since Marcus does not offer such accounts.
Bask Bank FAQs
Absolutely! Bask Bank is a legitimate online savings bank, operating as a division of Texas Capital Bank.
Yes, Bask Bank accounts are FDIC insured through Texas Capital Bank, covering up to $250,000. Your money is secure, even if the bank were to shut down.
Currently, the Bask Bank Interest Savings Account offers a competitive 4.65% APY. Bask Bank’s CDs range from 3.75% to 4.65% APY, along with a checking account at 1.00% APY.
Interest is compounded daily, with crediting occurring on the last day of each statement cycle for the savings account. CD interest is paid monthly.
Yes, Bask Bank’s checking account comes with a debit card for easy access to your funds.
Why You Should Trust Us: How We Reviewed Bask Bank
At our platform, we evaluate savings, checking, CD, and money market accounts using a thorough banking methodology. Each account is rated on a scale from 0 to 5, taking into account the bank’s ethics, customer service, and functionality of their mobile app. We consider various features for each account type, including monthly fees for savings accounts and early withdrawal penalties for CDs.
Bask Bank Review: Overall Rating
