Bask Bank Review 2024
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At a glance
CDs
Savings
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
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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Bask Bank pays one of the highest APYs on its Interest Savings Account.
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Bask Bank offers a rare opportunity to earn miles with its Mileage Savings Account.
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Yields on CDs are very competitive.
Cons
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Bask Bank doesn’t offer a checking or money market account. (But a checking account is reportedly coming soon.)
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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.
We want to know what you think about Bask Bank
Do you have experience with Bask Bank? Let us know your thoughts.
Bask Bank banking products
Bask Bank savings overview
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 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
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Bask Bank offers a unique savings account for earning miles.
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Bask Bank’s Interest Savings Account offers a top-tier yield.
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There are no monthly account fees.
Cons
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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.
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You can only have one mileage savings account at Bask Bank.
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Bask Bank offers a savings account yield of 5.1% APY, showing an increase of 25 basis points from the previous year. This rate is significantly higher than the national average yield of 0.56% APY, as reported by Bankrate.
Bask BankAPYAPY last updated between 7/3 and 7/9.APYAPY last updated between 7/3 and 7/9.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
Customer service. 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.
Digital experience. Bask Bank’s mobile app scored highly both for iOS and Android. Upon logging into your account, you can view available balances for your accounts with Bask Bank as well as any interest earned to date.
Bankrate staff insights
“The reason I chose Bask Bank over others was that they had a highly competitive interest rate that has yielded way more than my traditional brick-and-mortar bank has offered in years,” said a Bankrate staff member with a Bask Bank account.
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
Compare different account types offered by Bask Bank. Annual percentage yields (APYs) shown were updated between July 3, 2024 and July 9, 2024.
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Selected bank
Bask Bank savings account
Bankrate score
4.7
Bankrate Savings rating = 4.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Citizens Access savings account
Bankrate score
4.9
Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 3, 2024 and July 9, 2024.
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| 5.10% | 4.50% | |
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Minimum balance for APY
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| $0.00 | $1.00 | |
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Estimated earnings
Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $1,275 | $1,125 | |
| Bask Bank’s Interest Savings Account earns a highly competitive APY, with no minimum balance requirement or monthly fees. The bank also offers a Mileage Savings Account, which allows you to earn American Airlines miles as rewards, based on your monthly balance. | Citizens Access offers a high-yield savings account with a minimum opening deposit of just one cent. This online bank doesn’t charge monthly service fees and offers a highly rated mobile app. | |
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N/A
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N/A
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APY offering:
5.10%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance to earn interest:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
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APY offering:
4.50%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance to earn interest:
$1.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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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
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.
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