Skip to Main Content

Bask Bank Review 2024

Updated June 3, 2024
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

3.9
Rating: 3.9 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.4 stars out of 5

Savings

Rating: 4.7 stars out of 5

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
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 7/10/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Checking Account
0.50
%
APY
APY
Info
As of 7/10/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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

  • Checkmark

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

  • Checkmark

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

  • Checkmark

    Yields on CDs are very competitive.

Cons

  • Bask Bank doesn’t offer a checking or money market account. (But a checking account is reportedly coming soon.)

  • 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.

CTA We want to know what you think about Bask Bank

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

4.7
Rating: 4.7 stars out of 5
Bankrate Score

Bask Bank savings overview

Bask Bank offers two savings accounts: the Bank Interest Savings Account and the Bask Mileage Savings Account.

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

  • Checkmark

    Bask Bank offers a unique savings account for earning miles.

  • Checkmark

    Bask Bank’s Interest Savings Account offers a top-tier yield.

  • Checkmark

    There are no monthly account fees.

Cons

  • 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.

  • You can only have one mileage savings account at Bask Bank.

  • 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 Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 7/10/2024
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
Promoted offer:

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.

Lightbulb

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.

Caret Down

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.

Selected bank
Bask Bank savings account
Bask Bank Logo
Member FDIC
Bankrate score
Rating: 4.7 stars out of 5
4.7
Info
Most comparable
Citizens Access savings account
Citizens Access Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info
Read review
Search for or select a bank:
Caret Down
Bankrate score
Info
Read review
APY
Info
5.10% 4.50%
Minimum balance for APY
$0.00 $1.00
Estimated earnings
Info
$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.
  • Bask Bank’s Interest Savings Account earns a top-notch yield.
  • The Interest Savings Account doesn’t charge a maintenance fee or require a set minimum balance.
  • Citizens Access’ savings account earns a competitive yield.
  • The account charges no monthly fee and requires just a penny to open.
    N/A
  • Bask charges $35 per outgoing wire transfer, which is steep compared to other banks.
  • Neither savings account comes with ATM access.
  • ATM access to this account is not provided.
  • As an online-only bank, Citizens Access may not be the best choice for those who prefer branch access.
    N/A
APY offering:
5.10%
5/5
Info
Minimum balance to earn interest:
$0.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Great
5/5
Info
APY offering:
4.50%
5/5
Info
Minimum balance to earn interest:
$1.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Good
4/5
Info
Info
Info
Info
Info
Info
Bankrate does not currently track additional product details for this bank.

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

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.