PulseBlog | Bask Bank Review 2024
By Ethan Hayes
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Compare Bask Bank accounts
Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.4.50% to 5.40%
The bottom line: 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. If you're looking for a checking account, our best checking accounts guide has options to consider.
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 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.
Bask Bank Account Reviews
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.
For new Bask Mileage Savings Account customers, if you fund your Bask Mileage Savings Account within 15 business days following the initial account opening and maintain a minimum daily account balance of $25,000 for 90 consecutive days out of the first 120 days following the initial account opening, you can earn up to 5,000 Bonus AAdvantage® miles.
Bask Bank Interest Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.10%
Minimum Deposit Amount
$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- con icon Two crossed lines that form an 'X'. May not be easy to deposit cash
- 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 Deposit Amount
$0
Bonus
up to 5,000 bonus AAdvantage® miles
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn American Airlines AAdvantages miles
- con icon Two crossed lines that form an 'X'. May not be easy to deposit cash
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 5,000 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 December 1, 2023 and February 29, 2024, fund your Bask Mileage Savings Account within 15 business days following the initial account opening and maintain a minimum daily account balance of $25,000 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
See Personal Finance Insider's guide to the best bank account bonuses and promotions>>
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 Deposit Amount
$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive interest rate on CDs
- con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
- con icon Two crossed lines that form an 'X'. Limited term options
- con icon Two crossed lines that form an 'X'. Standard-to-high early withdrawal penalties
- 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.
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.
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.
Sophia Acevedo, CEPF
Banking Reporter
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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