Personal Finance Banking Savings
Written by Sophia Acevedo; edited by Laura Grace Tarpley; reviewed by Evelyn He
Updated
- Overall Rating
- Pros and Cons
- About Bask Bank
- Bask Bank Account Reviews
- Compare Bask Bank
- FAQs
- Why You Should Trust Us
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Bask Bank Review: Overall Rating
| Product | Personal Finance Insider rating (out of 5) |
| Interest Savings Account | 4.25 |
| Mileage Savings Account | 4 |
| CDs | 3.5 |
| Trustworthiness | 4 |
| Total | 4 |
Bask Bank Pros and Cons
| Pros | Cons |
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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 Accounts
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.
Right now, there is also the opportunity to earn 20,000 AAdvantage® bonus miles for new Bask Mileage Savings Account customers who open and fund their account within 15 business days from account opening and maintain a minimum daily balance of $50,000 for 180 consecutive days out of the first 210 days (open account by August 31, 2024)
Bask Bank Interest Savings Account
Start saving
Bask Bank, Member FDIC.
Insider’s Rating
4.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.10%
Minimum Opening Deposit
$0
Pros
- High interest rate
- No minimum opening deposit
- No monthly service fees
Cons
- May not be easy to deposit cash
Product Details
- Interest compounded daily and deposited monthly
- FDIC insured through Texas Capital Bank
Bask Bank Mileage Savings Account
Insider’s Rating
4/5
Perks
Earn 20,000 AAdvantage® bonus miles for new Bask Mileage Savings Account customers who open and fund their account within 15 business days from account opening and maintain a minimum daily balance of $50,000 for 180 consecutive days out of the first 210 days (open account by August 31, 2024)
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Bonus
20,000 AAdvantage® bonus miles for new Bask Mileage Savings Account customers who open and fund their account within 15 business days from account opening and maintain a minimum daily balance of $50,000 for 180 consecutive days out of the first 210 days (open account by August 31, 2024)
20,000 AAdvantage® bonus miles
Pros
- No minimum opening deposit
- No monthly service fees
- Earn American Airlines AAdvantages miles
Cons
- May not be easy to deposit cash
Insider’s Take
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 20,000 AAdvantage® bonus miles.
- To qualify for this offer, you must be a first time Bask Mileage Savings Account customer, open a Bask Mileage Savings Account between June 1, 2024 and August 31, 2024, fund your Bask Mileage Savings Account within 15 business days following the initial account opening and maintain a minimum daily account balance of $50,000 for 180 consecutive days out of the first 210 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
Bask Bank Certificates of Deposit
Bask Bank also now offers four CD options: a 3-month, 6-month, 9-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
Start saving
Bask Bank, FDIC Insured.
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
4.75% to 5.35%
Minimum Opening Deposit
$1,000
Pros
- Competitive interest rate on CDs
Cons
- $1,000 minimum opening deposit
- Limited term options
- Standard-to-high early withdrawal penalties
Product Details
- Terms range from 3 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.
Bread Savings Review
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.
Marcus Bank Review
Bask Bank FAQs
Is Bask Bank a legitimate bank?
Yes, Bask Bank is a legitimate financial institution. It is an online-only savings bank and division of Texas Capital Bank.
Is Bask Bank insured?
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.
What interest rate is Bask Bank paying?
The Bask Bank Interest Savings Account paying 5.10% APY. Bask Bank also has CDs paying 4.75% to 5.35% APY.
Does Bask Bank pay interest monthly?
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.
Does Bask Bank come with a card?
Bask Bank does not have debit cards or ATM cards.
Why You Should Trust Us: How We Reviewed Bask Bank
At Personal Finance Insider, we rate savings, checking, CD, and money market accounts using ourbanking methodologyandCD 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.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She is a banking expert, and has about three years of experience reviewing banking products and analyzing savings and CD trends.Sophia oversees Personal Finance Insider's banking vertical. She edits and writes bank reviews, banking guides, and banking, budgeting, and savings articles for the Personal Finance Insider team.Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services »Below are links to some of her most popular stories:
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Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
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For Bask Bank terms and conditions, please click here.
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