Bask Bank

Bask Bank Reviews

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About Bask Bank

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Bask Bank is an online bank with a curated set of account options. Customers can choose from one high-yield savings account, a few CDs and a savings account that accumulates American Airlines AAdvantage miles instead of interest. Bask Bank is the online division of Texas Capital Bank. New customers can expect competitive rates and no monthly fees, but the bank is limited in offerings, including no checking accounts or loan products.

Pros & Cons

  • Competitive APYs
  • No monthly fees
  • Option to earn American Airlines AAdvantage miles
  • Can withdraw CD interest before maturity
  • No checking accounts or loan products
  • Small number of CD terms
  • No physical branches

Our editor’s take

Bask Bank stands out for savers prioritizing high interest rates or travel rewards over a full suite of banking services. Its high-yield savings account earns a competitive 5.10% at the time of publishing, and its unique mileage-earning account earns you 2.5 AAdvantage miles for every dollar you save.

But the lack of checking options and limited CD terms make it less of a fit for those hoping to keep all their banking under one roof. If you're after a simple platform to boost your savings or travel goals, Bask Bank could be a strong fit. Otherwise, explore top online banks with more services.

How does Bask Bank work?

Bask Bank operates as an online-only institution, meaning you'll manage your accounts entirely through digital platforms. It can afford to provide higher interest rates because it doesn’t have the physical branches that traditional banks maintain. But it also means you won't have face-to-face customer service or the ability to deposit cash.

You can open any Bask Bank account online or using the mobile app. You’ll need this information ready:

  • Your name and contact information
  • Social Security number
  • Government-issued photo ID

Bask Bank products and services

Bask Bank offers high-yield savings options and CDs, with a distinctive twist: one savings account lets you earn American Airlines AAdvantage miles.

Interest Savings Account

Bask Bank Interest Savings is a high-yield account with a competitive interest rate—currently 5.10% annual percentage yield (APY). There are no monthly fees, and you can start earning interest without a minimum balance requirement.

Mileage Savings Account

Are you a frequent flyer with American Airlines? If so, you could earn miles passively through the Mileage Savings Account. Instead of traditional interest, you earn 2.5 AAdvantage miles for every $1 saved annually to redeem for travel with American Airlines. So if you keep $10,000 in the account for a year, that’s 25,000 airline miles.

Like the Interest Savings Account, this account has no monthly fee. But any miles you accumulate inside your Mileage Savings Account won’t go toward building your elite status with American Airlines.

Certificates of deposit

Bask Bank has a select number of CD terms — all with competitive yields. You’ll need at least $1,000 to open an account, and early withdrawal penalties apply if you need your initial deposit before the term ends. But you can withdraw your accumulated interest at any time without penalty.

Bask Bank CDs have these interest rates at the time of publication:

  • 6-month CD: 5.35% APY
  • 12-month CD: 5.40% APY
  • 18-month CD: 4.50% APY
  • 24-month CD: 4.50% APY

Bask Bank rates

Bask Bank has notably higher interest rates than the national averages reported by the FDIC. For instance, its high-yield savings account earns 5.10% APY, which eclipses the national average of 0.47%. These rates make parking your cash at Bask Bank a potentially more profitable choice than many other institutions.

Here’s how Bask Bank’s savings and CD rates compare with the FDIC national average:

Bask Bank fees

Bask Bank has fewer fees compared with most financial institutions. It doesn’t charge for monthly maintenance, overdrafts, stop payments, incoming wires or account closures.

You’ll pay Bask Bank fees for a handful of items:

  • $35 for rushed debit card requests
  • $20 for outgoing domestic wires initiated online
  • $35 for outgoing domestic wires initiated manually over the phone
  • $35 for outgoing international wires initiated online
  • $50 for outgoing international wires initiated manually over the phone

How does Bask Bank compare?

Bask Bank has fewer account options than leading online institutions like Ally Bank and Synchrony Bank. But its high-yield savings account rates are slightly higher.

Bask Bank FAQ

What are the disadvantages of Bask Bank?

The biggest disadvantage of Bask Bank is that it offers only savings accounts and a handful of CDs. There are no checking accounts, credit cards, loans or other banking services.

Which bank owns Bask Bank?

Bask Bank is owned by Texas Capital Bank, which is the 65th largest commercial bank in the United States, according to the latest Federal Reserve data.

How much do I need to open a Bask Bank account?

You don’t need any money to open a Bask Bank savings account, although you should deposit at least $1 to prevent your account from being closed due to inactivity. You need at least $1,000 to open a CD at Bask Bank.

Yes, Bask Bank has some of the highest savings rates. Coupled with the fact that it has no monthly fees or overdraft fees, it’s a great way to grow money you don’t need immediately.

Is Bask Bank legit?

Bask Bank is a legitimate and safe place to park your cash. It’s the online division of Texas Capital Bank, which was founded in 1999 and currently holds over $28.3 billion in assets. Bask Bank is also FDIC-insured, which protects deposits up to $250,000 per account ownership category.

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Bask Bank Company Information

Company Name:
Bask Bank
2350 Lakeside Blvd., Ste. 800
Postal Code:
United States