Bask Bank is an online-only financial institution that stands out for its competitive interest rates and unique rewards programs. Designed for savers who prioritize digital convenience, Bask offers high-yield checking, savings, and certificate of deposit (CD) accounts, all backed by FDIC insurance through its parent company, Texas Capital Bank. Here’s a detailed look at what Bask Bank provides, its strengths, and how it compares to alternatives.
High-Yield Checking and Savings Options
Bask Bank’s primary draw is its high annual percentage yields (APYs). The bank offers two main savings account options:
- Bask Interest Savings Account: This straightforward account provides a competitive APY with no monthly maintenance fees or minimum balance requirements.
- Bask Mileage Savings Account: This account allows customers to earn American Airlines AAdvantage miles for every dollar saved annually. For example, a $10,000 average daily balance earns 17,500 miles per year, a significant benefit for frequent travelers.
Bask also offers a checking account with no monthly fees or balance requirements. The account comes with a debit card and access to over 55,000 surcharge-free Allpoint ATMs.
CD Accounts for Fixed-Term Savings
For those looking to lock in their savings for a defined period, Bask Bank offers CDs with terms ranging from three to 24 months. These accounts require a minimum $1,000 deposit, and early withdrawal penalties may apply. However, the APYs offered on Bask Bank CDs are competitive, making them a solid option for secure, guaranteed returns.
Banking Experience and Customer Support
Bask Bank operates entirely online, offering full banking services through its website and mobile app (rated 4.6 out of 5 stars on Google Play and 4.7 out of 5 stars in the Apple Store). Customers can manage balances, transfer funds, and access account information seamlessly. U.S.-based customer support is available by phone Monday through Friday from 7 a.m. to 7 p.m. and Saturday from 9 a.m. to 4 p.m. at 1-833-260-4320.
How Bask Bank Compares to Competitors
Bask Bank’s key competitors include Ally Bank, Marcus by Goldman Sachs, and Varo Bank. Here’s a quick comparison:
- Ally Bank: Offers similar online banking services with competitive rates across checking, savings, and CDs, but CD rates are slightly lower than Bask Bank’s.
- Marcus by Goldman Sachs: Provides high APYs on savings accounts with no fees or minimums. It offers CDs with a $500 minimum deposit, but lacks checking account options.
- Varo Bank: A neobank with no fees and transparency. While comparable in some ways, Varo Bank’s savings APYs may have more limitations than Bask Bank’s.
Key Advantages and Considerations
Pros:
- No monthly fees on any account.
- Competitive APYs on checking, savings, and CDs.
- Mileage rewards option for frequent travelers.
- FDIC-insured deposits.
- Surcharge-free ATM access.
Cons:
- No physical branches for cash deposits or in-person assistance.
- $1,000 minimum deposit for CDs.
- Online-only, which may not suit all customers.
Bask Bank is a strong choice for those comfortable with digital banking who want high yields without hidden fees. The bank’s unique mileage rewards program adds extra value for travelers, making it an appealing option for modern savers.
