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The bottom line: The Bask Bank Interest Savings Account and Bask Bank Certificate of Deposit 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: Pros and Cons
ProsCons
Earn Bask Bank Interest Savings Account on the Bask Bank Interest Savings Account – Product Name Only
Earn Bask Bank Mileage Savings Account – Ongoing Bonus on the Bask Bank Mileage Savings Account – Product Name Only
High interest rates on CDs
No monthly service fees
No minimum balance requirements
No checking account or money market accountSelect CD termsOnline-only accountNo debit card, ATM card, or ATM networkLackluster mobile app ratingsMust transfer money to an external bank account to access savings
How Bask Bank Works
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 now 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 3.2 out of 5 stars in the Google Play store and 3.5 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.
Bask Bank Interest Savings Account
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.
Bask Bank Mileage Savings Account
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 Bask Bank Mileage Savings Account – Ongoing Bonus. 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 and existing Bask Mileage Savings Account customers, if you make new deposits of at least $10,000, $25,000 or $50,000 between June 1, 2023, and August 31, 2023, and maintain the new deposit balance for 180 consecutive calendar days, you can earn 4,000, 10,000 or 20,000 American Airlines AAdvantage® bonus miles.
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 you’ll want to review the early withdrawal penalties because the penalties may be a bit steep for some terms.
Bask Bank Trustworthiness and BBB Rating
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 D- rating from the BBB because it’s received 13 customer complaints on the BBB website and it hasn’t responded to one customer complaint. However, its parent company, Texas Capital Bank, has an A+ rating from the BBB.
BBB ratings aren’t necessarily the be-all and end-all. To see if a company is ideal, you may also read online customer reviews or talk to current customers.
Read Insider’s guide to the best savings accounts »
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 Bread Savings High-Yield Savings Account, 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 Bread Savings High-Yield CD to open an account. Bask Bank has only four CD options, but you’ll only need Bask Bank Certificate of Deposit 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 by Goldman Sachs 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.
Bask Bank: Frequently Asked Questions
Is Bask Bank an online bank?
Yes, Bask Bank is an online-only savings bank and division of Texas Capital Bank.
Can I open all three Bask Bank accounts?
Yes, you’re allowed to open all three accounts. There are limits to how many accounts you can open, though. You’re permitted to open one Bask Mileage Savings Account, one Bask Bank Interest Savings Account, and five CD accounts.
Is my money safe with Bask 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 mean that if Bask Bank or Texas Capital Bank shuts down, your insured money is secure.