Bask Bank Review 2022: No Fees and Good Rates, but Slow Transfers and Few Account Options

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Good for Savings Accounts
Bask Bank Review
Good for Savings Accounts
Bask Bank Review
  • savings calc icon inactive
    Competitive Interest Rates
  • how to get a personal loan icon inactive
    $1,000 CD Minimum Deposit
  • cd calc icon inactive
    No Maintenance Fees
Overview:

Bask Bank offers two types of savings accounts and a limited number of CD options. It charges no fees and has competitive interest rates, but there are some disadvantages to keep in mind, especially if you’re looking for many account types or no CD minimums.

NextAdvisor’s Take

Pros
  • Good interest rates
  • Alternative savings account that earns American Airlines AAdvantage miles
  • No monthly maintenance fees
Cons
  • $1,000 minimum deposit for CDs
  • Negative customer feedback about slow transfers
  • Only savings and CD account options

Additional Details

  • Online and mobile account access
  • Interest Savings Account earning cash APY and Mileage Savings Account earning AAdantage miles
  • 4 CD term options
  • Minimum $1,000 opening deposit for CDs
  • Six transaction limit per month for savings accounts
  • $35 outgoing wire transfer fee
  • No ATM or debit card access
  • Bask Bank deposits are FDIC-insured

Editorial Independence

We analyze and review banks without influence of partnerships or advertising relationships. For more information about our scoring methodology, click here.

Bask Bank Full Review

Bask Bank is part of Texas Capital Bank. It launched in 2020 as a division of Texas Capital Bank focused on its partnership with American Airlines, and the unique savings option that earns AAdvantage miles. Today, it offers that mileage account, as well as a cash-based high-yield savings account and a few CD accounts.

Savings Accounts

Bask Bank offers two types of savings accounts.

The Bask Interest Savings Account is a high-yield savings account with a competitive APY compared to other top savings rates. It has no monthly fees, no minimum balance requirements, and needs no minimum deposit to open. However, you must fund your account with some balance within 15 days of opening. 

Bask also offers a Mileage Savings Account, which earns 1.5 American Airlines AAdvantage miles for every dollar you save annually. The miles you earn are added to your AAdvantage account and you can use them like other award miles with American Airlines. 

You also have the option to open both accounts, and can move money between them. There are no debit cards or ATM access with Bask’s savings accounts, but you can move money in and out using ACH transfer from an external account, deposit using mobile check deposit, or wire transfer (outgoing wire transfers incur a $35 fee). Transactions are limited to six per month.

Certificates of Deposit

Bask Bank offers CDs with four different terms: 6 months, 12 months, 18 months, or 24 months — all with competitive high yields compared to other CDs with similar terms. You must deposit at least $1,000 to open a CD account.

Once it matures, you’ll have a 10-day grace period to move your money into another Bask CD or take it out, before the CD automatically renews. You can deposit money into your CD only when you open the account and during the 10-day renewal period. 

If you withdraw from your CD early, you’ll incur a penalty depending on the CD term. For CDs with terms of 12 months or less, you’ll pay a penalty worth 90 days of interest. For CDs with terms longer than 12 months, you’ll pay the equivalent of 180 days of interest.

Other Products

Bask Bank’s products are limited to just the high-yield savings, mileage savings, and CD accounts. However, Bask is a division of Texas Capital Bank, based in Dallas, which has a much more broad product suite. This includes checking, savings, money market, and CD accounts, as well as credit cards and personal loans — though Texas Capital accounts are separate from Bask Bank accounts. 

Customer Experience

Bask has middling customer reviews, and its app has a 3.9 and 3.3 rating on the Apple app store and Google Play store, respectively. 

A common concern mentioned in negative customer reviews is the amount of time transfers can take. In Bask’s terms and conditions, the bank states that funds withdrawn from Bask will be made available within no later than five business days. Some banks offer same-day transfers or transfers within 1-2 business days, so this could be a drawback for some.

If you need to access a customer service representative, Bask does offer a few different options. You can contact someone via phone, email, and mail. There’s also an option to message Bask securely through your online account.

Accessibility

Bask Bank has a strong focus on accessibility compared to many banks we’ve reviewed. It completed an accessibility audit through a third party, which focused on web users interacting with assistive technology. According to the bank’s accessibility statement, the website was determined to “substantially conform” with Level A and Level AA of the Web Content Accessibility Guidelines (WCAG) version 2.0 — a standard-setting organization for web accessibility.

Is Bask Bank Right for You?

Bask Bank may not be the most recognizable name in online banking, but it does have a lot to offer. 

Its unique Mileage Savings Account can be a good way for frequent flyers with American Airlines to earn miles on their savings balance. However, you should think about whether the extra miles are more important to you than the extra cash you can earn with a regular high-yield savings account, which Bask also offers. 

What’s more, 1.5 miles per dollar saved may not net you as much value as you can get from a standard interest-earning high-yield savings account in today’s rising rate environment.

NextAdvisor values AAdvantage miles around 1.4 cents each. Here’s a comparison between an example 2.75% APY from a high yield savings account, compared to the 1.5 miles per dollar saved you’ll earn with Bask’s Mileage Savings Account given the same annual balance.

Mileage Savings AccountExample High Yield Savings
Annual Balance$10,000$10,000
Earning Rate1.5 miles per dollar saved2.75% APY
Approx. Earnings After One Year15,000 miles (worth about $210 based on valuations)$275 in interest

Bask doesn’t offer as diverse a range of terms for CDs as some other online banks, which could be a drawback if you’re looking to build a short-term CD ladder as an alternative way to take advantage of rising rates. But Bask CDs do earn solid interest rates for the terms offered. Just make sure you also have at least the $1,000 minimum deposit on hand before opening one.

Overall, Bask Bank could be a good fit for your savings strategy. Depending on your individual financial situation, there are other banks with more online and mobile features and a broader range of account options. Another thing to consider is Bask’s reputation among customers for slow transfers. If you need to access your money quickly, consider looking elsewhere. But if you want a savings account with competitive interest — or even a miles-earning alternative account — Bask may be on your list.

Keep in mind, though, the most important thing you can do to increase your savings balance is to begin saving. Whichever account you choose, determine your savings goal and make sure to set aside whatever amount you can afford each month or pay cycle to grow your balance over time.

Frequently Asked Questions about Bask Bank

Who can open a Bask Bank account?

To apply for a bank account with Bask, you must be at least 18 years old. You must provide details including your Social Security number or taxpayer identification number, and a U.S. address, among other information.

Is Bask Bank an online bank?

Yes, Bask is an online only bank which offers savings and CD accounts. It’s a division of Dallas-based Texas Capital Bank.

Does Bask Bank have an app?

Yes, Bask has a mobile app for customers, available on both the Apple app store and Google Play store.