Bask Bank is actually a division of Texas Capital Bank. It offers a variety of deposit accounts to customers across the country. While there are no checking accounts, Bask Bank has some innovative savings account products that allow you to earn an impressive rate or American Airlines AAdvantage miles.
Unfortunately, Bask Bank has a mixed bag of consumer reviews. While there are numerous positive comments praising Bask Bank’s products and services, there are some negative comments. These typically relate to customer service issues or problems using the account when outside of the U.S.
Money Market Account
Table Of Content
Bask Bank Savings And CDs
Bask Bank Savings And CDs
Bask Bank Savings Account
There are two types of Bask Bank savings accounts. The first is the Bask Interest Savings account, offering a highly competitive rate, currently 5.10% APY. This is a simple and straightforward plan, that offers one of the highest savings rates available.
The other savings account is the Mileage Savings account. This is offered in partnership with American Airlines, and instead of receiving interest on your savings account balance, you’ll accumulate AAdvantage Miles.
You’ll receive two miles for every dollar that you save annually. Miles are accrued daily and awarded to you monthly, according to your average monthly balance. For example, if your daily balance in March is $50k, you will earn 8,493 AAdvantage miles for that month. If you maintain that balance for a full year, you would have earned 100,000 AAdvantage miles.
Although the rewards for the accounts are different, both accounts have some common features. These include:
- No Minimum Deposit: You don’t need to deposit a minimum amount to open your account.
- No Need to Choose: You don’t need to choose between an Interest Savings and Mileage Savings accounts, as you can open one of each.
- No Monthly Fees: There are no monthly maintenance fees or charges to worry about.
- No Minimum Balance Requirements: There are no minimums to qualify for rewards. Just bear in mind, Bask Bank reserves the right to close your account if your account remains unfunded for 15 business days.
- No ATM Access: Bask Bank does not offer an ATM card with either savings account. If you want to access your funds, you’ll need to initiate a transfer to an external bank account.
Bask Bank CDs
Bask Bank CDs
Bask Bank also offers a variety of CD products, which are limited to five per customer at any one time. The features for Bask Bank CDs include:
- Minimum Deposit: You’ll need to make a deposit of at least $1,000 to open any of the Bask Bank CDs. The account will be automatically closed if you don’t deposit the funds within 10 business days of opening your CD.
- Variety of Terms: CD terms range from six months to 24 months, with the APY weighted towards the 12 month CD.
- Compounding Interest: Interest on your CD balance compounds daily and is credited to your account monthly. When it comes to CD rates, Bask bank offers one of the highest rates for 6 months.
- Early Withdrawal Penalties Apply: If you withdraw some or all of your funds before the CD matures, you will incur an early withdrawal penalty. The penalty is calculated in terms of days of simple interest. For CDs with a term of six months to one year, the penalty is 90 days of interest. This increases to 180 days of interest if the CD term is over one year. If you have not yet earned sufficient interest on your account, the difference between the interest and the early withdrawal penalty will be taken from your principal balance.
- Grace Period: Bask Bank CDs have a 10 day grace period. During this time, you can add funds to the account, make a withdrawal or close the account with no penalty. After the 10 days, the CD will auto renew.
Bask Bank CD Rates
Bask Bank CD rates as of December 2023:
Overall, the rates are quite high. For example, if you're looking for a 2-year CD, Bask Bank offers 4.50% APY, a very competitive rate compared to other bank's 2-year CD rates.
Does Bask Bank Offer A Checking Account?
Unfortunately, at this time, Bask Bank does not offer any checking accounts. This means that you would need to maintain an account with another branch to enable you to transfer funds into your Bask Bank deposit accounts and make withdrawals, since there are no ATM cards.
This makes it almost impossible to move all your banking activities over to Bask Bank, and it should only be considered as a supplemental financial institution.
Likewise, Bask Bank does offer any credit card or loan products. If you are looking for credit products, you’ll need to consider an alternative bank or financial institution. Bask Bank only offers deposit products at this time.
Is Bask Bank A Good?
As with any other financial institution, there are both pros and cons associated with Bask Bank that you should be aware of.
By understanding the positives and potential negatives, you’ll be able to make an informed decision about whether Bask Bank is a good option for you
No ATM Access
Only Deposit Accounts
Innovative Miles Earning Potential
Limited CD Options
Generous Transfer Limits
Maximum of Five CDs Per Customer
Ability to Have One of Each Account
Bask Bank offers a high APY on both its Interest Savings and CD accounts, which compares favorably with other banks, including online banks.
If you’re looking to get the best return on your funds, Bask Bank is worthy of consideration.
Bask Bank also has a very straightforward fees policy. There are no fees for overdrawn balances, insufficient funds or monthly maintenance.
The only fee that you’re likely to incur is if you want to send a domestic or international wire payment. The only exception to this is early withdrawal fees on CDs before they mature.
The Mileage Savings account is quite innovative, allowing you to earn AAdvantage miles simply by keeping your funds in the account.
New customers have a transfer limit of $100,000 per day and $150,000 in any calendar month.
However, this increases to $150,000 per transaction, $250,000 per day and $300,000 per month for known customers.
You don’t need to choose between the Interest Savings and Mileage Savings, as Bask Bank allows multiple savings account customers to have one of each type of account.
Neither savings account is offered with an ATM card, which makes it a little less convenient to access your money.
If you need cash, you’ll need to transfer the money into an external bank account and then make a cash withdrawal from that account.
Bask Bank only offers deposit accounts, so there are no checking accounts, credit cards or personal loans.
This means that if you’re looking for a primary bank where you can manage all your finances, you’ll need to look elsewhere.
While there is a choice of CD terms, these are limited to six months, 12 months, 18 months and 24 months.
So, if you’re looking to create a CD ladder strategy or have a specific term in mind, you may find the Bask CD terms limited. There are also no no-penalty CDs.
Additionally, Bask Bank customers are limited to a maximum of five CD accounts at any time.
Again, this may restrict you if you want to create a comprehensive CD ladder strategy or simply want to divide your funds to have easy access at any time.
Bask Bank Customer Service
Since Bask Bank is an online financial institution, there is no branch network to access in person support. Additionally, Bask Bank does not offer 24/7 customer service via its phone helpline. The customer support line is available from 7 am to 7 pm CT Monday through Friday and 9 am to 4 pm CT on Saturdays. You can also email the customer service team, but you are unlikely to get a response outside of the above hours.
However, you can manage your account using the app and the app has a decent score on both the Apple Store and Google Play.
As we touched on earlier, the reviews of Bask Bank customer service are a little hit and miss. Some customers praise Bask Bank for its service and comment about their positive banking experience. On the other hand, there are comments criticizing the level of customer service and a lack of resolution for issues.
How to Open a Bask Bank Account
Since Bask Bank is an online financial institution, it is quite simple to open a new account from the comfort of your own home in a few straightforward steps.
- Navigate to the Appropriate Product Page: The first thing you’ll need to do is visit the Bask Bank official website and navigate to the product page for Interest Savings, Mileage Savings or CDs from the “Products” tab on the top bar. You can then proceed to click the orange “Open an Account” button.
- Complete the Application Form: You’ll need to complete all of the mandatory fields, which includes your full name, address, date of birth, Social Security Number and some basic employment details. You’ll also have the option to indicate if you want to open a sole or joint account.
- Agree to the Terms and Conditions: You will then have the opportunity to review the application form details and agree to the terms and conditions. You will also need to check the box to verify that you have provided correct details for IRS purposes.
- Await Approval: Once you submit your application, you may receive an email from Bask Bank requiring additional documentation to verify your identity. If Bask Bank is able to independently verify your identity, you’ll simply receive a message letting you know if your application has been approved.
You’ll need to provide your personal details, a government issued photo ID and a mobile device capable of receiving text messages. Additionally, if you want to open a CD, you’ll need to deposit at least $1,000.
Bask Bank is FDIC insured via its parent company, Texas Capital Bank. This offers up to $250,000 of coverage in the event that the bank fails.
No, Bask Bank does not offer any type of investments, including gold.
Bask Bank does offer joint savings accounts and depending on which account, you can either earn an impressive APY or AAdvantage Miles. So, if you’re looking to maximize your returns or boost your miles balance, it is worth considering for sole or joint accounts.
No, Bask Bank does not have any checking account options at all. If you’re looking for a checking account, you’ll need to consider other banks and financial institutions.
Bask Bank will not be able to help you to work on improving your credit score, since it only offers deposit accounts. But, if you want to earn the highest returns on your savings, as you take control of your finances, it could be worthwhile.
The main reason to skip Bask Bank is if you’re looking to move all your day to day finances under one roof. Since Bask Bank does not offer checking accounts, credit cards or loans, you will need to continue a relationship with another bank.