Is Bask Bank a legitimate bank?

Yes. Bask Bank is an online-only bank, offering savings accounts and CDs through Texas Capital Bank, which is FDIC-insured.

Is Bask Bank a good deal?

Bask Bank offers savings interest rates that are higher -- in some cases, a lot higher -- than other online and brick-and-mortar banks. Since they only offer savings accounts and CDs, you'll need another bank for your checking account, credit card, loans, etc.

What kind of bank is Bask Bank?

Bask Bank is an online-only bank. It offers savings accounts and CDs through Texas Capital Bank, which is a member of FDIC. It also partners with American Airlines to offer AAdvantage airline miles instead of interest to some depositors.

How does Bask Bank work?

Bask Bank is an online-only bank. It has no physical branches or ATMs and does not offer debit cards. It offers savings accounts and CDs only. To open an account, you will need to transfer money from another bank account to Bask Bank. If you want to take money out, you will need to transfer the money out of Bask to another bank account. Using online banking through Bask Bank, you can transfer funds, check balances and set up recurring deposits.

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Bask Bank Review: Online Convenience With High-Yield Savings and Airline Miles

Name: Bask Bank Review: Online Convenience With High-Yield Savings and Airline Miles
Item: Bask Bank
Rating: 4.5

January 17, 2024

7 min Read

Written by Karen Doyle

Edited by Caitlyn Moorhead

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GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

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GOBankingRates Score

Bask Bank

4.5

SCORE

Quick Take: Bask Bank is an online-only bank that offers savings accounts and CDs. It does not offer any other banking products or ATM/debit cards. What it does have is outstanding interest rates on savings.

Savings Accounts

4.9
CD Accounts

4.5
Banking Experience

4.2

How did we calculate this?

Pros

Choose interest or miles
High interest rate on savings and CDs
No minimum balance or fees

Cons

No checking accounts
No money market accounts
No ATM or debit cards

Bask Bank Overview

Bask Bank is an online-only bank that offers savings accounts and CDs. It is a division of Texas Capital Bank, which is a member of FDIC and boasts high interest rates and annual percentage yields. GOBankingRates has ranked Bask Bank among the Best High-Yield Savings Accounts of 2024.

Bask Bank Review: Key Features

Though it doesn’t offer all the financial products of a traditional bank, if you are going to open an account, consider a Bask Bank savings account or a Bask Bank CD. Here are some of the features that stand out at Bask Bank.

Bask Interest Savings Accounts

Bask Bank has two savings accounts to choose from. The Bask Interest Savings Account earns APY — a remarkable yield for a bank savings account.

The Bask Interest Savings Account has no monthly maintenance fee and no minimum deposit or balance requirements. It’s a straightforward savings account that pays a really good rate of interest. GOBankingRates has also named it as one of the Best High-Yield Savings Accounts for 2024.

Bask Mileage Savings Account

The Bask Mileage Savings Account lets you earn American Airlines, or AAdvantage miles, for every dollar in your savings account on an annual basis. Here are some examples of how this savings account can work for you:

Miles are accrued daily and credited monthly, based on the average balance in your savings account for the month, which is a great system if you frequently travel.
Here’s an example scenario: You are credited 2.5 American Airlines AAdvantage miles for every dollar so if you have an average daily balance of $10,000 in January, multiply that by 2.5 to get 25,000 annual points. Divide by 365 days in the year, and then multiply by 31 days in January to get 2,123 miles for the month of January.
Miles are valued at .42 cents per mile for tax purposes and yes, they are taxable as interest income.
The Bask Mileage Savings Account has no minimum deposit or balance requirement, and no monthly maintenance fees.

CD Accounts

CD terms at Bask Bank are available for six months, 12 months, 18 months and 24 months. You must have a $1,000 minimum deposit to open a CD account, and a penalty may be incurred if funds are withdrawn prior to maturity.

Interest rates for Bask Bank CDs are great — a six-month CD pays APY. Lock your money away for a year and you’ll earn APY.

Banking Experience

Bask Bank earns top marks for interest rates — its Interest Savings Account and CD rates are well above average. But it offers only these products, so Bask Bank couldn’t be the sole bank for most people.

Bask Bank does not offer ATM or debit cards, so if you want to access the funds in your savings account, you have to transfer them to an account at another bank. This may be a drawback for some, but others may see the advantage to having to jump through some hoops to get at your money because you may be less likely to take it out.

Bask Bank offers online banking services. Using online banking, you can check your balance and transfer funds between your Bask Bank accounts, if you have more than one, or between your Bask Bank account and accounts at other banks.

Bask Bank Customer Service

U.S.-based customer support team phone number: 1-833-260-4320
Hours of operation: Monday through Friday from 7:00 a.m. to 7:00 p.m. and Saturday from 9:00 a.m. to 4:00 p.m.

How Does Bask Bank Compare?

If you’re considering moving to an online bank or adding one to your existing banking relationship, you may want to shop around. Here are some others to consider.

Bask Bank vs. Ally Bank

Ally Bank is also an online bank and has checking accounts, credit cards, loans and investment products in addition to savings accounts and CDs. Ally offers online banking as well as a mobile app.

CD rates are slightly lower at Ally as well, with a six-month certificate paying less than Bask Bank’s offering. There’s no minimum deposit required for CDs.

Bask Bank vs. Marcus by Goldman Sachs

Another online bank, Marcus by Goldman Sachs, Member FDIC, offers a decent annual percentage yield on savings accounts, with no minimum and no fees. A 12-month CD has a $500 minimum deposit, and the bank offers investments, loans and credit cards, but no checking accounts.

Final Take To GO

Bask Bank, ranked as one of the Best High-Yield Savings Accounts of 2024, is a good place to stash some cash and forget about it as you’ll get a good interest rate — or miles, if you want to go that route. For some people, the idea of not being able to easily access their savings is a good thing — it may mean that the money stays there longer if it’s that much more difficult to get at it.

Compare to Other Institutions

More on Bask Bank

Bask Bank FAQ

Here are the answers to some of the most frequently asked questions about Bask Bank.

Is Bask Bank a legitimate bank?
- Yes. Bask Bank is an online-only bank, offering savings accounts and CDs through Texas Capital Bank, which is FDIC-insured.
Is Bask Bank a good deal?
- Bask Bank offers savings interest rates that are higher -- in some cases, a lot higher -- than other online and brick-and-mortar banks. Since they only offer savings accounts and CDs, you'll need another bank for your checking account, credit card, loans, etc.
What kind of bank is Bask Bank?
- Bask Bank is an online-only bank. It offers savings accounts and CDs through Texas Capital Bank, which is a member of FDIC. It also partners with American Airlines to offer AAdvantage airline miles instead of interest to some depositors.
How does Bask Bank work?
- Bask Bank is an online-only bank. It has no physical branches or ATMs and does not offer debit cards. It offers savings accounts and CDs only. To open an account, you will need to transfer money from another bank account to Bask Bank. If you want to take money out, you will need to transfer the money out of Bask to another bank account. Using online banking through Bask Bank, you can transfer funds, check balances and set up recurring deposits.

Caitlyn Moorhead contributed to the reporting for this article.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 11, 2024.

To determine rankings for the Best High-Yield Savings Accounts, GOBankingRates looked at the following factors from all banks: (1) minimum deposit to open an account; (2) monthly savings fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) minimum needed to earn APY; (4) savings APY; and (5) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (2) and (3) were weighted 1.5 times; factor (4) was weighted 4 times; and factor (5) was weighted 0.5 times. To be considered for the high-yield savings account, the product offered had to have an APY above 0.45%.