Bask Bank is an online bank that was founded in 1999 as a division of Texas Capital Bank, making it one of, if not the first online bank in the country. Its strengths and core products are savings accounts, which we’ll get into below. But if you’re looking for a new bank, you should know that Bask Bank is a viable option.
Review of Bask Bank products
As noted, Bask Bank’s core products are its two types of savings accounts, and its certificates of deposit (CDs). Here’s a bit more about each.
Bask Bank Interest Savings Account
The first savings account option that Bask Bank offers is the Bask Bank Interest Savings Account, which is more or less a standard savings account. It does offer depositors relatively high interest rates, with no fees. As of July 2023, the account was offering interest rates as high as 4.85 annual percentage yield (APY)*.
In terms of pros and cons, no fees and high interest yields take the cake. There may be competitive interest rates out there, but in this case, Bask ranks pretty highly. In terms of downsides, customers can only have one of each type of Bask’s savings accounts, and it may be a pain to get money into your accounts, as there’s no way to deposit cash, and mobile deposit processing times can be relatively slow.
Do we recommend it? If you’re a big-time saver, then yes. The interest rate alone should put this account near the top of your list.
Bask Mileage Savings Account
The second savings account option that Bask Bank offers is the Bask Mileage Savings Account, which earns depositors American Airlines AAdvantage® miles rather than typical normal interest paid out in good old U.S. dollars. The account awards two miles for each dollar saved annually, and according to the bank itself, those miles are accrued daily and awarded monthly.
This is a unique savings account with some obvious upsides for frequent travelers. But if you’re someone who tends to be more rooted, so to speak, this may not be the best savings account to select, as you won’t accrue standard interest on your deposits.
As such, we’d recommend this account only if you’re a frequent traveler who will put those miles to use. Otherwise, the Interest Savings Account is likely a better choice.
Bask Certificates of Deposit (CDs)
CDs are not savings accounts, but rather lock up your money for a predetermined period of time in exchange for an attractive interest rate. CDs are also the only other product that Bask Bank offers besides its two savings accounts. Bask Bank offers CDs ranging for periods between six and 24 months, with applicable APY ranging between 4.85% and 4%, depending on the duration of the CD, as of late March 2023. There is also a $1,000 minimum required to open a CD account.
As for the pros and cons of Bask’s CD options, the biggest potential downside is the $1,000 minimum required to open an account. As for the positives, there are four terms and competitive rates to choose from, and no monthly fees. Penalties do apply, of course, if you withdraw your money from the CD before it matures.
We can recommend Bask Bank’s CDs if you’re looking for a place other than a savings account to put your money to work. The rates are competitive, and unless you withdraw your money early, there’s no need to worry about incurring fees.
An overview of Bask Bank’s overall features
Bank Fees
Bask Bank doesn’t charge monthly fees for its savings accounts or CD offerings. Since it only offers savings accounts and CDs (no checking accounts), there are no overdrafts or non-sufficient fund fees. The only fees that Bask Bank levies are for outgoing wire transfers, which is $35, or if a customer withdraws their money from a CD early.
Bank of America Certificate of Deposit Interest Rates 2023
Customer experience and support
In terms of cumulative reviews of Bask Bank’s mobile app, it has a 3.3 out of 5 on the Google Play store for its Android version, and a 3.5 out of 5 on the App Store for iOS users. All told, users appear to score it above average. Common complaints tend to involve the lag time involved with processing deposits and transfers, which can take as long as five business days.
As for customer support and service, Bask Bank has a support team based in the U.S. that’s available between 7 a.m. and 7 p.m. Central Time during weekdays, and between 9 a.m. and 4 p.m Central Time on Saturdays. They can be reached at 833-260-4320. They can also be reached by email at customersupport@baskbank.com.
Accessibility
As far as overall accessibility, Bask Bank has no physical branches or ATM network. So customers can only use its services via the company’s website or through the mobile app.
Bask Bank also complies with accessibility rules for individuals with disabilities. “As of our Quality Assurance testing on July 30, 2021, our live-user accessibility testers did not encounter any accessibility blockers that would deny a user using assistive technology from accessing the main content and functionality,” according to a statement on the bank’s website.
Security
Bask Bank offers users a number of security measures to keep their accounts safe, including two-factor authentication, the ability to sign up for security alerts (such as a changed password), and Bask also monitors accounts for outgoing transactions that may be suspicious.
Bask Bank’s history and reputation
As noted, Bask Bank’s reviews tend to be above average — which isn’t a bad thing, by any means. While customers may have their gripes, there is a lot to like about the bank’s long-standing history and overall reputation.
It’s one of the oldest online banks out there, and is attached to a larger, traditional bank too, perhaps offering some customers more peace of mind. Given the recent shakiness in the banking sector, Bask Bank being a division of Texas Capital Bank does help offer some stability in a rapidly changing environment.
And while other banks have suffered security breaches in the past, Bask Bank has managed to avoid them so far. Most of the issues customers have had with Bask Bank tend to involve relatively standard problems, like the aforementioned long processing times.
Who is Bask Bank for?
Bask Bank’s offerings are best for savers, or for frequent travelers. Given that the bank does not offer checking accounts at all, if you plan on making transactions, Bask Bank would not be the right choice. But if you’re looking to earn interest on your savings, or trying to find ways to rack up a lot of airline miles, then Bask Bank’s savings accounts are probably good options. Don’t sleep on its CDs either, which offer competitive rates.
How does Bask Bank compare
Here’s how Bask Bank compares across some key categories to some other big banks on the market:
| Bask Bank | CIT Bank | Discover | Marcus | Ally Bank | Capital One | |
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High-yield savings accounts
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Certificates of deposit (CDs)
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x
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x
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x
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x
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Checking accounts
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x
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x
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x
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Investment accounts
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x
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x
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Money market accounts
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x
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x
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x
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Monthly fees
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x
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To expand your range of choices for savings accounts, consider researching other reputable banks and credit unions that may offer competitive interest rates and account features.
Frequently asked questions (FAQs)
Who owns Bask Bank?
Bask Bank is a division of Texas Capital Bank, and was launched in 1999. Texas Capital Bank is headquartered in Dallas, Texas, and is owned by a parent holding company, Texas Capital Bancshares, which is publicly traded on the NASDAQ under the ticker TCBI.
Is Bask Bank FDIC insured?
Yes, deposits at Bask Bank are insured up to the standard $250,000 per depositor by the Federal Deposit Insurance Corporation (FDIC).
Is Bask Bank safe?
Bask Bank is safe, insofar as any relatively small, regional bank is safe. For depositors, money is insured through the FDIC up to $250,000, so even if the bank were to go belly-up, it’s likely that most customers would have their deposits insured. That said, Bask Bank faces the same risks as other smaller banks.
Is Bask Bank legit?
Yes, Bask Bank is a legit financial institution, as it’s a division of a larger traditional bank, Texas Capital Bank. Texas Capital Bank is itself a member of the FDIC.
Is Bask Bank an online bank?
Yes, Bask Bank is an online bank. It is one of the longest-running online banks, too, and was first established in 1999 as a division of Texas Capital Bank, a Dallas-based financial institution.
Does Bask Bank have an app?
Yes, Bask Bank has a mobile application that can be downloaded either through the Google Play store for Android users or through the Apple Store for iOS users.
