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Bask Bank Review: Competitive Rates and Innovative Savings Accounts

Review Updated
Kailey Hagen
Author: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Jamie Matthews
Reviewer: Jamie Matthews
Jamie Matthews
Jamie Matthews

Jamie Matthews is alumni of Ohio State University and still calls Columbus, Ohio home. She is a finance editor with more than nine years of experience. When she isn't obsessing over grammar and punctuation, she enjoys baking, reading books, and being a proud dog mom.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
Member FDIC.

Bask Bank

Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

Bask Bank isn't as full-featured as some other online banks, but it offers a wide range of bank accounts, from checking to savings and CDs. Its APYs are competitive with the best high-yield checking accounts, savings accounts, and CDs, and it charges exceptionally low fees.

Pros
  • Competitive rates on savings accounts and CDs
  • High-yield checking account
  • Unique Mileage Savings Account earns AAdvantage® miles
Cons
  • No long-term CDs
  • No debit cards for savings accounts

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Is Bask Bank right for you?

Bask Bank could be the right fit for you if:

  • You're primarily looking to earn a competitive rate on your savings.
  • You want a checking account that earns interest.
  • You're comfortable managing your finances online.
  • You're a loyal American Airlines AAdvantage® member who wants to earn more miles.

Bank fees

Bask Bank Fee Charge
Monthly account fee $0
Non-bank ATM fee Bask Bank provides access to more than 55,000 no-fee ATMs through the Allpoint® ATM network.
Customers may be assessed a usage fee when using ATMs not owned by Bask Bank; the bank's website does not specify how much these non-bank ATM fees cost.
Overdraft fee $0
International transaction fee $0
Stop payment fee $0
Outgoing wire transfers Domestic wires: $20 online, $35 manual,
International wires: $35 online, $50 manual
Account closure fee -- within 90 days of opening $0
Data source: Bask Bank

Savings accounts

Bask Bank offers two unique savings accounts that reward customers in very different ways.

Bask Interest Savings

The Bask Interest Savings account is a traditional high-yield savings account with a competitive APY and no minimums to earn it.

Ratings Methodology
Rates as of Jan 31, 2025

Bask Interest Savings

Read Review
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
4.50%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fees or minimum balance requirements
  • Mobile app
  • No debit or ATM cards
  • No cash deposits
  • No new account bonus
  • Must make first deposit within 15 days

The Bask Interest Savings account is a competitive online savings account with a high APY and no monthly account fees. But if you make regular cash withdrawals from savings, this account might not be the best choice -- it does not include an ATM or debit card.

  • The Bask Mileage Savings Account is a unique alternative to a traditional savings account that could appeal to frequent air travelers. Instead of earning yield in the form of cash each month, the Bask Mileage Savings Account earns American Airlines AAdvantage® miles.

    With this innovative savings account, you can earn 2 American Airlines AAdvantage® miles for every $1 saved annually in your account. Just like other frequent flyer miles, you can redeem these for future airfare purchases. However, the Bask Mileage Savings Account may not be the right fit for you if you travel infrequently or don't want to be limited to a specific airline.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of January 31, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

Bask Bank CDs offer terms ranging from three to 24 months. The rates on Bask Bank CD accounts are competitive with the best CDs, and Bask Bank's $1,000 minimum opening deposit, while higher than what some other banks require, is not unreasonable.

But the bank doesn't currently offer any CDs with terms longer than two years, so it may not be the best option for those interested in CD laddering.

Rates as of Jan. 30, 2025

APY = Annual Percentage Yield

Offer image for Bask Bank CD
Bask Bank CD
Bottom Line

You get a few straightforward CD terms to choose from (from three months to two years), and a competitive APY from Bask Bank. But you will need to pony up $1,000 to open one of these CDs.

MINIMUM DEPOSIT $1,000
Read Review
3 Mo. APY 6 Mo. APY 9 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY
4.65% 4.45% 4.30% 4.25% 3.90% 3.75%

Compare CD rates

Rates as of Jan. 30, 2025
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.35% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

If you want a checking account that earns interest, consider the Bask Interest Checking account. This checking account earns a high APY that is competitive with some of the best checking accounts. Sometimes this account offers new customer sign-up bonuses.

Ratings Methodology
Rates as of Jan 31, 2025

Bask Interest Checking

Member FDIC.
APY
1.00%
Min. To Earn APY
$0.01
  • High-yield checking account
  • More than 55,000 surcharge-free ATMs
  • No monthly account fees
  • No overdraft fees
  • Checks are not free
  • Some checking accounts offer higher APYs

The Bask Interest Checking account offers a high APY and includes access to more than 55,000 surcharge-free ATMs. There is no minimum deposit required for this checking account.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Customer experience

Bask Bank is a relatively small bank, and hasn't featured in large-scale customer satisfaction surveys, like those conducted by J.D. Power.

Customer reviews

The bank currently has a B rating from the Better Business Bureau (although it is not BBB accredited), with 2 out of 5 stars on bbb.org based on customer reviews. Bask Bank gets 2.3 out of 5 stars with Trustpilot. Several customers complained about having difficulty opening savings accounts.

  • Better Business Bureau rating: 2.0 out of 5 stars
  • Trustpilot rating: 2.3 out of 5 stars

If you're comfortable with online banking and undaunted by a few bad reviews, the typical Bask Bank customer experience might not be reflected by a few negative comments on review sites. Bask Bank's star ratings on bbb.org and Trustpilot are actually better than many banks we've researched.

But if you want a bank with physical branches and a stronger, well-documented reputation for customer service, Bask Bank might not be the best choice.

Contacting customer service

Bask Bank offers a few ways to contact customer support:

Phone: Call 833-260-4320 to reach the customer support team six days a week, Monday-Friday from 7 a.m. to 7 p.m. CT, and Saturday from 9 a.m. to 4 p.m. CT. The customer support center is closed on Sundays.

Online request: Fill out an online form to send a request to Bask Bank customer support.

Secure message: Existing customers can send a secure message from within their Bask Bank account.

Mobile app

The Bask Bank mobile app lets you manage your accounts on the go, with typical must-have mobile banking features like setting up transfers, viewing balances, and contacting customer support. Unlike some banks' apps, the Bask Bank mobile app gets generally high ratings from iOS and Android users.

Here's how the Bask Bank mobile app stacks up:

  • App Store rating: 4.7 out of 5 stars
  • Google Play rating: 4.6 out of 5 stars

Physical locations

Bask Bank is an online bank with no branch locations. You can get cash out of your Bask Interest Checking account by using one of the 55,000 surcharge-free ATMs in the Allpoint® ATM network, or by transferring money to an external bank account.

How does Bask Bank compare?

Here are a couple other banks you may want to consider if Bask Bank doesn't seem like the right fit for you.

Bask Bank vs. Capital One

Capital One offers a broad suite of banking products, including checking accounts, savings accounts, and CDs. It also has a variety of credit cards, including travel rewards credit cards. And it ranks highly in customer satisfaction surveys. If you want a brick-and-mortar bank with branches and Capital One Cafes, Capital One can be a good choice.

Bask Bank vs. Discover® Bank

Discover® Bank is another online-only bank that's focused on slashing fees. Like Bask Bank, it doesn't charge maintenance fees on any of its accounts. It also offers a much broader variety of services, including CDs with longer terms and a checking account that pays you cash back on debit card purchases.

FAQs

  • Yes, your money is safe with Bask Bank as it is FDIC insured, meaning deposits are protected up to $250,000 per depositor, per account ownership category.

  • No, Bask Bank operates entirely online and does not have physical branch locations.

  • Bask Bank is a division of Texas Capital Bank, which is a member of the FDIC.