Pros Explained

• Higher-than-average APYs: Nationally, the average annual percentage yield (APY) for savings accounts is under 1%, and the average CD rate is not much higher. But Bask Bank’s savings accounts and CDs offer much higher rates, helping you grow your money faster. 
• One savings account earns airline miles: If you love to travel, Bask's Mileage Savings account may be appealing to you. Rather than paying interest, it awards 2 American Airlines AAdvantage miles for every dollar you save.
• No monthly account fees: Many banks charge monthly 澳洲幸运5开奖号码历史查询:account fees or waive them if you meet minimum balance requirements. However, Bask's accounts are fee-free with no minimum balance requirement for savings accounts (CDs have a $1,000 minimum).

Cons Explained

• Does not offer checking accounts (yet): Bask only offers savings accounts and CDs as of now, though its website says a checking account is “coming soon.” In the meantime, you'll need to open a checking account with another bank. 
• No debit card or ATM access (yet): Some banks issue debit cards to savings account holders, who can use them for transactions or to withdraw cash at ATMs. But Bask's savings accounts don't give you those options; the only way to withdraw money (at least until its checking accounts arrive) is to transfer it to an account at another bank electronically.
• Few other financial products or options: With only two savings accounts and CDs, Bask Bank offers fewer options than many other financial institutions. This may make it less appealing for people who prefer to manage their money all in one place.

Who Is Bask Bank Best For?

Bask Bank is best for customers who want to earn a higher APY on their savings without having to pay monthly fees or maintain a minimum balance. You can earn a higher-than-average APY in Bask’s savings accounts and on CDs. If you’re a frequent American Airlines traveler, you might appreciate the option to earn AA🤪dvantage miles with y🉐our savings.

Bask is a digital-only bank, so you should be comfortable handling your money ꦫsolely through an online portal or mobile app.

However, Bask doesn't currently offer 澳洲幸运5开奖号码历史查询:checking accounts, so if yo🀅u want to write checks, pay bills online, or withdraw cash from ATMs, you'll need to find another bank—at least for the time being. 

Bank Accounts Offered by Bask Bank

Bask Bank specializes in savings products,𝔍 including savings accounts and CDs. 

Savings

Bask has two savings account options. Neither account requires a minimum depo🌊sit, nor do they charge monthly account fees. 

• Interest Savings Account: The Interest Savings Account is a 澳洲幸运5开奖号码历史查询:high-yield savings account that pays an APY that is much higher than the industry average. 
• Mileage Savings Account: The Mileage Savings account was created in partnership with American Airlines. Customers can earn 2 miles per $1 saved annually. These miles can be redeemed for flights and other travel options. 

The accounts have no fees beyond outgoing 澳洲幸运5开奖号码历史查询:wire transfer fees, which🦋 cost between $20 and $50 depending on whether they’re domestic or international and whether you send them online or with assistance from customer service.&nb♕sp;

Certificates of Deposit

Although the APYs on Bask Bank CDs may fall short of the rates offered by the best CDs, its rates are still significantly better than the industry average. You can open a CD with as little as $1,000, and you can choose a term of 3 to 24 months.&nbs𒉰p;

Bask's CD term options are more limited than you'll find elsewhere; some other banks offer terms as long as 3 years, 5 years, or 10 years. 

Checking

While it’s not available yet, Bask Bank’s Interest Checking Account is listed as “coming soon.” It will have no monthly fees or minimum balance requirements, and wil🥀l come with a Visa debit card for making transactions, which🅰 can be used at any of the 55,000 ATMs in the Allpoint network. However, there’s no information about when this account will be available.

Mobile App

Bask Bank has mobile apps for Android and iPhone devices. You can use the app ༺to view your accounts, deposit checks, and t💫ransfer funds. 

While older reviews of the apps are mixed, with customers on both Apple and Android devices reporting errors or glitches that make the apps unusable at times, more recent reviews tend to be more positive. Bask Bank’s app has 4.7 stars on the Apple App Store and 4.6 stars on Google Play.

Customer Service

You can contact Bask Bank’s customer support via email, phone, or, for customers, by online secure message. Bask Bank does have an X account, but it appears to be inactive; there haven't been any posts since May 2023. 

Customer Satisfaction

Texas Capital Bank, the parent company behind Bask Bank, is a smaller regional bank. As such, Bask Bank was not included in J.D. Power's banking customer satisfaction studies, but reviews of the bank are mixed elsewhere.

On Trustpilot, it has a score of 2.3 out of 5, based on fewer than 36 reviews. Customers frequently complained about technology issues as they tried to open an account online or through the mobile app and about issues reaching customer support. Similarly, Bask has a B rating on the BBB with 38 reviews.

How to Bank With Bask Bank

Bask Bank's accounts are available to customers nationwide. The only way to open an account is to visit Bask's website and apply for an account online.

To apply, you'll need the following information: 

• Social Security number
• Government-issued ID
• Mobile device to verify your information

The Bottom Line

For those looking to earn a high APY, Bask Bank offers savings accounts and CDs with much higher rates than many traditional banks offer. But account types are limited, and you can only withdraw money electronically. If you're looking for a bank that can handle all of your banking needs—including checking accounts and investments—you will need to explore 澳洲幸运5开奖号码历史查询:other banking options.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banking institutions. We researched 19 institutions, reviewi𝐆ng account types, rates, fees, minimum balance requirements, rewards, customer service, and mobile apps. Our research and editorial processes are designed to ensure that ou💧r reviews help users make informed decisions for their banking needs.