Bask Bank Savings Account Rates

There’s no shortage of online neobanks offering high yields on savings accounts these days, but Bask Bank is easily at the top of the pack. If you’re looking to save money with a separate bank—especially if you’re a frequent traveler—Bask Bank ♚has a lot to offer. 

Not only are Bask Bank savings account interest rates some of the highest available from any high-yield savings account, but this bank throws in a unique twist too: You can choose to earn interest as normal, or to earn American Airlines AAdvantage miles. Learn more about how the ꦓprogram works and😼 whether it’s right for you.

Bask Bank Savings Accounts: Key Features

Bask Bank offers two high-yield savings accounts. They both work the same way, except for one key feature: You get to choose how you earn interest, either as cash or as American Airlines miles. 

Bask Bank’s Interest Savings account is designed for people looking for a place to quickly grow their money away from their everyday checking account (which can help curb spending temptations). Most online savings banks offer high rates and low fees, and that’s true of Bask Bank’s Interest Savings Account as well. The rates it offers are even higher than most of its other more well-known competitors, making it an excellent choice. 

Importantly, Bask Bank’s withdrawal policies are a bit more strict than some other online banks. Prior to the COVID emergency, the government required banks to limit withdrawals to no more than six per month for most methods. Those 澳洲幸运5开奖号码历史查询:savings account withdrawal limits aren’t a thing at many banks anymore, but they are at Bask Bank. That’s bad if you need to make many withdrawals, bওut on the other hand, it’s a great deterrent from taking the 🍨money out before you reach your savings goals. 

Bask Bank doesn’t issue an ATM card with this account, either, meaning your only methods to move money in and out of the account are via wire or ACH transfer. Opting for a wire transfer will cost you $35, regardless of whether it’s domestic or overseas. 

If you’re a frequent traveler, listen up: The Bask Bank Mileage Savings Account is just about your only option to earn American Airlines AAdvantage miles from a savings account, instead of an airline membership or 澳洲幸运5开奖号码历史查询:travel rewards credit card like most people use. In lieu of interest, Bask Bank offers American Airlines AAdvantage miles at a rate of 2 miles per year for every dollar saved. 

You don’t need to keep your money deposited for an entire year before you earn anything, though. Bask Bank breaks it down on a daily basis and credits your earnings to your AAdvantage account each month. For example, if you have $1,000 in your account for the month of July, you’ll earn 212 AAdvantage miles. 澳洲幸运5开奖号码🐓历史查询:Investopedia values AAdvantage miles at 2.04 cents each, meaning you’d get an equ🎃ivalent of $51 in value over the course of a year for everyꦺ $1,000 you have saved. That translates into a comparable ROI of 4.85%—not bad at all. 

Pros and Cons of Bask Bank Savings Accounts

Pros

• Competitive APY across all savings account balances: The Bask Bank savings account interest rates are competitive, though they can’t usually match the best high-yield savings accounts.
• No monthly maintenance fees or minimum balance requirements: There are no monthly fees for your Bask Bank savings account, nor are there minimum deposit or balance requirements.
• Option to earn interest or American Airlines AAdvantage miles: Bask Bank offers two types of savings accounts: a cash interest-earning high-yield account or a Mileage Savings account, which earns 2 American Airlines AAdvantage miles for every $1 you save.

Cons

• Limit of six withdrawals per month: While some banks no longer enforce this rule, Bask Bank only lets you make six preauthorized, automatic phone or online transfers per month.
• No checking accounts or cash deposit: Bask Bank doesn’t offer checking accounts, so you’ll need to transfer your savings to an external bank account to access your cash, which may take up to three days to process. You also can’t access your savings at the ATM, since Bask Bank doesn’t provide an ATM card, nor does it support physical cash deposit into your account. 
• In-person banking not available: Since Bask Bank is an entirely online bank, you won’t have the option of visiting a bank branch in person. 

About Bask Bank: Other Savings Options

澳洲幸运5开奖号码历史查询:Online savings banks are especially popular today because you can earn much higher rates than you’d ever find at most full-service traditional banks. According to Texas Capital Bank, based in Dallas, Texas, it was actually the first one to start the trend when it created Bask Bank in 1999 back in the early days of the Internet. 

Bask Bank still operates as a division of Texas Capital Bank today. It special🃏izes in high-yield savings by offering three different accounts: the two savings accounts we’ve mentioned here, plus a high-yield CD that also features exceptionally high interest rates. 

Bask Bank’s CDs offer customer-friendly terms ranging from 6 to 24 months—perfect for short-term savings goals, but not quite long enough for a 澳洲幸运5开奖号码历史查询:typical CD ladder setup. In addition, it only offers cash interest payments. You can’t use a Bask Bank CD to earn American Airlines AAdvantage miles like with its savings account. 

Alternatives to Bask Bank Savings Accounts

• Certificates of deposit (CD): If you don’t need regular access to your savings, you could consider parking your money in a 澳洲幸运5开奖号码历史查询:high-yield CD. CDs offer fixed interest on your balance in return for leaving your money for a certain term, which may span anywhere from one month to several years. If you withdraw your money before the CD matures, you could be subject to fees.
• Money market account: 澳洲幸运5开奖号码历史查询:Money market accounts are like a hybrid of a savings and checking account. They often offer a higher-than-average APY, as well as an ATM card and check-writing abilities. However, they may have minimum balance requirements or monthly fees.
• Checking account: If you need frequent access to your money, a checking account lets you make deposits and withdrawals as often as you need and comes with an ATM card and checks. Most checking accounts don’t earn interest, and if they do it’s usually lower than that on a savings account. But there are some 澳洲幸运5开奖号码历史查询:high-yield checking accounts.
• Brokerage account: If you’re interested in investing in mutual funds, stocks, or other investment products, you could open a 澳洲幸运5开奖号码历史查询:brokerage account with an investing firm. Investing involves risk and may have tax implications, but it could offer a strategy for long-term wealth creation. 
• I Bonds: Designed to protect your savings from losing value due to inflation, I bonds from the U.S. government offer interest on your savings. However, you can’t withdraw your cash for at least a year.
  

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