- Higher than the national average APY
- No minimum balance requirements
- APY could change at any time
- No ATM card
Bask Bank Overview
Bask Bank is a digital bank that is backed by two decades of experience from its parent company, Texas Capital Bank. The founders at Texas Capital Bank pioneered the first online-only savings bank in the U.S. in 1999 and built a unique partnership with American Airlines that spans over 20 years.
The Bask Interest Savings Account is the second savings account offered by Bask Bank, an institution that has been otherwise known for its Mileage Savings Account. Bask Bank also offers four different Certificate of Deposit options.
Bask Bank Interest Savings Account has a number of stand-out features. Here’s a look at a few.
For the Bask Bank Interest Savings Account, you earn an above-average APY of .
If you are an avid traveler, Bask Bank also offers the Bask Mileage Savings account, where the account holder earns AAdvantage® miles instead of cash interest. Bask Bank awards miles based on your average monthly balance. Miles have a current rate of 2.5 miles per dollar saved annually. This rate is subject to change at any time.
Bask Bank’s Interest Savings Account offers a number of benefits. Here’s a look at a few:
- Above average APY.
- No minimum balance requirement but users will have to fund the account within 15 business days of opening.
- No monthly fees.
- FDIC insured up to $250,000 per depositor for each ownership category.
Bask offers great options for savings, whether you prefer just to sit back and earn interest or you’d rather make your money go the extra mile, there are options for both. Either the Bask Interest Savings or Mileage Savings could be a great option to grow your money.
Since Bask Bank is an online bank, you won’t be able to deal with a Bask representative in person. But if you do need assistance with any banking issues, you can email or reach the customer service team at (833) 260-4320. The hours are Monday through Friday from 7 a.m. to 7 p.m. CT and Saturday from 9 a.m. to 4 p.m. CT.
How Bask Bank Interest Savings Account Stand Out
Saving money should be easy and perhaps even pleasing. The best online banks provide not only a place to set aside your money but also a place where that money can grow without you having to lift a finger. This is the case with the Bask Bank Interest Savings Account.
Among the many contenders with interest-friendly savings account options is Bask Bank and it may be the best bang for your buck. Its above-average annual percentage yield of makes it stand out.
When it comes to choosing the right bank and right account for you, it’s always a good idea to do some comparison shopping. Here’s how two other banking options stack up to Bask Bank.
Bask Bank vs. Ally Bank
Ally Bank is another online bank that offers a savings account with an above-average APY. It also offers checking accounts, CDs, loans and credit cards. However, if you are strictly interested in a high APY, Bask Bank’s current rates are slightly better than Ally’s.
Bask Bank vs. Marcus by Goldman Sachs
The Online Savings Account from Marcus by Goldman Sachs, Member FDIC, has no minimum deposit and no fees. It also boasts a higher than average Annual Percentage Yield. Be aware though that it does not offer a checking account which could be a factor in your banking decisions.
Is Bask Bank Interest Savings Account Right for You?
If you are a consumer who intends to save a lot of money or really have the motivation to let your savings sit and accumulate interest, Bask Bank Interest Savings does have an exceptional APY. With this account, it is also easy to check your balance, transfer money, schedule recurring deposits and update your user profile and preferences.
How To Apply
You can apply for an account on the Bask Bank website, where you’ll be asked to provide your email address and mobile number. When starting a new account you should be ready with other personal information such as Social Security number, home address and date of birth.
Is the Bask Bank Interest Savings Account Worth It?
Users who already have a Bask Mileage Savings Account can easily open a Bask Interest Savings Account and vice versa.
It’s quite possible and perhaps even ideal — depending on your savings priorities — to hold both the Mileage Savings Account and the Interest Savings Account at the same time.
If you do, you could be accumulating interest savings and travel savings simultaneously.
Final Take To GO
Bask Bank has a rare gem of an offering with its Mileage Savings Account — a product that should be seriously considered by anyone who intends to travel with American Airlines on a semi-frequent basis. But Bask Bank’s Interest Savings Account is just as impressive, given its outstanding APY. Having both accounts is a suitable option for those who prefer to manage their affairs online only, and could use both an extra buck and an extra airline mile.
FAQHere are the answers to some of the most frequently asked questions regarding Bask Bank's Interest Savings Account.
- Is Bask Bank's Interest Savings Account legitimate?
- Yes, the Bask Bank Interest Savings Account is a high-yield savings account great for earning interest as it has a high APY.
- What is the minimum balance for a Bask Bank Interest Savings Account?
- There is no minimum balance requirement for a Bask Bank Interest Savings Account, but be aware if the account remains unfunded for 15 days after opening, Bask Bank may close it.
- How much does it cost to open a Bask Bank account?
- Bask Bank has no minimum balance requirement, but be sure to fund the account with at least something within 15 days of opening the account so it isn't closed.
Nicole Spector contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 7, 2023.