Bask Bank Review – A Faster Way to Travel Rewards
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Bask Bank’s savings account is a specialized product for frequent flyers traveling with American Airlines. It isn’t the best savings account in the market. While the account's zero account minimum and fee-less nature are attractive, the bank doesn’t offer other perks.
7/10
Costs
9/10
Features
6/10
Ease of Use
9/10
Services
7/10
If you are not into credit cards but want to make the most of your travels, you need to look for a bank that rewards you for traveling. What if we told you there’s a bank that helps you earn two miles for every dollar you save in your account annually?
Well, Bask Bank does just that.
Bask Bank is a division of Texas Capital Bank and is known to those who want to earn airline miles. The online bank does not offer checking accounts but has two online savings account options and a certificate of deposit. In this Bask Bank review, we review all the features and help you decide whether it is a good choice.
Jump To
How does Bask Bank work?
Bask Bank is an online-only bank, and opening a new account is easy. On Bask Bank's website, you click on “Open an account,” below, you will see three options - Bask Bank interest savings account, Bask Bank Mileage savings account, and Certificates of Deposit. After you choose the type of account, you will be asked to fill in your details.
You’ll have to provide your email address, full name, phone number, date of birth, social security number, and mailing address. In no time, you will have a brand-new bank account.
You can then fund the account by initiating a money transfer from an outside financial institution, setting up a wire transfer from a different account, or simply depositing the funds through a mobile check deposit on Bask Bank’s apps.
Related: The Ins and Outs of ACH Transfers
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Bask Bank features
Savings account
The Bask Interest Savings Account could be a great choice if you are here to earn interest. It is a standard savings account with no fees. The bank offers a 5.10% annual yield (Annual Percentage Yield), one of the country's highest savings rates. Your deposits are FDIC-insured up to $250,000. Customers can only have one of each type of Bask Bank’s interest savings account, and you cannot deposit cash. However, this could be a good choice if the interest rate is all you care about.
Mileage savings account
If you prefer American Airlines, the Bask mileage savings account will help you earn AAdvantage miles at 2.5 miles per dollar saved. American Airlines AAdvantage is a frequent flier program of American Airlines. The bank also has an AAdvantage mile bonus for new customers who open a Mileage account and meet the deposit requirements. This unique savings account is suitable for frequent travelers, but if you do not travel much, the account won’t help.
Certificate of Deposit
Bask Bank CD accounts have four term options—6, 12, 18, and 24-month CDs —and the yields are competitive. The minimum opening deposit is $1,000, but you must deposit the funds within 10 days of opening. After the CD matures, you have a grace period of 10 days to withdraw the money. If you don’t, the CD will automatically renew for the same term. A penalty applies if you withdraw your money from the CD before maturity.
Access on the go
You can use the Bask Bank mobile app to manage the accounts on the go. It adds convenience and makes it easier to keep track of your money. The app can be downloaded on iOS and Android phones. It allows you to check your account balance, open a new account, calculate your miles based on your balance, track the earned airline miles, deposit checks, transfer funds, and set up recurring deposits.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
How much does Bask Bank cost?
Bask Bank does not have any minimum balance requirements or monthly maintenance fees. However, you will have to pay a fee if you are making an outgoing wire transfer, which will cost $35 per transaction. You will find no ATM cards or special savings tools. You can only withdraw your funds by transferring the money to an external bank account.
Who should use Bask Bank?
Frequent travelers. Bask Bank's accounts are ideal for those who travel frequently and prefer American Airlines. They can help you rack up a lot of airline miles.
You want to enjoy high interest. Bask Bank pays an interest higher than many of its competitors, and if you are in it only for the interest, it is a good choice for you.
Who shouldn’t use Bask Bank?
Those who need a complete banking solution. If you want a checking account, an investment account, and an ATM service, Bask Bank is not meant for you.
Those who like a physical branch. If you like to visit the physical branch whenever necessary, Bask Bank isn’t for you since it is an online-only branch. However, they do offer customer support between Monday to Saturday.
Those who do not travel often. If you are not a frequent traveler and do not always travel on American Airlines, there is not much Bask Bank can offer you.
Pros and cons
Pros
- No monthly fees
- Competitive rates
- No minimum balance requirements
- Your savings account will earn American Airlines AAdvantage miles
Cons
- Limited CD terms
- No joint accounts
- No checking account
- Online-only bank
- No ATM card, or debit card
- Need to transfer money to an external bank account to access savings
Bask Bank vs. Competitors
Bank | Offerings | Minimum deposit | Fees | APY on savings account |
|---|---|---|---|---|
Bask Bank | Savings account and CD | $0 | $0 | 5.10% |
Ally | Checking accounts, savings accounts, loans, credit cards, investments and more | $0 | $0 | 4.20% |
CIT | Checking account, savings account, CDs | $100 | $0 | 0.25% - 5.00% |
American Express | Savings accounts, checking accounts, CDs, IRA, investments and more | $0 | $0 | 4.25% |
Citi Bank | Savings accounts, CDs, IRAs, personal loan and line of credit and mortgage. | $0 | $12 for checking account | 4.45% |
Bask Bank vs. Ally Financial
When it comes to products, Ally Financial ranks higher than Bask Bank. It offers a money market account, a checking account, better CD options, IRA CDs, and No Penalty CDs. Both financial institutions offer competitive rates, but Bask Bank has a higher yield. However, if you want saving tools, Ally Bank is better.
Bask Bank vs. CIT Bank
CIT Bank offers savings accounts, checking accounts, no-penalty CDs, money market accounts, and more. However, most of its accounts have a minimum deposit requirement of $100 to open. If you want to earn the highest interest rate, you need to maintain a minimum balance of $25,000 or deposit $100 minimum each month. So, if you want a zero minimum balance requirement account, you’ll like Bask Bank. It also has a high-interest rate compared to most high-yield savings accounts.
Bask Bank vs. American Express
American Express offers a wider range of banking products than Bask Bank, including checking accounts, high-yield savings accounts, certificates of deposit, business lines of credit, loans, travel credit cards, cashback credit cards, and more. It has no minimum deposit requirement and allows you to earn and pay with points via the American Express card. It also offers high CD rates and flexible tenures. American Express is a good choice for a hassle-free, complete banking solution.
Bask Bank vs. Citi
Whether you want banking, lending, investing, or wealth management, Citi offers it all. It also offers cash-back cards, airline miles, and a low intro rate. Citi Bank has no minimum deposit requirement, and its fees vary based on the type of account you open. The basic account fees start at $4.50 but can go as high as $30. It also offers credit cards, allows joint accounts, and offers a complete banking solution.
FAQs
How much money do I need to open an account with Bask Bank?
You will have to deposit at least $1,000 to open a Bask Bank CD but you will not need any money to open the Interest Savings or the Mileage Savings account. However, accountholders need to make a deposit within the first 15 days of account opening.
Is Bask Bank a legitimate bank?
Bask Bank is an online-only, legitimate bank that is a part of the Texas Capital Bank and it is a member FDIC. Hence, even if the bank closes or files for bankruptcy, your money will remain safe.
How many bank accounts can I open with Bask Bank?
You can open all three accounts but there is a limit on the number of accounts you open. You can have five CD accounts, one Interest Savings Account, and one Mileage Savings account.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
The bottom line
Bask Bank’s savings account is a specialized product directed at frequent flyers who travel with American Airlines. It isn’t the best savings account in the market. While the account's zero account minimum and fee-less nature are attractive, the bank doesn’t offer other perks. If you are looking for a bank that offers end-to-end banking, investment, and wealth management solutions, Bask Bank isn’t a good choice, but if you want to earn miles at no fees and are a loyal American Airlines customer, you might want to consider the bank.
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Writer
Vandita Jadeja is a financial writer and editorial assistant at Joywallet. She loves to read and write about money and brings 7 years of experience from the financial industry. She loves coffee, mountains and sunsets.
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