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Bask Bank Review: Competitive Rates on Traditional and Innovative Savings Accounts

Review Updated
Kailey Hagen
By: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. 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.

See Full Bio

Our Banking Expert

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 our experts’ opinions aren’t 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.

Bask Bank earned a 4.75 out of 5.00 stars from our experts by offering competitive APYs and low fees on savings accounts and CDs.

If you don't mind an online bank without all the bells and whistles and just want to grow your savings on the side, this could be a good option for you.

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 the accounts it offers are pretty solid. Its rates are in line with other high-yield savings accounts and the lack of fees helps you keep all you earn in your own pocket.

Pros
  • Competitive rates on savings accounts and CDs
  • Unique Mileage Savings Account
Cons
  • No checking accounts
  • No long-term CDs
  • Poor customer service ratings

  • 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 The Motley Fool Ascent 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're comfortable managing your finances online.
  • You're a loyal American Airlines customer hoping to earn rewards more quickly.

Savings accounts

Bask Bank offers two savings accounts.

Bask Interest Savings Account

Bask Interest Savings
Open Account for Bask Interest Savings

On Bask Bank's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Jul 18, 2024

Bask Interest Savings

Open Account for Bask Interest Savings

On Bask Bank's Secure Website.

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
Open Account for Bask Interest Savings

On Bask Bank's Secure Website.

APY
5.10%
Min. To Earn APY
$0
  • Competitive annual percentage yield
  • No monthly account fees or minimum balance requirements
  • Mobile app
  • FDIC insured
  • No debit or ATM cards
  • No cash deposits
  • No new account bonus
  • Must make first deposit within 15 days

This account is a good fit for folks who want to park their money and leave it to grow thanks to a high APY and no monthly account fees. The lack of quick access to your funds via ATM or debit card means it's less useful for folks who make regular withdrawals.

Read Full Review

The Bask Interest Savings Account is a high-yield savings account offering a competitive rate for all balances. The account doesn't charge a monthly maintenance fee and gives you the online tools you need to manage your money easily.

Bask Mileage Savings Account

Bask Interest Savings
Open Account for Bask Interest Savings

On Bask Bank's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Jul 18, 2024

Bask Mileage Savings Account

Read Review
Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5 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, 3.00 out of 5 stars.
3.00/5 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
1.05%-3.75% Rate info Circle with letter I in it. The Bask Mileage Savings Account pays you 2.5 AAdvantage miles for every $1 saved annually. If you redeem your AAdvantage points for $0.015 per point, that's an APY of 3.75%. But at the rate the IRS will tax you on those savings, your account hypothetically earns an APY of 1.05%.
Min. To Earn APY
N/A
  • Earn 2.5 AAdvantage miles per $1 saved
  • Immense potential to save on taxes
  • Welcome bonuses for new members
  • No monthly account fees
  • No minimum balances
  • Low annual percentage yield
  • No ATM card
  • No cash deposits
  • Limited withdrawal options

The Bask Mileage Savings Account offers a unique way to earn AAdvantage miles and a chance for high-income earners to save on taxes. Its APY is lower than most high-yield savings accounts, but if miles are more important than cash, it could be an interesting alternative to conventional savings accounts.

The Bask Mileage Savings Account is a unique alternative to a traditional savings account that could appeal to frequent travelers. Instead of paying you cash each month, the account pays you in American Airlines AAdvantage® miles. You can redeem these for future airfare purchases. However, it may not be the right fit for you if you travel infrequently or don't want to be tied to a specific airline.

Certificates of deposit

Bask Bank offers standard CDs with terms ranging from six to 24 months. The rates on Bask Bank CD accounts are competitive and the minimum opening deposit, while higher than what some other banks charge, is not unreasonable.

But the bank doesn't currently offer any long-term CDs, so it may not be the best option for those interested in CD laddering.

Rates as of June 7, 2024

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 3 months to 2 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
5.35% 5.35% 5.30% 5.30% 5.00% 4.75%

Checking accounts

Bask Bank doesn't currently offer checking accounts. Those interested in an online checking account should explore the options found in our best checking accounts page.

Customer experience

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

The bank currently has a B rating from the Better Business Bureau and a 2.8 out of 5 stars with Trustpilot. So it's probably not the best fit for those who place a strong emphasis on customer service.

Relationship benefits

Bask Bank doesn't offer relationship benefits, like special rates on other banking products, but this isn't surprising.

First, it's an online bank, which rarely need to resort to these tactics because they have their lack of fees and high interest rates to draw customers in. Relationship benefits are more common among brick-and-mortar institutions that can't offer these other perks.

Second, Bask Bank still doesn't offer a lot in the way of products. It's possible that more benefits could become available if the bank expands its offerings in the future.

How does Bask Bank compare?

Here are a few 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.

Bask Bank vs. Discover® Bank

Discover® Bank is another online-only bank that's focused on slashing fees. Like Bask, it doesn't charge maintenance fees on any of its accounts. It also has 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 ownership category.

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