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Bask Bank is a relatively new online bank that hopes to stand out by offering innovative products and few fees. Its Mileage Savings Account is especially unique and could appeal to frequent travelers hoping to earn rewards more quickly.
Read our full Bask Bank review below to learn more.
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.
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.
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Bask Bank could be the right fit for you if:
Bask Bank offers two savings accounts, which are listed below.
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.
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.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
4.25%
Rate info
4.25% annual percentage yield as of July 17, 2024
Min. to earn: $1
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
Open Account for E*TRADE Premium Savings
On E*TRADE's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
4.50%
Min. to earn: $0.01
|
N/A
|
Open Account for E*TRADE Premium Savings
On E*TRADE's Secure Website. |
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.
APY = Annual Percentage Yield
You get a few straightforward CD terms to choose from (from 6 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.
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% |
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.
Bask Bank is still relatively new and hasn't featured in large-scale customer satisfaction surveys, like those conducted by J.D. Power. But the information that is available isn't all that encouraging.
The bank currently has a D- rating from the Better Business Bureau and a 2.6 out of 5 stars with Trustpilot. So it's probably not the best fit for those who place a strong emphasis on customer service.
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, and online banks 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.
Here are a few other banks you may want to consider if Bask Bank doesn't seem like the right fit for you.
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.
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.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.