Assessment of Bask in 2022

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Optimal for Financial Stability
Recommendation from the Editor: (3 00/5)
As of the 11th of November, 2022.
NextAdvisor's staff writes all reviews. The reviewer's views are presented therein in their entirety. All fee and rate details presented in this review are current as of the review's publication date.
Helpful for Financial Stability
Critic's Mark: (3 00/5)
Version 11.11.2022 (as of 11 November 2022)
NextAdvisor staff writes all reviews. The reviewer's personal views are presented therein. Information presented in the review, such as card rates and fees, is current as of the review date.
  • Rates of interest that are competitive
  • Minimum Opening Deposit for a Certificate of Deposit is $1,000
  • There Are No Ongoing Costs

Besides their two types of savings accounts, Bask Bank also has a small selection of certificate of deposit (CD) options. While there are no fees and competitive interest rates, there are some drawbacks to consider if you need a wide variety of account types or have no CD minimums to open an account.

  • Solid rates of interest
  • One other way to save money that rewards you with AAdvantage miles
  • There are no ongoing costs
  • The bare minimum to open a CD is $1,000.
  • Respondents' complaints about transfer times
  • Account choices are limited to savings and certificates of deposit.
  • Possibility to get in touch with accounts from anyplace using a computer or mobile
  • An Interest Savings Account that awards a cash APY and a Mileage Savings Account that awards AAdvantage miles.
  • Extending Over a Period of 4 CDs
  • All Certificate of Deposit accounts require a minimum opening deposit of $1,000.
  • The maximum number of withdrawals from a savings account per month is six.
  • Charge for Outgoing Wire Transfer of $35
  • A lack of access to bank machines
  • Deposits in Bask Bank are protected by the Federal Deposit Insurance Corporation.

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Texas Capital Bank includes Bask Bank as one of its divisions. Beginning in 2020, Texas Capital Bank will debut a new division dedicated to promoting its partnership with American Airlines and its innovative savings plan that allows customers to earn AAdvantage miles on every dollar they save. Currently, you can open a mileage account, a high-yield savings account, or a few different types of certificate of deposit accounts with them.

Bank Deposits

Two distinct savings accounts are available at Bask Bank.

In terms of annual percentage yield (APY), the Bask Interest Savings Account is competitive with other leading savings accounts. There are no maintenance fees, minimum balances, or opening deposits required. However, you'll need to put money into your new account within the first 15 days.  

The Mileage Savings Account from Bask is another way to earn money. You can earn 5 AAdvantage miles per dollar saved, per year. The accrued miles are added to your AAdvantage account and can be redeemed in the same manner as American Airlines' other award miles.  

You can open either account, or both, and transfer funds between them at will. Savings accounts with Bask do not come with debit cards or access to ATMs, but money can be moved in and out through ACH transfers from external accounts, mobile check deposits, and wire transfers (though outgoing wire transfers are subject to a $35 fee). Six deals per month is the maximum allowed.

Cash Deposit Certificates

All four of Bask Bank's certificate of deposit (CD) terms (6 months, 12 months, 18 months, and 24 months) offer above-average returns in comparison to other CDs of similar duration. If you want to open a certificate of deposit account, you'll need to deposit at least $1,000.

When a CD from Bask matures, you have until the end of the following month to either renew it or withdraw the funds. There is a 10-day grace period after your CD's renewal date during which you can make additional deposits.  

There may be a penalty for early withdrawal from a certificate of deposit. With CDs that mature in 12 months or less, the early withdrawal fee is the equivalent of 90 days' interest. The interest rate for CDs with terms longer than 12 months is the same as the rate for a term of 180 days.

Different Items

Currently, the only accounts offered by Bask Bank are the high-yield savings, mileage savings, and certificate of deposit options. The Dallas-based Texas Capital Bank, of which Bask is a part, offers a wider variety of services. All of Bask Bank's services are included, with the exception of Texas Capital's accounts, which are kept entirely independently.  

The Customer's Perspective

Reviews for Bask are average, and the app store only gives it a 3. 9 and 3 Both the iOS App Store and the Android Play have given this game a 3-star rating.  

The length of time it takes to complete a transfer is frequently cited as a reason for dissatisfaction in customer reviews. Withdrawals from Bask are guaranteed to be available in no more than five business days, per the bank's terms and conditions. This could be inconvenient for some people because some banks provide funds transfers in as little as one or two business days.

Bask provides several channels of communication with its customer service team. You can get in touch with someone via three different channels: phone, electronic mail, and regular mail. You can also send Bask private messages through your online account.


Bask Bank, in contrast to many other banks we've looked at, places a premium on convenience. It had a third-party accessibility audit done, which looked at how people with disabilities use assistive technology on the web. Website "substantially conforms" to Level A and Level AA of the Web Content Accessibility Guidelines (WCAG) version 2, as stated in the bank's accessibility statement. 0 — a group that establishes guidelines for making websites more accessible

Have you thought about Bask Bank?

Although Bask Bank isn't the most well-known online bank, it has plenty of useful features.  

American Airlines frequent fliers who sign up for the airline's novel Mileage Savings Account have a chance to increase their savings balance while also accruing miles. You may want to weigh the benefits of the bonus miles versus the benefits of a standard high-yield savings account, both of which are available from Bask.  

To add insult to injury, 1 In today's rising rate environment, a high-yield savings account may provide more value than a frequent flyer program offering 5 miles per dollar saved.

AAdvantage miles are worth about $1 on NextAdvisor. 4 for each one One can see the difference between examples 1 and 2 by comparing A high yield savings account can earn you up to 75% APY, which is significantly more than the 1% APY you'd get from a With Bask's Mileage Savings Account, you can earn 5 miles per dollar saved, assuming an annual balance of $2,500.

Tax-Deductible Mileage Account Savings Account That Produces a High Return as an Example Budget Deficit/Balance for the Year $10,000 $10,000 Profit Margin 15 of a tank of gas for every dollar 2.75% APY Approx Profitability after One Year 10,000 kilometers, or roughly $210 at today's exchange rates. Interest of $275

If you're hoping to take advantage of rising rates by constructing a short-term CD ladder, you might be disappointed to learn that Bask doesn't offer as many CD term options as some other online banks. While the rates on Bask CDs aren't the best, they are competitive for the time periods they are available. Please note that the minimum deposit to open a U.S. savings account is $1,000.

Overall, Bask Bank might be a good option for your savings plan. You may find better service and a wider selection of account types at another bank that is more convenient for you, online, via mobile, or both. As an additional factor, think about Bask's poor reputation among its clientele for slow transfers. Think about going elsewhere if you have an urgent need for cash. But if you're looking for a savings account with competitive interest rates or a mileage-earning alternative account, Bask might be worth a look.

In any case, starting to save is by far the most crucial step you can take toward building up your savings. To reach your savings goal, pick an account and put away as much as you can afford each month or pay period.

Common Inquiries Regarding Bask Bank

A person must be at least 18 years old to open a bank account with Bask. A U.S. postal address, phone number, and Social Security or taxpayer identification number are all required pieces of information. S location, among other details

Certainly, Bask is a savings and CD institution accessible solely via the web. It's a branch of Texas Capital Bank in Dallas.

Customers can download the Bask app from the Apple App Store or the Google Play Store.

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