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Published: Oct 18, 2023 12 min read

Established in 1999 through Texas Capital Bank, Bask Bank is an online-only savings bank that offers three different high-yield savings products with varying interest rates, terms and perks.

In this comprehensive Bask Bank high-yield savings review, we'll explore how the financial institution’s savings accounts stack up against its competitors, including pros and cons, customer satisfaction, interest rates, fees and accessibility. Read on to learn more about this online bank to find out if it works for your savings goals.

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Best high-interest savings account for earning airline miles

Bask Bank offers a distinctive product called the Mileage Savings Account. Instead of earning traditional cash interest, account holders accumulate airline miles. In partnership with American Airlines, customers receive 2.5 American Airlines AAdvantage miles for every $1 they save annually.

Miles are credited monthly based on the average account balance of the previous month. These points can be redeemed through the AAdvantage program for flights, upgrades, car rentals, hotel stays and other travel-related rewards available through American Airlines and its partner companies.

While there is no cash value option for points earned, the Mileage Savings Account is ideal for travel enthusiasts looking to rack up airline miles quickly while keeping their savings secure.

Bask Bank high-yield savings accounts pros and cons

Pros
  • Offers unique Mileage Savings Account
  • No monthly fees
  • Competitive rates
Cons
  • Limited CD term lengths
  • Doesn't offer a checking account
  • Must fund accounts within 10 to 15 days

Pros explained

Offers unique Mileage Savings Account

The Mileage Savings Account is one of the most unique offerings from Bask Bank. This account rewards customers with American Airlines AAdvantage miles instead of traditional cash interest. Frequent travelers may find this account especially appealing.

No monthly fees

Bask Bank does not charge any monthly maintenance fees for its savings accounts. This is especially important for smaller accounts with lower balances, as add-on fees can quickly eat away at potential interest earnings.

Competitive interest rates

The interest rates offered for Bask’s other savings products — the Interest Savings Account and Certificates of Deposit (CDs) — are among some of the best available on the market.

Cons explained

Limited CD term lengths

Bask Bank's certificates of deposit come in only four terms: 6, 12, 18 and 24 months. While this provides flexibility for customers interested in short-term investments, customers looking to lock in their money for longer terms will need to look elsewhere.

Doesn't offer a checking account

Unlike some of its competitors, Bask Bank does not offer a checking account. This means customers looking for a one-stop banking solution must work with a different financial institution.

Must fund accounts within 10 to 15 days

To avoid account closure, customers must fund their Bask Mileage Savings Accounts or Bask Interest Savings Accounts within 15 days of opening the account. Certificate of deposit accounts must be funded within 10 days of opening the account.

Bask Bank high-yield savings account offerings

Bask Bank stands strong among even the best high-yield savings accounts, offering three different savings products — the Bask Mileage Savings Account, the Bask Interest Savings Account and the Bask CD account.

Each account varies in terms of interest rates, minimum balance requirements, term lengths and types of rewards they offer. Notably, all these accounts come with the advantage of no monthly maintenance fees and are backed by FDIC insurance for deposits up to $250,000 per depositor.

Bask Interest Savings Account

The Bask Interest Savings Account has no minimum balance requirement or monthly maintenance fee. It also features interest rates that are currently among the highest in the industry, but it’s important to note that interest rates can vary with overall market conditions.

Customers should also be aware that the account has no ATM access, no checks and does not allow ACH debits. Withdrawals can only be made by transferring funds to an external bank account either online or by phone, and customers are limited to six transfers per month.

While this account is not explicitly called a high-yield savings account, its rates qualify it as such, as its annual percentage rate is higher than other types of savings accounts. If you aren’t sure about how high-yield savings accounts work, be sure to read our guide: What is a High-Yield Savings Account?

Bask Mileage Savings Account

In partnership with American Airlines, the Bask Mileage Savings Account offers customers 2.5 American Airlines AAdvantage miles for every $1 saved annually. As with the Interest Savings Account, there are no monthly account fees and only six monthly transfers are allowed by phone.

Miles are earned based on the average account balance of the prior month. These rewards are credited to your Bask Bank account by the fifth business day of each month and are posted to your linked AAdvantage account within six to eight weeks.

Unlike a traditional interest-bearing savings account, this product has no compounding element. With this in mind, it's important to consider whether opting for miles over interest is the best option for you.

Bask Certificates of Deposit Account

In addition to its savings accounts, Bask Bank also offers certificates of deposit (CDs). With Bank Bank CDs, customers are required to invest a minimum of $1,000 and agree to hold the money for fixed term lengths. In exchange, customers earn a fixed interest rate on their savings over the life of the term. Bask currently offers CDs in 6-, 12-, 18- and 24-month terms.

While you can’t add more money to your Bask Bank CD account during the term, you are allowed to have up to five individually owned and five jointly owned CD accounts at any given time. When your CD matures, you have the option of depositing your funds into another CD for continued growth or withdrawing them from your account.

Interest can be withdrawn without penalty for all terms, but you will incur an early withdrawal penalty if any portion of the CD's principal is removed prior to its maturity date. Six and 12-month CDs carry an early withdrawal penalty of 90 days of simple interest based on the principal amount withdrawn, while CDs of more than 12 months have an early withdrawal penalty of 180 days of interest based on the principal amount withdrawn.

Bask Bank high-yield savings account pricing

The lack of monthly maintenance fees and minimum account balances helps make Bask Bank an attractive choice when it comes to pricing and flexibility. However, one notable fee to be aware of is a $35 charge for all outgoing wire transfers.

Both the Interest Savings Account and the CD Account currently come with interest rates that are highly competitive. While the rate of awarded miles in the Mileage Savings Account appears to be a strong offer, it’s actually not as valuable as the cash interest options. Generally, American Airlines AAdvantage miles are worth only 1.5 cents each. However, this can vary depending on the market rates and how you use your miles.

Still, savers should compare the current annual percentage rate offered by Bask Bank savings accounts with the points-earning potential of the Mileage Savings Account to ensure they make the most of their savings.

Bask Bank high-yield savings account financial stability

Bask Bank's parent company, Texas Capital Bank, has received medium-grade quality ratings from independent financial analyst agencies. Moody's gives the bank a Baa3 rating, while Standard and Poor's gives the bank a BBB rating. Both of these ratings are considered to be in the medium range, indicating that Texas Capital Bank is relatively financially stable but not among the most secure banks in the country.

Bask Bank high-yield savings account accessibility

Availability

Bask Bank is available to customers in all 50 states. As it's an online-only financial institution, there are no physical branches of Bask Bank for customers to visit.

Contact information

You can reach Bask Bank customer service via email at customersupport@baskbank.com. You can also call Bask Bank at 833-260-4320. Customer support representatives are available Monday through Friday from 7 a.m. to 7 p.m. CT and Saturday from 9 a.m. to 4 p.m.

User experience

Bask Bank's website has a user-friendly design with intuitive navigation where you can easily open an account online, link accounts from other banks, transfer funds and review account balances.

The site also features detailed product pages, a mileage calculator, a lengthy FAQ section and a link to a terms and disclosures agreement that outlines the fine print associated with each account.

Bask Bank offers a mobile banking app for Android and iOS devices that allows customers to access their accounts on the go.

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Bask Bank high-yield savings account customer satisfaction

Most Bask Bank reviews on third-party sites tend to either give the bank a full five stars or only one to two stars, with not much in between. Many of the negative reviews tend to focus on issues with account setup and the application process, while positive reviews often mention high interest rates on savings accounts and helpful customer service.

The company is not accredited by the Better Business Bureau (BBB) and has received a C+ rating from the organization. With that said, Bask Bank has successfully closed out almost every complaint on the BBB platform and regularly responds to customer feedback.

Bask Bank high-yield savings account FAQs

Is Bask Bank safe?

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Yes, Bask Bank is an FDIC-insured online bank that offers an array of safe and secure savings account products.

Is Bask Bank legit?

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Yes, Bask Bank is a legitimate online bank that has been providing banking services since 1999.

Is Bask Bank FDIC insured?

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Yes, Bask Bank includes member FDIC on its page, indicating it is an FDIC member bank and all of its deposits are insured up to $250,000 per depositor.

Is Bask Bank a good savings account?

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Yes, because Bask Bank's savings accounts offer competitive interest rates with no monthly fees and no minimum balance requirements.

How we evaluated Bask Bank high-yield savings account

We evaluated Bask Bank based on a range of factors, including customer reviews, terms and conditions and advertised interest rates. In our research, we found the following to be the most important criteria:

  • Customer reviews: We looked at Bask Bank reviews and complaints to determine how satisfied customers are with Bask Bank's services.
  • Interest rates: We compared interest rates for Bask Bank's savings accounts to its competitors to see if they offered competitive yields.
  • Fees and balance requirements: We evaluated whether or not there were any monthly fees or minimum balance requirements associated with the accounts.
  • User experience: We looked at the overall user experience to make sure that customers had a good experience when setting up and using their savings accounts.
  • Accessibility: We researched how many states Bask Bank offers its services.
  • Types of accounts: We evaluated the different types of savings accounts that Bask Bank offers.
  • Withdrawal and transfer limits: We looked at the types of transfers and withdrawals users could make, and whether there were any limits associated with them.
  • Customer support: We evaluated Bask Bank's customer service options to make sure customers had access to help when they needed it.

Summary of Money's Bask Bank high-yield savings account review

Bask Bank offers a compelling range of savings account options, including a unique Mileage Savings Account that earns American Airlines AAdvantage miles instead of cash interest. The bank also stands out for its competitive interest rates, zero monthly fees and no minimum balance requirements.

On the downside, Bask Bank limits transfers on its savings accounts to six per cycle, while many other banks have eliminated this cap. Additionally, its limited certificate of deposit term lengths and absence of a checking account may not suit everyone.

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