Bask Bank is an online-only division of Dallas-based Texas Capital Bank. It offers interest savings and mileage savings accounts and a CD with four terms. The bank is also promoting an interest-earning checking account that's coming soon.
The Bask Interest Savings Account has no monthly fees and no minimum deposit or balance requirements. The account’s annual percentage yield (APY) is 5.10% as of May 20, 2024.
You’ll need to open an interest savings account before you can set up a Bask Mileage Savings Account. You can then earn 2.5 American Airlines AAdvantage® miles for every dollar saved annually with your mileage savings account. The account has no monthly fees and no minimum deposit or balance requirements.
CDs require a minimum deposit of $1,000, and you can choose from terms of six, 12, 18 or 24 months. APYs as of May 20, 2024, are 4.50% for the 18- and 24-month CDs, 5.15% for the 6-month CD, and 5.20% for the 12-month CD.
The bank offers customer support by phone or online only. Call 833-260-4320 from 7 a.m. to 7 p.m. Central time Monday through Friday and from 9 a.m. to 4 p.m. CT on Saturday. You can also send a secure message through your online account or complete an online form and get a response from a customer support agent.
The Bask mobile app provides quick account access as well. Use it to receive real-time transaction notifications, move funds between accounts, reschedule recurring deposits and reach customer support.
Bask Bank pros and cons
Pros:
• Competitive rates on savings account and CDs
• Chance to earn airline miles with mileage savings account
• No monthly fees and no balance requirements on savings accounts
Cons:
• No branch access
• No money market or checking accounts, though the bank says an interest-earning checking is coming soon
• No option to deposit cash
Straight Forward Bank
I have had a really good experience with this bank over the last year, which is not something I can often say about a bank. I really don't understand the bad reviews and I think they might even be from competitors. The app works well (look at the good reviews in the app stores) and it's one of the few banks were you can get a 4.5% interest savings account along with a checking, with the option to move cash back and forth. I once had to wait a fairly long time to speak with customer service (15 minutes), but that's not typical and it's rare that I have ever had to speak with anyone. But since I have never had any serious problems, I am not sure how their customer service would respond.
LOVE This Bank!
Cant believe the negative reviews. I have $250k invested here in their online savings which pays 4.5% currently. No bank pays more. I also just opened a checking account. Took 5 minutes. Easy to transfer money back and forth, link to Zelle etc. NO downside. FDIC insured.
2-Year Customer No Complaints
Had to chime in here due to all of the complaints. I have been a Bask customer since 2022 in both their AAMiles and their Savings accounts investing hundreds of thousands. Recently my adult daughter son opened AAMiles and Savings accounts instantly with zero issues on my recommendation. The AAMiles account is attractive because for only a $25 deposit, you can get a few miles per month deposited into your AAdvantage account to keep all of your accumulated miles from expiring. I have had no issues with external transfers and I typically average a 2 or 3 per month. I have even linked to Bask from Schwab and have no issues initiating transfers from Schwab. Bask has maintained one of the highest savings rates, even as those rates have fallen. I have taken the bait in the past at Ally, CIT, Citi, Dollar Savings Direct, with an initial high rate only to see those drop down way beyond competitive.
Interesting Experience
Opened account in less then five minutes so easy to open & easy to use so I am going fund from outside bank into this new account due to transaction amount limits & slow ACH times...when calling this bank hold times seem to be longer then ten minutes this is a issue in 2022...On a good note they do NOT charge overdraft fees that is nice cause to error is human!
Data as of Q4 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34383 |
| Year Established | 1997 |
| Employees | 1818 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.33% |
| Return on Equity - YTD | 2.84% |
| Annual Interest Income | $1.73B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $30.62B$28.31B |
| Loans | Q4 2024vs Q4 2023 | $22.18B$20.13B |
| Deposits | Q4 2024vs Q4 2023 | $25.42B$22.67B |
| Equity Capital | Q4 2024vs Q4 2023 | $3.6B$3.3B |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $271.7MM$250MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $115.1MM$100.9MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$0 |