Bask Bank Interest Savings Account Is New Rate Leader

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Deal Summary: Bask Interest Savings Account, 2.02% APY, no minimum opening deposit, must be funded within 60 days.

Availability: Nationwide (internet bank)

The Bask Bank June blog post led with “It’s a post-pandemic first: 1.50% APY on a nationally available savings account.” Five weeks later, that lede is certainly out-of-date: there have been a lot of changes in savings account rates peloton since mid-June, with a handful of banks contending for the top APY. As of yesterday, Bask Bank is again the rate leader, offering 2.02% APY on its Bask Interest Savings Account. There is no minimum opening deposit or stated balance cap.

A Little History

For the last couple of years, Bask Bank (internet division of Texas Capital Bank) offered only one savings account, the Bask Mileage Savings Account, which earned a single American Airlines AAdvantage® mile for every dollar saved annually. In October 2021, the Bask Interest Savings Account was launched with a 0.60% APY, but could only be opened by existing Bask Mileage Savings Account holders. In January 2022, the Bask Interest Savings Account was made available to new customers on a nationwide basis.

The nationally available Bask Interest Savings Account earned 0.70% APY on all balances in January, with 10 bps added in the beginning of April and an additional 45 bps added in May. Since mid-June, the Bank Interest Savings Account has added a total of 77 bps.

The FAQs and the Terms and Disclosures document on Bask Bank’s website are quite good and well worth the read. The following is a portion of the information available.

FAQs

How can I fund my account?

    You have several options to fund your account:

    • You can initiate a transfer from the Bask Bank website or mobile app. This will process as an ACH that withdraws money from your account at another bank and deposits it to your Bask Bank account.
    • You can deposit a check using the Mobile Deposit feature of our mobile app. The check must be made payable to you and must be properly endorsed.
    • You can initiate a Wire Transfer from your account at another bank.

What are my online transfer limits?

    Online transfers are limited to a maximum of:

    • $150,000 per transaction
    • $250,000 per day
    • $300,000 per month

    Customers can make up to six online transfers per month for a maximum total of $300,000.

    These limits are only applicable to transfers originated from your Bask Bank online banking. Transfers that originate from another financial institution are not subject to the same limitations.

How long does it take for a transfer to process?

    It may take 1 to 3 business days for a transfer to process.

Are there any transfer fees?

    There are no account fees associated with your account with Bask Bank, including transfers to and from.

Beneficiaries

Since I wrote about Bask Bank in June, the FAQs have expanded and now include information about beneficiaries.

How can I add or change beneficiaries?

    You can add up to five beneficiaries through your online banking. […] To add a beneficiary, you will need their 1-Full Legal Name of individual(s), 2-Date of Birth, and 3-Social Security Number. Please note that all beneficiaries added will have equal allocations and cannot be contingent beneficiaries at this time.

A Forum post initiated by DA reader, midas89 (I got it right this time) provides more information about beneficiaries, including how the number of designated beneficiaries can affect FDIC insurance.

The FDIC will increase your insurance as long as you add two or more people to the account that will receive the money in the event you die. Do not do two separate accounts. Just have 1 account, and add the beneficiaries. As you know, if it is you payable on death to 2 people, your FDIC insurance will be $500,000.

This Forum post is well worth the read, complete with easily understandable explanations and examples. Many thanks to midas89 and the many other DA readers who participated in the latest Bask Bank Forum post.

Terms and Disclosures

Compounding and Crediting Frequency – Interest is compounded daily and is credited to the Account on the last day of the statement cycle.

Effect of Closing an Account – If the Account is closed before or on the last day of a statement cycle, accrued interest for that period will not be paid.

Minimum Balance to Open the Account – There is no minimum balance required in order to open a Bask Interest Savings; however, accounts that do not receive an initial deposit within sixty (60) days may be closed.

Transaction Limitations – Transfers from a Bask Interest Savings Account to another Account or to Third Parties by preauthorized, automatic, telephone, or computer transfer are limited to 6 (six) per month. No transfers by Check, draft, debit card, or similar order to Third Parties are permitted.

Outgoing Wire Transfers – $35.00 (may be subject to receiving bank charges).

Fund availability: Readers have complained about the time it takes for funds to become available. According to the Terms and Disclosures:

For ACH Entries originating from Bask Bank through your linked external account, funds will be made available no later than five (5) Business Days after the Settlement Date of such items.

Availability

Headquartered in Dallas, Bask Bank is the newest online division of Texas Capital Bank. U.S. citizens/resident aliens, 18 years or older, with a valid Social Security number and a government issued ID are eligible to apply for a Bask Interest Savings Account. Bask Bank still does not offer joint-ownership accounts.

Opening a Bask Interest Savings Account must be done online, with an “Open An Account” button located on every page of Bask Bank’s website.

Bank Overview

Bask Bank is a division of Texas Capital Bank and operates under Texas Capital Bank’s FDIC Certificate. As stated on Bask Bank’s website, ”Bask Bank and BankDirect are divisions of Texas Capital Bank. The sum of your total deposits with (i) Bask Bank, (ii) BankDirect, and (iii) Texas Capital Bank are insured up to $250,000. Additional coverage may be available depending on how your assets are held.”

Bask Bank/Texas Capital Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 2.01% (excellent) based on March 31, 2022 data. The Bank has an above average capitalization level (10.43%), the result of holding $31.08 billion in assets with $3.24 billion in equity. Please refer to our financial overview of Bask Bank/Texas Capital Bank (FDIC Certificate # 34383) for more details.

Texas Capital Bank was established in late 1997 as Resource Bank, N.A. Less than two years later, the bank’s first internet division, BankDirect, made its debut in May 1999. Bask Bank was launched in January 2020, offering a savings account that uniquely awarded AAdvantage® miles instead of interest. Texas Capital Bank is currently the sixth largest bank headquartered in Texas and the 67th largest bank in the country, with assets in excess of $31 billion and more than 35,000 customer accounts.

My first blog post about BankDirect was published in 2011 and was a review of its Mileage Checking Account. Texas Capital Bank will be retiring BankDirect in a few days, as explained by a notice at the BankDirect website:

We wish to inform you that effective Monday, July 25, 2022, we will be retiring the BankDirect brand and transitioning all open accounts to BankDirect’s parent company, Texas Capital Bank.

BankDirect customers also have the option of closing their BankDirect account(s) and requesting a balance transfer to Bask Bank.

How the Bask Interest Savings Account Compares

When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit, and do not have small balance caps, the Bask Bank Bask Interest Savings Account APY currently ranks first.

The above information and rates are accurate as of 7/21/2022.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

Related Pages: Houston savings accounts, Dallas savings accounts, Austin savings accounts, San Antonio savings accounts, savings accounts, nationwide deals, Internet banks

Comments
midas89
  |     |   Comment #1
Thank you, Ken. (Oh, and I did laugh when reading your personal comment.)

You did a great summary of Bask here, and I can report that since I created my account with Bask on June 1st, my experience has been positive. Bask has been a good choice. Easy sign-up.
Ken Tumin
  |     |   Comment #16
Thanks midas89! and thanks for sharing your experience with Bask Bank. Glad to read your experience has been positive.
enduser
  |     |   Comment #2
Ditto, very positive experience with Bask also. No issues with Bask, just Ally had blocked my transfers to Bask for unknown reasons. They cost me two weeks of higher interest at Bask, and took their sweet time to unblock the transfers. They only unblocked the transfers after I filed a dispute against them, and provided a letter from Bask that I own the account in question.
sharon907
  |     |   Comment #4
Where did you file your complaint?

I always ask to speak with the Compliance Department. The drone at Marcus / Goldman didn't know banks have a compliance department.

Too Big to Fail, means never being accountable.
enduser
  |     |   Comment #6
Ally is controlled by the CFPB as told by the federal reserve. Here is a cut and paste from their email reply.

"From: Federal Reserve Consumer Help
Subject: Federal Reserve Consumer Help Center Acknowledgement

July 5, 2022

Dear Mr. xxxx

This e-mail is to acknowledge our receipt of your correspondence on July 1, 2022.

Please be advised that the entity you are inquiring about is subject to oversight by the Consumer Financial Protection Bureau (CFPB) for certain consumer protection laws and regulations.

Please contact the CFPB directly to submit your complaint online at: www.consumerfinance.gov/complaint. You can also reach the CFPB at:

Consumer Financial Protection Bureau
PO Box 27170
Washington, DC 20038

Website: www.consumerfinance.gov"
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Choice
  |     |   Comment #12
“Ally is controlled by the CFPB as told by the federal reserve”. What does that mean?  Enduser, your word or CFPB?  Anyone?  Who cares….no one?   That’s why it was used.  Let’s vote on why it was used. Got it!
sharon907
  |     |   Comment #13
I think he means he contacted the federal reserve, who then referred him to cfpb.

who cares.
midas89
  |     |   Comment #14
@Choice, I would hope that the majority of Deposit Accounts readers would be wise enough to understand exactly what @enduser was trying to convey. I knew that @enduser was not speaking literally specifically when he wrote the word controlled' ... but that @enduser was being figurative. Hopefully you can just let this go and move on since it really isn't all that serious an issue.
gpagpa01
  |     |   Comment #3
For those opening, when Bask went to 1.5% in June there were a bunch of new accounts added, the call hold time always stated more than 10 minutes, but if want can call you back. They do call back, but on a couple occasions, when they called it would ring once and then get disconnected. I've added them to my contacts so the phone does not think its a spam call. When it did happen, they could call back another time. Also, the secure messages do take some time to get a response so be pre warned. When pushing funds to external account, the funds were there later in that afternoon, but I'm not sure if that has to do with receiving bank also, but it was Citizens Bank. Another quirk is that the transaction page does not have a running account total with each transaction, just a number on the top. The description of the transction also does not reference where it came from or went to. That's a lot to accept just for a high rate, but I'm willing to let it percolate for the time being since I have other external banks with high transfer limits to pull funds out if needed.  They seemed to be aggressive with the rate increases, going from 1.51 to 1.61 then to 2.02 (not sure of the actual APY) and I was just waiting, with confidence that they would increase.  I had passed on opening at Brio 1.8% and My Banking Direct 2.02% just because I had just opened the Bask.  Previously, funds were at SoFi and their inability to allow beneficiaries was concerning, only because of the FDIC insurance limit.  It has been a positive experience so far.  I'd give it 4.5 stars out of 5.
midas89
  |     |   Comment #5
@gpagpa01 Of course, as interest rates have climbed so fast, a lot of these banks just cannot quickly handle so many new accounts and phone calls and messages, so I know I got lucky that when I submitted my Beneficiary request via Secure Message, they responded to me next day. Also, yes there is no running balance total next to the transactions when looking at online banking. They do, however, include the running balance total on the monthly statements.
Rickny
  |     |   Comment #9
Mybanking Direct is now showing a 2.02% APY rate on their homepage vs the old rate of 2% APY.  So we have a tie now.
goldsheet
  |     |   Comment #15
Mph bank also at 2.02%
Three way tie !
Yarhead
  |     |   Comment #17
In terms of the reported delays on ACH transfers, is that also the case if the ACH is initiated from an external institution?
gpagpa01
  |     |   Comment #18
I have not experienced any delays on either method of pushing or pulling funds. When pushed from external account, it is there next day as Available balance, but differs from current balance till the next day. When pushing from Bask, the funds in some instances are at the external bank later in the afternoon, of course YMMV.
midas89
  |     |   Comment #21
@Yarhead, I second what @gpagpa01 shared. I have experienced no delays when initiating ACH transfers in or out from my external banks to or from Bask.
Hojo20
  |     |   Comment #19
My CFG account went up to 2.03% today, so there's a new rate leader!!
midas89
  |     |   Comment #20
@Hojo20 Since APY is typically what is posted, please know that CFG now has an APY of 2.05%.

It's fun watching the "Interest Rate Wars" :)
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Laptopuser44
  |     |   Comment #25
We need 10 percent interest rates in the savings accounts as inflation is like 9 percent now. I was better of before covid when inflation was nothing and I was getting a little more than nothing in the bank. Stuff was cheap then from toothpaste to cars.
Choice
  |     |   Comment #26
Perhaps one needs a better savings plan that accounts for the ups and downs. Reduce your expenses! One never got "rich" off of CD rates...got it?   Capital preservation works for most.  Yet, add to the capital to compensate for inflation or low rates, if needed, ie don’t retire until one can generally manage ups/downs.
deplorable_1
  |     |   Comment #27
Funny Choice everyone who told be that you won't get rich on savings accounts and CD's is now broke or in debt. I guess they forgot about stock and housing crashes not to mention compound interest over a 40 year time period. ; )
craig10x
  |     |   Comment #28
Anyone considering opening Bask Bank should be aware that all they have an excellent online set up it is IMPOSSIBLE to ever contact Customer Service if you need to...Secure emails take about two weeks for a reply and if you phone you could wait on the call for hours and no one will pick up and if you leave a message for them to call you back...you never get one...

I just wrote an email to their parent bank which is Texas Capital Bank to make them aware of this and hope they will do something about it...

Imagine, for example...you get locked out of your account...you would have no one to call to do anything about it...Right now it is a nice set-up but with ZERO CUSTOMER SERVICE,,,
I suggest Ken try calling them during the week and he will see what i mean...
paulR
  |     |   Comment #29
I got locked out of the account, it took 22 mins for someone to come on the phone and unlock it. I am back into the account
das1996
  |     |   Comment #30
Anyone having issues linking cfg bank to bask? When I add the cfg acct/routing # to bask, it pops up a dialogue box showing unauthorized.
Bask Bank Interest Savings Account Rate Jumps To New Heights
Deal Summary: Bask Interest Savings Account, 1.50% APY, no minimum opening deposit.

Availability: Nationwide (internet bank)

It’s a post-pandemic first: 1.50% APY on a nationally available savings account.

Texas-based Bask Bank added 25 bps to its Bask Interest Savings Account yesterday, boosting the rate to 1.50% APY. The Bask Interest Savings Account has no minimum opening deposit or stated balance cap.

For the last couple of years, Bask Bank (internet division of Texas Capital Bank) offered only one savings account, the Bask Mileage Savings Account, which earned a...

Continue Reading
Bask Bank Interest Savings Account Soars To Rate Leader Level
Deal Summary: Bask Interest Savings Account, 1.25% APY, no minimum opening deposit.

Availability: Nationwide (internet bank)

Customers of Bask Bank received a cheerful email yesterday.

For the last couple of years, Bask Bank (internet division of Texas Capital Bank) was offering only one savings account, the Bask Mileage Savings Account, which earns a single American Airlines AAdvantage® mile for every dollar saved annually. In October 2021, the Bask Interest Savings Account was launched with a 0.60% APY, but could only be opened by existing Bask Mileage Savings Account holders....

Continue Reading
Bask Bank Interest Savings Account Is A Rate Leader Again
Deal Summary: Bask Interest Savings Account, 0.80% APY, no minimum opening deposit.

Availability: Nationwide (internet bank)

At the beginning of the year, Bask Bank (internet division of Texas Capital Bank) raised the rate on its nationally available Bask Interest Savings Account to 0.70% APY. (For several weeks in January and February, Bask Interest Savings Account had the highest rate offered on a nationally available savings account not limited by a small balance cap.)

On April 1, Bask Bank added another 10 bps to the Bask Interest Savings Account, upping the...

Continue Reading
Bask Bank Offers Top Savings Account Rate Nationwide
Deal Summary: Bask Interest Savings Account, 0.70% APY, no minimum opening deposit.

Availability: Nationwide (internet bank)

The last few days of any given month are usually quiet rate-wise, so I was pleasantly surprised when Texas-based Bask Bank (internet division of Texas Capital Bank) raised the rate on its nationally available Bask Interest Savings Account to 0.70% APY on all balances. There is no minimum opening deposit or stated balance cap.

For the last couple of years, Bask Bank was offering only one savings account, the Bask Mileage Savings Account,...

Continue Reading


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