Bask Bank Review 2023 Pros & Cons
Bask Bank Review 2023 Pros & Cons
Bask Bank: The Gateway to High-Yield Savings and Mileage Rewards
Welcome to Bask Bank, the online banking division of Texas Capital Bank! Looking to earn a high interest rate on your savings or accumulate American Airlines AAdvantage miles? Bask Bank has got you covered. In this article, we’ll explore the various offerings of Bask Bank, discuss the pros and cons, and compare it to other popular banks in the market.
How Bask Bank Works
Bask Bank offers two types of savings accounts: the Bask Bank Interest Savings Account and the Bask Bank Mileage Savings Account. Additionally, they have recently introduced Certificates of Deposit (CDs) to their product lineup. Unlike traditional banks, Bask Bank operates solely online, which means no physical branches, ATMs, or debit cards. All deposits and withdrawals are done through external bank accounts via bank transfers.
If you have any questions or concerns about your Bask Bank account, you can reach their customer support from 7 a.m. to 7 p.m. CT on weekdays and 9 a.m. to 4 p.m. CT on Saturdays. Rest assured, your deposits with Bask Bank are FDIC insured through their parent company, Texas Capital Bank, promising security up to $250,000.
Bask Bank Interest Savings Account: High Yield with Limited Access
The Bask Bank Interest Savings Account offers a competitive interest rate that surpasses what many traditional and high-yield savings accounts currently offer. If you’re looking for a savings account with no monthly service fees or minimum balance requirements, this could be the perfect fit for you. The only drawback is that accessing your funds is a bit restricted. To deposit or withdraw money, you’ll need to link an external bank account and initiate a transfer.
Bask Bank Mileage Savings Account: Fly High with American Airlines
For frequent travelers, the Bask Bank Mileage Savings Account is a remarkable option. With this unique account, you can earn 2.5 American Airlines AAdvantage miles for every $1 saved annually. These miles can be redeemed for various travel perks, including flights, hotel bookings, flight upgrades, transportation rentals, and vacation activities. Don’t forget to provide your AAdvantage account number to start reaping the benefits of this account.
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Special Offer (valid until August 31, 2023): If you make new deposits of at least $10,000, $25,000, or $50,000 and maintain the balance for 180 consecutive calendar days, you can earn an additional 4,000, 10,000, or 20,000 American Airlines AAdvantage bonus miles respectively.
Bask Bank Certificates of Deposit: Secure Your Future with Competitive Rates
Bask Bank has recently entered the world of Certificates of Deposit (CDs). They currently offer four CD options: 6-month, 12-month, 18-month, and 24-month terms. These CDs offer competitive interest rates, providing a secure and reliable way to grow your savings. It is important, however, to carefully review the early withdrawal penalties associated with each term, as they may be slightly higher compared to other banks.
Bask Bank Trustworthiness and BBB Rating
When exploring the credibility of a bank, it’s valuable to consider their track record. Bask Bank has not been involved in any recent public settlements, indicating a positive stance in the industry. Furthermore, we utilize ratings from the Better Business Bureau (BBB) to gauge customer satisfaction. Bask Bank itself has received a D- rating due to 13 customer complaints on the BBB website, of which none have been addressed by the bank. However, their parent company, Texas Capital Bank, holds an impressive A+ rating from the BBB. Keep in mind that BBB ratings are not the sole indicator of an ideal company, so referring to other customer reviews and testimonials is always a good idea.
Comparing Bask Bank to Other Options
To give you a better idea of how Bask Bank stands against competitors, let’s compare it to two popular banks in the market – Bread Savings and Marcus.
Bask Bank vs. Bread Savings
If you’re a frequent traveler, then the Bask Bank Mileage Savings Account is the clear winner. Earning American Airlines AAdvantage miles on your savings is a perk that sets this account apart from most savings options. When it comes to high-yield savings accounts or CDs, the choice could be a bit more subjective.
The Bask Bank Interest Savings Account and Bread Savings High-Yield Savings Account are quite evenly matched, with the only notable difference being the minimum opening deposit. Bread Savings requires a minimum deposit of $100, while Bask Bank has no minimum deposit requirement. As for CDs, it depends on your preferred term. Bread Savings offers more options, but a minimum deposit of $1,500 is needed, while Bask Bank offers four CD terms with a minimum deposit requirement of $1,000.
Bask Bank vs. Marcus
If earning a high interest rate is your core objective, then Bask Bank triumphs over Marcus. The Bask Bank Mileage Savings Account currently pays a higher interest rate than the Marcus High Yield Online Savings Account. Marcus, however, provides a wider range of CD options, including the unique Marcus No-Penalty CD that doesn’t charge early withdrawal penalties. Your preference between the two will depend on the specific CD terms you are seeking.
Conclusion
Bask Bank offers an enticing opportunity for individuals who prioritize both high-yield savings and mileage rewards. With its competitive interest rates, easy account management, and access to American Airlines AAdvantage miles, Bask Bank presents a strong case for individuals looking to elevate their banking experience.
Whether you’re a frequent traveler or seeking a reliable savings account or CD, Bask Bank has options that cater to your needs. While it’s always beneficial to consider other banks, Bask Bank stands tall in terms of the benefits it offers. So why not take that leap and explore the world of high-yield savings and mileage rewards with Bask Bank?
Note: Our experts answer readers’ banking questions and write unbiased product reviews. In some cases, we receive a commission from our partners, but our opinions are our own. Terms and conditions apply to offers listed on this page. For more information, please refer to our bank account bonuses and promotions guide and best savings accounts guide.
