Bask Bank Review : Exploring different banking options is a wise move as banks vary in the products, services, and pricing they offer. For those considering online banking, there’s a wide array of choices available. Popular options include CIT Bank, Discover® Bank, Marcus, Ally Bank, and Capital One. However, Bask Bank is another contender worth considering for many individuals.
Bask Bank, established in 1999 as a division of Texas Capital Bank, stands as one of the pioneering online banks in the nation. Its primary focus lies in savings accounts, a feature we’ll delve into shortly. For those in search of a new banking option, Bask Bank presents itself as a credible and worthwhile choice.
Review of Bask Bank products
Indeed, Bask Bank primarily offers two types of savings accounts along with certificates of deposit (CDs). Let’s delve into each of them in more detail.
Bask Bank Interest Savings Account
The primary savings account option provided by Bask Bank is the Bask Bank Interest Savings Account, which functions similarly to a standard savings account. It boasts comparatively high interest rates and is devoid of any fees. As of July 2023, the account offered interest rates reaching as high as 4.85% annual percentage yield (APY).
In terms of advantages and disadvantages, the absence of fees and the high interest rates stand out as major benefits. While there might be other accounts with competitive interest rates, Bask Bank’s rates are quite competitive. On the downside, customers are limited to one of each type of Bask’s savings accounts, and depositing cash may pose challenges as there’s no provision for cash deposits, and the processing times for mobile deposits can be relatively lengthy.
Would we recommend it? For avid savers, definitely. The impressive interest rate alone should place this account among the top contenders on your list.
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Bask Mileage Savings Account
Bask Bank’s second savings account option is the Bask Mileage Savings Account, which offers American Airlines AAdvantage® miles instead of traditional interest paid in U.S. dollars. Depositors earn two miles for each dollar saved annually, with the miles accrued daily and awarded monthly, according to the bank.
This account presents a distinctive savings opportunity, particularly advantageous for frequent travelers. However, if you typically stay closer to home, this account may not be the most suitable choice since it does not accumulate standard interest on deposits.
Therefore, we recommend opting for this account only if you’re a frequent traveler who can fully utilize the accrued miles. Otherwise, the Interest Savings Account may be a more suitable option.
Bask Certificates of Deposit (CDs)
Certificates of Deposit (CDs) differ from savings accounts in that they require you to lock up your funds for a set period in exchange for an attractive interest rate. Bask Bank, aside from its two savings account options, also offers CDs. These CDs have durations ranging from six to 24 months, with corresponding Annual Percentage Yields (APY) between 4.85% and 4% as of late March 2023. Additionally, there’s a minimum deposit requirement of $1,000 to open a CD account.
When considering the pros and cons of Bask Bank’s CD offerings, the primary potential drawback is the $1,000 minimum deposit requirement. On the positive side, there are four terms available with competitive rates, and no monthly fees. However, early withdrawal from the CD may incur penalties.
We recommend considering Bask Bank’s CDs if you’re seeking an alternative to savings accounts to grow your funds. With competitive rates and no monthly fees, it’s a favorable option, provided you don’t need to withdraw your funds prematurely.
An overview of Bask Bank’s overall features
Bank Fees
Bask Bank doesn’t impose monthly fees for its savings accounts or CD options. Since it exclusively offers savings accounts and CDs (without checking accounts), there are no overdraft or non-sufficient fund fees. The only fees charged by Bask Bank are for outgoing wire transfers, which amount to $35, or if a customer withdraws funds from a CD prematurely.
Customer Experience and Support
In terms of aggregated reviews of Bask Bank’s mobile app, it holds a rating of 3.3 out of 5 on the Google Play store for its Android version, and a rating of 3.5 out of 5 on the App Store for iOS users. Overall, users tend to rate it above average. Common grievances often revolve around the lag time associated with processing deposits and transfers, which can take up to five business days.
Regarding customer support and service, Bask Bank maintains a support team based in the U.S. that operates between 7 a.m. and 7 p.m. Central Time on weekdays, and from 9 a.m. to 4 p.m. Central Time on Saturdays. They can be reached at 833-260-4320 or via email at customersupport@baskbank.com.
Accessibility
In terms of overall accessibility, Bask Bank lacks physical branches or an ATM network. Consequently, customers can only access its services through the company’s website or mobile app.
Bask Bank also adheres to accessibility regulations for individuals with disabilities. According to a statement on the bank’s website, “As of our Quality Assurance testing on July 30, 2021, our live-user accessibility testers did not encounter any accessibility blockers that would deny a user using assistive technology from accessing the main content and functionality.”
Security
To ensure the security of user accounts, Bask Bank offers several protective measures, including two-factor authentication, the option to sign up for security alerts (such as password changes), and monitoring accounts for suspicious outgoing transactions.
Bask Bank’s history and reputation
As mentioned, Bask Bank generally receives above-average reviews, which is a positive indicator. While customers may express their concerns, there are numerous aspects to appreciate about the bank’s extensive history and overall reputation.
Being one of the pioneering online banks and being affiliated with a larger, conventional bank may provide some customers with added reassurance. In light of recent uncertainties in the banking industry, Bask Bank’s association with Texas Capital Bank contributes to stability amidst rapid changes.
Moreover, unlike some other banks that have experienced security breaches in the past, Bask Bank has thus far maintained a clean record. Most of the challenges customers encounter with Bask Bank typically revolve around common issues like the aforementioned extended processing times.
Who is Bask Bank for?
Bask Bank’s services cater primarily to savers and frequent travelers. Since the bank does not provide checking accounts, it may not be suitable for individuals requiring transactional services. However, for those seeking to accumulate interest on their savings or aiming to accrue significant airline miles, Bask Bank’s savings accounts present favorable options. Additionally, its CDs offer competitive rates and shouldn’t be overlooked for long-term savings goals.
How does Bask Bank compare
Here’s how Bask Bank compares across some key categories to some other big banks on the market:
| Bask Bank | CIT Bank | Discover® Bank | Marcus | Ally Bank | Capital One | |
|---|---|---|---|---|---|---|
| High-yield savings accounts | x | x | x | x | x | x |
| Certificates of deposit (CDs) | x | x | x | x | x | x |
| Checking accounts | x | x | x | x | ||
| Investment accounts | x | x | ||||
| Money market accounts | x | x | x | x | ||
| Monthly fees | x |
To expand your range of choices for savings accounts, consider researching other reputable banks and credit unions that may offer competitive interest rates and account features.
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Frequently asked questions (FAQs)
Q.1 Who owns Bask Bank?
Bask Bank, established in 1999, operates as a division of Texas Capital Bank, based in Dallas, Texas. Texas Capital Bank is a subsidiary of Texas Capital Bancshares, a publicly traded company listed on the NASDAQ exchange under the ticker symbol TCBI.
Q.2 Is Bask Bank FDIC insured?
Deposits held at Bask Bank are insured up to the standard limit of $250,000 per depositor by the Federal Deposit Insurance Corporation (FDIC).
Q.3 Is Bask Bank safe?
“Bask Bank is considered safe, much like other regional banks of its size. Depositors’ funds are protected by FDIC insurance, covering amounts up to $250,000 per depositor. This insurance ensures that even in the event of the bank’s failure, most customers would have their deposits protected. However, it’s important to note that Bask Bank, like other smaller banks, is not immune to risks inherent to the banking industry.”