Bask Bank Review: Competitive Rates and Innovative Savings Accounts
Review
Updated
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Bask Bank isn't as full-featured as some other online banks, but it offers a wide range of bank accounts, from checking to savings and CDs. Its APYs are competitive with the best high-yield checking accounts, savings accounts, and CDs, and it charges exceptionally low fees.
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These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
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Bask Bank could be the right fit for you if:
| Bask Bank Fee | Charge |
|---|---|
| Monthly account fee | $0 |
| Non-bank ATM fee |
Bask Bank provides access to more than 55,000 no-fee ATMs through the Allpoint® ATM network. Customers may be assessed a usage fee when using ATMs not owned by Bask Bank; the bank's website does not specify how much these non-bank ATM fees cost. |
| Overdraft fee | $0 |
| International transaction fee | $0 |
| Stop payment fee | $0 |
| Outgoing wire transfers |
Domestic wires: $20 online, $35 manual, International wires: $35 online, $50 manual |
| Account closure fee -- within 90 days of opening | $0 |
Bask Bank offers two unique savings accounts that reward customers in very different ways.
The Bask Interest Savings account is a traditional high-yield savings account with a competitive APY and no minimums to earn it.
Bask Interest Savings
The Bask Interest Savings account is a competitive online savings account with a high APY and no monthly account fees. But if you make regular cash withdrawals from savings, this account might not be the best choice -- it does not include an ATM or debit card.
Bask Interest Savings is unavailable on Motley Fool Money. All information was collected independently and not reviewed for accuracy or provided by the issuer. Some items may be out of date.
The Bask Mileage Savings Account is a unique alternative to a traditional savings account that could appeal to frequent air travelers. Instead of earning yield in the form of cash each month, the Bask Mileage Savings Account earns American Airlines AAdvantage® miles.
With this innovative savings account, you can earn 2 American Airlines AAdvantage® miles for every $1 saved annually in your account. Just like other frequent flyer miles, you can redeem these for future airfare purchases. However, the Bask Mileage Savings Account may not be the right fit for you if you travel infrequently or don't want to be limited to a specific airline.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 17, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Bask Bank CDs offer terms ranging from three to 24 months. The rates on Bask Bank CD accounts are competitive with the best CDs, and Bask Bank's $1,000 minimum opening deposit, while higher than what some other banks require, is not unreasonable.
But the bank doesn't currently offer any CDs with terms longer than two years, so it may not be the best option for those interested in CD laddering.
APY = Annual Percentage Yield
You get a few straightforward CD terms to choose from (from three months to two years), and a competitive APY from Bask Bank. But you will need to pony up $1,000 to open one of these CDs.
| 3 Mo. APY | 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY |
|---|---|---|---|---|---|
| 4.50% | 4.45% | 4.40% | 4.40% | 4.00% | 4.00% |
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.00%
|
Term:
10 Months
|
Min. Deposit:
$500
|
Open Account for LendingClub CD
On LendingClub's Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
If you want a checking account that earns interest, consider the Bask Interest Checking account. This checking account earns a high APY that is competitive with some of the best checking accounts. Sometimes this account offers new customer sign-up bonuses.
Bask Interest Checking
The Bask Interest Checking account offers a high APY and includes access to more than 55,000 surcharge-free ATMs. There is no minimum deposit required for this checking account.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
Bask Bank is a relatively small bank, and hasn't featured in large-scale customer satisfaction surveys, like those conducted by J.D. Power.
The bank currently has a B rating from the Better Business Bureau (although it is not BBB accredited), with 2 out of 5 stars on bbb.org based on customer reviews. Bask Bank gets 2.3 out of 5 stars with Trustpilot. Several customers complained about having difficulty opening savings accounts.
If you're comfortable with online banking and undaunted by a few bad reviews, the typical Bask Bank customer experience might not be reflected by a few negative comments on review sites. Bask Bank's star ratings on bbb.org and Trustpilot are actually better than many banks we've researched.
But if you want a bank with physical branches and a stronger, well-documented reputation for customer service, Bask Bank might not be the best choice.
Bask Bank offers a few ways to contact customer support:
Phone: Call 833-260-4320 to reach the customer support team six days a week, Monday-Friday from 7 a.m. to 7 p.m. CT, and Saturday from 9 a.m. to 4 p.m. CT. The customer support center is closed on Sundays.
Online request: Fill out an online form to send a request to Bask Bank customer support.
Secure message: Existing customers can send a secure message from within their Bask Bank account.
The Bask Bank mobile app lets you manage your accounts on the go, with typical must-have mobile banking features like setting up transfers, viewing balances, and contacting customer support. Unlike some banks' apps, the Bask Bank mobile app gets generally high ratings from iOS and Android users.
Here's how the Bask Bank mobile app stacks up:
Bask Bank is an online bank with no branch locations. You can get cash out of your Bask Interest Checking account by using one of the 55,000 surcharge-free ATMs in the Allpoint® ATM network, or by transferring money to an external bank account.
Here are a couple other banks you may want to consider if Bask Bank doesn't seem like the right fit for you.
Capital One offers a broad suite of banking products, including checking accounts, savings accounts, and CDs. It also has a variety of credit cards, including travel rewards credit cards. And it ranks highly in customer satisfaction surveys. If you want a brick-and-mortar bank with branches and Capital One Cafes, Capital One can be a good choice.
Discover® Bank is another online-only bank that's focused on slashing fees. Like Bask Bank, it doesn't charge maintenance fees on any of its accounts. It also offers a much broader variety of services, including CDs with longer terms and a checking account that pays you cash back on debit card purchases.
Yes, your money is safe with Bask Bank as it is FDIC insured, meaning deposits are protected up to $250,000 per depositor, per account ownership category.
No, Bask Bank operates entirely online and does not have physical branch locations.
Bask Bank is a division of Texas Capital Bank, which is a member of the FDIC.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
