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Bask Interest Savings Review: A Simple High-Yield Savings Account With No Fees

Review Updated
Brittney Myers
Author: Brittney Myers
Brittney Myers
Brittney Myers
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Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
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Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

From an interest rate standpoint, this is a remarkably competitive savings account. The Bask Interest Savings account has a fantastic APY, no monthly account fees, and no minimum balance requirement, making it accessible for most folks looking to capitalize on rising rates.

You'll have to make a few compromises, however, like forgoing a debit card and ATM access. Check out our full Bask Interest Savings review for all the pros and cons.

Ratings Methodology
Rates as of Dec 20, 2024

Bask Interest Savings

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
APY
4.65%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fees or minimum balance requirements
  • Mobile app
  • No debit or ATM cards
  • No cash deposits
  • No new account bonus
  • Must make first deposit within 15 days

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.

Compare savings rates

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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. 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
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Bask Interest Savings interest rate

Account APY Minimum Deposit
Bask Interest Savings 4.65% $0
Data source: Bask Bank.

Bask Bank's Interest Savings has one of the highest APYs we've seen. Even if you're starting with minimal savings, you can open this account (there's no minimum deposit required) and watch your money grow with interest.

Full Bask Interest Savings review

Take a look at the pros and cons of opening a Bask Interest Savings account.

Top perks

4.65% APY: The APY (annual percentage yield) shows how much interest you can earn on your savings and accrued interest in one year. The Bask Interest Savings account's APY stands out from the competition.

No monthly maintenance fees: You won't be stuck paying an extra fee just to keep your account open. This means all that interest won't be eaten away by maintenance fees.

No minimum balance requirements: Unlike some accounts, a Bask Interest Savings account isn't just for high rollers. You can open an account with any amount, so long as you fund your account within 15 days.

Well-rate mobile app: You can check your balance and deposit checks right through the mobile app. It's available for both Android and iOS.

Joint accounts available: Want to open a Bask Interest Savings account with a family member? Good news, you can add a joint owner. Both owners need to be 18 or older, have acceptable ID, and have a mobile device handy for verification.

FDIC insured: Rest assured that your deposits are insured, up to $250,000, by the FDIC. Bask Bank is a division of Texas Capital Bank, a member of FDIC.

What could be improved

No debit or ATM card: Bask Bank doesn't provide ATM or debit cards. As such, your options for withdrawing funds are mostly limited to electronic transfers. On the plus side, Bask Bank doesn't charge fees for ACH transfers.

No cash deposits: You can't deposit cash into your Bask Interest Savings account. Your options are limited to check deposits through the app, electronic transfers, or external wire transfers.

No new account bonus: Some banks offer cash bonuses for opening and funding a new account. Unfortunately, we haven't seen such an offer for the Bask Interest Savings account.

Can't remove joint owners: While it's nice to have a joint owner on your Bask Interest Savings account, make sure they're in it for the long haul. You can't remove a joint owner without closing the account.

Must make a deposit within 15 days: Although there's no minimum balance requirement for your Bask Interest Savings account, you need to make at least the initial deposit within the first 15 days. Accounts that do not receive a deposit in that time will likely be closed.

How to access your money

Although Bask Bank is a subsidiary of Texas Capital Bank, Bask Bank itself doesn't have physical branches. There are still a range of options for depositing and withdrawing funds, however.

Deposit options

You can deposit money into your Bask Interest Savings account a few ways:

  • Electronic transfer from a linked bank account
  • Deposit a check using Mobile Deposit through the app
  • Initiate a wire transfer from another bank account

Electronics transfers from linked accounts are processed as an ACH transfer. They can take between one and three business days to process. Your funds should be made available within three business days, but they can take up to five business days after the transfer completes to become available.

Checks deposited through the mobile app must be payable to the account owner and properly endorsed. They are typically available one business day after they are received. The exception is for new accounts; if your account is less than 30 days old, personal checks may take up to nine business days for funds to become available.

Wire transfers are different from ACH transfers. Funds from wire transfers are generally made available on the business day they are received, unless there is an applicable exception.

Withdrawal options

Although you can't hit the ATM to get money from your Bask Interest Savings account, you do have a few options:

  • Electronic bank transfer to a linked account
  • Wire transfer to another institution (fee applies)
  • Receive a cashier's check through the mail

The simplest way to move money from your Bask Interest Savings account is to initiate an ACH electronic transfer to a linked bank account. Using this method, the funds should be available in your linked account within three business days, on average (it may take up to five).

Additionally, you can choose to initiate an outgoing wire transfer. With this method, funds are typically transferred the same business day. Keep in mind that outgoing wire transfers are subject to a $35 fee from Bask Bank, and may also be subject to fees at the receiving institution.

Lastly, you can request a withdrawal in the form of a cashier's check sent by mail. These requests are typically processed within three business days. The check will be sent to the mailing address on file. It can take seven to 10 business days to receive your check in the mail.

Bask Interest Savings is right for you if:

If your only concern with your savings account is a high APY, the Bask Interest Savings is a solid option. The APY is well above average, there are no account minimums, and no monthly maintenance fees. Your money can sit securely in this FDIC-insured account and grow.

On the other hand, that high rate comes with some limitations. You won't be able to get your money quickly, as there is no ATM access or debit card. And you can't simply hit the local branch, as Bask Bank doesn't have any. If quick access to cash is important, you may need to consider your other options. You can compare other choices on our list for the best high-yield savings accounts.

Keep reading about Bask Bank:

Our savings account methodology

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • The current APY for the Bask Interest Savings account is 4.65%.

  • Like most banks, Bask Bank pays out interest on a monthly basis. You should receive your interest payment on the last day of your statement cycle.

  • Yes, this account is as safe as any other regional bank account. Bask Bank is a division of Texas Capital Bank, which is a member of FDIC, and so your savings are insured to the standard $250,000 cap.