Bask Bank Account Basics
Two savings account options and a certificate of deposit (CD)—that’s all you’ll find at this online bank. There is no Bask Bank checking account. But what it lacks in quantity, it makes up for in rewards. Here’s an overview of each account.
Annual percentage yields (APYs) and account details are accurate as of April 22, 2024.
Savings
If your goal is to earn as much free cash as possible, the Bask Interest Savings Account might be right for you. It earns one of the highest savings rates in the country— offering a 5.10% annual percentage yield (APY).
If you’re a bonafide jet-setter who prefers American Airlines, you might want to consider the Bask Mileage Savings Account. With it, you earn AAdvantage miles at a rate of 2.5 American AAdvantage miles per dollar saved.
Plus, the bank often runs an AAdvantage mile bank bonus for new customers who open a Bask Mileage account and meet certain deposit requirements.
Neither Bask Bank savings account has monthly fees or minimum balance requirements. The only time you’ll pay a fee is if you need to make an outgoing wire transfer, which will run you $35 per transaction.
But let’s make one thing clear—these are barebones accounts. You won’t find any special savings tools or ATM cards. And you can only withdraw funds by transferring money to an external bank account. Still, these accounts are a great option if your primary goal is to leave your savings untouched so you can earn a lot of money (or miles).
CDs
Bask Bank also has CDs, but there are only four term options to choose from: six months, 12 months, 18 months and 24 months. Still, yields are competitive.
If you’re considering a Bask Certificates of Deposit, keep in mind you’ll need to fund your account within 10 days of opening and with a $1,000 minimum opening deposit. Once a Bask Bank CD matures, you have a 10-day grace period to withdraw your money or make changes. If you do nothing, your CD will automatically renew for the same term.
As with most CDs, you’ll pay a penalty if you withdraw any or all money early, which is why it’s wise to only open a CD account if you’re confident you won’t need the money during that time.
| CD Term | APY |
|---|---|
|
6 Months
|
5.15%
|
|
12 Months
|
5.20%
|
|
18 Months
|
4.50%
|
|
24 Months
|
4.50%
|
Other Bask Bank Products
Bask Bank doesn’t offer any other products—just savings accounts and CDs. This means you won’t find any Bask Bank checking accounts, credit cards, loans, business accounts or investing and wealth management accounts.
Access on the Go
The Bask Bank Mobile app is designed to help you manage your accounts on the go, from anywhere in the world. The app is available in the App Store and Google Play and earns average ratings compared to other banking apps.
With the Bask Bank app, you can:
- Check balances
- Track earned airline miles
- Calculate how many miles you could earn based on your balance
- Open new accounts
- Set up recurring deposits
- Transfer funds
- Deposit checks
- Update your account information
Interested In Competitive Savings Rates Or Certificates of Deposit?
On Bask Bank's Website Member FDIC
How Bask Bank Stacks Up
Because Bask Bank is an online institution, it’s often compared to Ally Bank, CIT Bank and other online-only banks. If your sole goal is to earn as many airline miles as possible, then Bask Bank is a no-brainer. But if you’re looking for other perks, one of these three institutions may be a better fit.
Bask Bank vs. Ally
Ally Bank has far more products than Bask Bank. You’ll find a checking account, a money market account and more CD options, including Raise Your Rate CDs, No Penalty CDs and IRA CDs.
While rates are competitive across both institutions, Bask Bank’s yields come out on top. However, Ally’s savings account reigns supreme if you’re looking for helpful savings tools. You can set up “savings buckets” for goals, save spare change from your debit card purchases, set up recurring transfers and more.
Bask Bank vs. Capital One
Similar to Ally, Capital One has more products than Bask Bank. You’ll find checking and savings accounts for kids, teens and adults and CDs—all of which have no monthly fees. Capital One also has credit cards, loans, business accounts and built-in budgeting tools to help you manage your money.
The only downside is that Capital One has slightly lower interest rates than Bask Bank. But in exchange, you gain access to more products and tools.
Bask Bank’s six-month and 12-month CDs have better yields than Capital One’s counterparts, but Capital One has better yields on its 24-month and 36-month CDs. Plus, you get more term options with Capital One.
Bask Bank vs. CIT Bank
Once again, you get more variety with CIT Bank, including checking accounts, savings accounts, money market accounts, no-penalty CDs, ramp-up CDs and more.
However, things aren’t as simple with CIT Bank as they are with Bask Bank. Many of CIT Bank’s accounts require a minimum $100 deposit to open. Then, to earn the highest advertised interest rate, you need to maintain a minimum $25,000 balance or deposit at least $100 monthly.
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Frequently Asked Questions (FAQs)
Is Bask Bank a legitimate bank?
Yes, Bask Bank is a legitimate institution. It’s a part of Texas Capital Bank, which is a member of the FDIC. This means that if Bask Bank were to close or file bankruptcy, you would receive all your money back, up to the federal limits.
Do I need money to open a Bask Bank account?
You’ll need at least $1,000 to open a Bask Bank CD, and you don’t need any money to open a Bask Interest Savings or Mileage Savings account. However, you’ll want to make a deposit—even if it’s just $1—within the first 15 days after opening the account. Otherwise, the bank may close your account.
What is Bask Bank’s routing number?
Bask Bank’s routing number is 111026177.
How does Bask Bank calculate earned airline miles?
Bask Bank calculates how many miles you’ve earned using your average monthly account balance. In other words, the bank adds up your daily balances for the month, then divides that total by the number of days in that month. Bask Bank credits miles to your account monthly.
