This Bask Bank Review is in partnership with Bask Bank.
Are you looking for a savings account that will allow you to travel more and help you diversify your savings?
Bask Bank offers a new and unique way to save money. With a Bask Bank Savings Account, you can actually earn airline miles instead of interest just by saving your money in a savings account.
Yes, Bask Bank will pay you to save!
Bask Bank is helping people reach their savings goals by offering three ways to save – a Mileage Savings Account rewards account holders with 2 American Airline AAdvantage® miles for every $1 saved annually, an Interest Savings Account that earns 15 times the national average APY* (as of December 1, 2022, you can earn 3.85% APY with the Bask Bank Interest Savings Account) and a Certificate of Deposit Savings Account.
That is a very competitive interest rate and one of the highest that I have ever seen.
Sounds great, right?
If you have questions, such as the below, then this Bask Bank Review is for you:
- What is Bask Bank?
- Is Bask Bank safe?
- Can Bask Bank help me travel more?
- What is the Bask Bank Mileage Savings Account?
- How many American Airlines AAdvantage® miles do I earn with a Bask Mileage Savings Account?
- Is Bask Bank FDIC insured?
Bask Bank Review
What is Bask Bank?
Bask Bank is the online-only bank division of Texas Capital Bank, Member FDIC, based in Dallas. Texas Capital Bank launched the first online-only savings bank in the U.S. back in 1999.
Bask Bank rewards customers through their mileage program for saving, instead of spending, which is so refreshing to see!
Bask Bank is a bank with savings accounts that allow you to earn a competitive interest rate or airline miles, has 5-star customer support, and no monthly account fees.
What types of savings accounts does Bask Bank offer?
What is the Bask Bank Mileage Savings Account? How many American Airlines AAdvantage® miles do I earn with a Bask Mileage Savings Account?
The Bask Mileage Savings Account is the only savings account that earns American Airlines AAdvantage® miles, which is 2 miles for every $1 saved annually.
So, if you put $10,000 initially into this account, along with a $1,000 recurring monthly deposit, after 12 months you would then have 31,000 AAdvantage® miles.
Or, if you simply just put $10,000 into this account as your initial deposit and didn’t touch it after, you would then have 20,000 miles after 12 months.
If you are looking for a way to earn miles, then this is a very easy way to do so – you are simply rewarded for saving money in a bank savings account.
There is also currently a Bask Bank promo bonus in which you can earn 5,000 AAdvantage® Loyalty Points when you deposit $25,000 if you are a new Bask Mileage Savings Account customer and open an account before December 15, 2022 (Note: you also need to fund your account within 15 calendar days of opening your account, as well as maintain a minimum daily account balance of $25,000 for 90 consecutive days). You can read the full terms and conditions of the bonus here.
What can I do with my American Airlines AAdvantage miles? Can Bask Bank help me travel more?
Miles that you earn through your Bask Mileage Savings Account will be added to your American Airlines AAdvantage® account.
You can use these AAdvantage® miles like others you earn from American Airlines AAdvantage® partners.
You can redeem the miles that you earn for flights, upgrading your airline seat, hotel stays, and more. The more you save in your Bask Bank savings account, the more miles you will earn.
What is the Bask Bank Interest Savings Account?
The Bask Interest Savings Account earns 15 times the national average APY*, with a top-rated mobile banking app and no monthly account fees.
Currently, you can earn 3.85% APY* with this savings account!
This is one of the best high-yield savings accounts due to its high APY.
What is the Bask Certificate of Deposit (CD) Account?
Bask Bank also has a CD savings account.
A certificate of deposit account is a way for you to earn a guaranteed return on your savings account in exchange for choosing a certain timeframe.
With Bask Bank, you can choose terms that range from 6 to 24 months, and a minimum deposit of $1,000.
Currently, the 6 month CD rate is 4.00%, and 12-24 month terms are at 4.10% APY*.
*APY effective November 16, 2022. APY is fixed and a $1,000 minimum balance is required. Bask Bank will pay this rate and APY through CD maturity date. Early withdrawal penalty and fees may reduce account earnings. Must fund within 10 days of account opening. Read the full terms and disclosures here.
Is Bask Bank FDIC insured? Is Bask Bank trustworthy?
Yes, Bask Bank is FDIC insured.
Bask Bank accounts are provided by Texas Capital Bank, which is an FDIC member. The sum of your total deposits with Bask Bank and Texas Capital Bank are insured up to $250,000.
Yes, Bask Bank is trustworthy as well. With their 20-year relationship with American Airlines along with FDIC insurance on all deposits, you can trust Bask Bank.
Does Bask Bank have a mobile app?
Yes, Bask Bank has a mobile app. With their app, you can schedule deposits and transfer money, earn miles and/or interest, talk with customer support, and more.
You can download their app by heading to their website here, or finding it in the App Store or on Google Play.
What are the pros and cons of Bask Bank?
There are many pros and cons to Bask Bank. If you are looking for an additional savings account, I think that Bask Bank offers two great choices.
Pros of Bask Bank:
- You can earn a high annual percentage yield (one of the highest in the industry!) and/or airline miles
- There are no monthly maintenance fees
- There is no maximum mileage earnings – so you can earn as much airlines miles as you would like
- 5-star customer support available 6 days a week
- You don’t need to spend money in order to earn airline miles through this program – you just need to save your money in a savings account
- FDIC insured
Cons of Bask Bank:
- Bask Bank only offers savings accounts
- No checking account or money market account
- Bask Bank does not give you an ATM card or debit card
How much does Bask Bank cost?
There are zero monthly account fees with Bask Bank.
Yes, this means that this is a free online savings account!
You will need to pay a fee if you are doing a wire transfer, whether it be international or domestic. For Bask Certificates of Deposit an early withdrawal penalty may be imposed for early withdrawal. Both of these types of fees are completely normal, though, and you will most likely not come across them very often.
Bask Bank Review – Summary
Bottom line: With a user-friendly digital experience, zero monthly account fees, and a high annual percentage yield or American Airlines AAdvantage® miles, the online savings accounts from Bask Bank may be a great choice for you.
If you are looking for an online bank, this is a very competitive choice.
Plus, if you fly American Airlines, then this can be an easy way to earn airline miles without spending any money.
However, if you require ATM access, then you will most likely want another bank account as well.
Do you have any questions that you would like me to add to this Bask Bank Review? Are you interested in earning miles through an online savings account? Why or why not?
Disclosures: *National average rate as of October 17, 2022 per FDIC.gov. APY as of November 16, 2022. APY is variable and subject to change after account opening. No monthly account fees or minimum deposit required. Must fund within 15 days of account opening. Bask Bank is a division of Texas Capital Bank, Member FDIC.