If you’re tired of the same old banking experience and want something different, it’s time to consider Bask Bank. This online bank, founded in 1999 as a division of Texas Capital Bank, offers a range of products that can make managing your money more rewarding. Let’s take a closer look at what Bask Bank has to offer.
Review of Bask Bank Products
Bask Bank’s core products revolve around savings accounts and certificates of deposit (CDs). These options provide customers with competitive interest rates and various benefits.
Bask Bank Interest Savings Account
The Bask Bank Interest Savings Account is a standard savings account that stands out with its high-interest rates and no fees. With an annual percentage yield (APY) as high as 4.85%, this account is perfect for big-time savers. While there may be other competitive interest rates, Bask Bank ranks highly, making it a top choice for those looking to grow their savings.
Bask Mileage Savings Account
For frequent travelers, the Bask Mileage Savings Account offers a unique opportunity. Instead of earning interest, depositors accrue American Airlines AAdvantage® miles for each dollar saved annually. This account is perfect if you’re always on the move and want to make the most of your airline miles. However, if you don’t travel frequently, the Interest Savings Account is a better choice.
Bask Certificates of Deposit (CDs)
Bask Bank also offers Certificates of Deposit (CDs), which allow you to lock up your money for a set period in exchange for attractive interest rates. With terms ranging from six to 24 months and a minimum deposit requirement of $1,000, these CDs provide a great alternative to traditional savings accounts. Plus, there are no monthly fees, making it a hassle-free investment option.
An Overview of Bask Bank’s Overall Features
Beyond its products, Bask Bank offers several features that enhance the overall banking experience.
Bank Fees
Bask Bank doesn’t charge monthly fees for its savings accounts or CDs. Additionally, with no checking accounts available, there are no overdraft or non-sufficient fund fees to worry about. The only fees you may encounter are for outgoing wire transfers and early CD withdrawals.
Customer Experience and Support
Bask Bank has received above-average reviews for its mobile app, indicating a positive customer experience. While some users have mentioned longer processing times for deposits and transfers, the overall satisfaction level remains high. Additionally, Bask Bank’s customer support team is available during weekdays and Saturdays, ensuring assistance when needed.
Accessibility
As an online bank, Bask Bank doesn’t have physical branches or an ATM network. However, its website and mobile app provide easy access to your accounts. Furthermore, Bask Bank complies with accessibility rules, ensuring individuals with disabilities can access their services without any barriers.
Security
Bask Bank prioritizes security to protect its customers’ accounts. It offers features such as two-factor authentication and security alerts for added protection. Additionally, the bank monitors accounts for any suspicious outgoing transactions, providing peace of mind to its customers.
Bask Bank’s History and Reputation
With its long-standing history, Bask Bank has built a solid reputation in the banking industry. As one of the oldest online banks, it offers stability in an ever-changing environment. As a division of Texas Capital Bank, Bask Bank benefits from the support and credibility of a larger traditional bank. While some customers have reported minor issues, such as longer processing times, Bask Bank has managed to maintain a positive overall reputation.
Who is Bask Bank for?
Bask Bank caters to two main groups: savers and frequent travelers. If you’re looking to earn interest on your savings or accumulate airline miles, their savings accounts are a great option. Moreover, their CDs provide an alternative for those seeking higher returns on their investments. However, if you require checking account services or plan on making regular transactions, Bask Bank may not be the ideal choice.
How Does Bask Bank Compare?
To give you a better perspective, let’s compare Bask Bank to other major banks in key categories:
- High-yield savings accounts
- Certificates of deposit (CDs)
To expand your options, consider researching other reputable banks and credit unions that offer competitive interest rates and account features.
Find the Best Savings Account: Personal Finances Blog
Frequently Asked Questions (FAQs)
Who owns Bask Bank?
Bask Bank is a division of Texas Capital Bank, which has a long history and is publicly traded on the NASDAQ under the ticker TCBI.
Is Bask Bank FDIC insured?
Yes, deposits at Bask Bank are insured up to $250,000 per depositor by the Federal Deposit Insurance Corporation (FDIC).
Is Bask Bank safe?
Bask Bank provides depositor protection through the FDIC. While no bank is risk-free, Bask Bank’s affiliation with Texas Capital Bank offers stability and peace of mind to its customers.
Is Bask Bank legit?
Yes, Bask Bank is a legitimate financial institution, operating as a division of Texas Capital Bank and complying with industry regulations.
Is Bask Bank an online bank?
Yes, Bask Bank is an online bank that has been serving customers since 1999. It provides convenient access through its website and mobile app.
Does Bask Bank have an app?
Yes, Bask Bank offers a mobile application for Android and iOS users, allowing you to manage your accounts on the go.
Remember, Bask Bank provides competitive rates and unique features that make it an attractive option for savers and frequent travelers. So, if you’re ready to break free from the traditional banking mold, give Bask Bank a try!
Disclaimer: The Annual Percentage Yields (APY) and Interest Rates mentioned are accurate as of the dates specified in the original article. Please refer to Bask Bank’s official website for the most up-to-date information.