This Bask Bank Review is in partnership with Bask Bank.
Are you looking for a savings account that lets you travel more and diversify your savings? Bask Bank offers a unique way to save money. With a Bask Bank Savings Account, you can earn airline miles instead of interest just by saving your money.
Yes, Bask Bank will pay you to save!
Bask Bank helps people reach their savings goals by offering three ways to save: a Mileage Savings Account that 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’s a very competitive interest rate and one of the highest I have ever seen.
Sounds great, right?
If you have questions like:
– 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?
Then this Bask Bank Review is for you.
What is Bask Bank?
Bask Bank is the online-only 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 refreshing to see!
Bask Bank offers savings accounts that let you earn a competitive interest rate or airline miles, with 5-star customer support and no monthly account fees.
What types of savings accounts does Bask Bank offer?
Bask Bank has three types of savings accounts: the Bask Bank Mileage Savings Account, the Bask Bank Interest Savings Account, and Bask Bank Certificates of Deposit Accounts.
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—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 have 31,000 AAdvantage® miles. Or, if you just put $10,000 into this account as your initial deposit and didn’t touch it after, you would have 20,000 miles after 12 months. This is an easy way to earn miles just by saving money.
There is also a Bask Bank promo bonus where 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. You need to fund your account within 15 calendar days of opening and maintain a minimum daily account balance of $25,000 for 90 consecutive days.
What can I do with my American Airlines AAdvantage miles? Can Bask Bank help me travel more?
Miles earned through your Bask Mileage Savings Account will be added to your American Airlines AAdvantage® account. You can use these miles like others you earn from American Airlines AAdvantage® partners. You can redeem the miles 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 to earn a guaranteed return on your savings in exchange for choosing a certain timeframe. With Bask Bank, you can choose terms ranging from 6 to 24 months, with 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.
Is Bask Bank FDIC insured? Is Bask Bank trustworthy?
Yes, Bask Bank is FDIC insured. Bask Bank accounts are provided by Texas Capital Bank, an FDIC member. Your total deposits with Bask Bank and Texas Capital Bank are insured up to $250,000. Bask Bank is trustworthy, with a 20-year relationship with American Airlines and FDIC insurance on all deposits.
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 from their website, the App Store, or Google Play.
What are the pros and cons of Bask Bank?
Pros:
– You can earn a high annual percentage yield (one of the highest in the industry!) and/or airline miles.
– No monthly maintenance fees.
– No maximum mileage earnings – earn as many airline miles as you want.
– 5-star customer support available 6 days a week.
– FDIC insured.
Cons:
– Bask Bank only offers savings accounts.
– No checking account or money market account.
– No ATM or debit card.
How much does Bask Bank cost?
There are no monthly account fees with Bask Bank. This means it’s a free online savings account! You will need to pay a fee for wire transfers, and early withdrawal penalties may apply for Certificates of Deposit. These types of fees are normal and not commonly encountered.
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, Bask Bank’s online savings accounts could be a great choice for you. If you fly American Airlines, you can easily earn airline miles without spending any money. However, if you need ATM access, you might want another bank account as well.
Do you have any questions you’d like me to add to this Bask Bank Review? Are you interested in earning miles through an online savings account? Why or why not?