Bask Bank Review 2023: High APYs, zero fees, and no ATM access

Bask offers competitive rates and no fees, with the exception of bank transfers. And as an FDIC-member bank, their products are insured up to $250,000 per depositor. 

All rates and fees are current as of January 3, 2023 and are subject to change. 

Bask Bank’s offerings 

Bask is a digital-first, no-frills bank that offers a total of three products—two types of savings accounts as well as a CD. 

Checking and savings accounts 

Bask bank does not offer a checking account, which could be an issue for customers who are looking to keep all of their banking products under one roof. However, they do offer one standard savings account that offers a lucrative rewards system for frequent flyers. 

High-yield savings account 

Bask Bank offers a high-yield savings account that boasts an APY that currently stands at 15 times the national average and doesn’t require customers to pay a monthly fee. 

Bask Interest Savings Account 

• APY: 4.85%
• Minimum opening deposit: $0
• Monthly fees: $0
• Outgoing wire transfer fees: $35

Bask Mileage savings account 

• APY: Account holders are awarded miles based on the average current balance in your account each month instead of an APY. 
• Rewards and offers: You can earn 2 AAdvantage® miles for every dollar saved annually if you open a Bask Mileage Savings Account. 
• Minimum opening deposit: $0
• Monthly fees: $0
• Outgoing wire transfer fees: $35

Certificates of deposit

Bask bank offers CDs across a few different terms, from 6 months to two years, which can be a great option for savers with short and long-term savings goals. Interest on these accounts compounds daily and customers are able to withdraw interest from their CDs without penalty. 

Bask Certificate of Deposit (CD) Account 

• 6-month APY: 4.30%
• 12-month APY: 4.45%
• 18-month APY: 4.10%
• 24-month APY: 4.10%
• Minimum opening deposit: $1,000
• Monthly fees: $0 
• Early withdrawal penalty: Terms of 12 months or less will incur a penalty equal to 90 days of simple interest at the current rate. Terms of more than 12 months but less than 48 months will incur a penalty of 180 days of simple interest at the current rate.

The Bask Bank platform and customer support 

Customers will have to do all of their banking online via Bask Bank’s online website or via their mobile app. Their application is free and has almost a 4-star rating on the Apple App Store. As far as customer service goes, even though this is an online bank, customers can reach a Bask Bank representative by email at customersupport@baskbank.com, or by phone—Monday through Friday from 7:00 a.m. to 7:00 p.m. CST as well as Saturdays between the hours of 9:00 a.m. and 4:00 CST. 

Pros and cons of Bask Bank

A few of the major pros and cons potential customers should be aware of when considering Bask Bank for their banking needs: 

Pro: No monthly fees or minimum balance requirements. With the exception of their CD, Bask Bank’s other two savings accounts do not have any minimum balance requirements and none of the accounts have any monthly fees (unless you need to complete a wire transfer). 

Pro: Offers an airline mileage program. Earning interest can be nice, but some customers might prefer miles if they are frequent travelers and it could translate to even greater savings. Bask gives customers the chance to earn airline miles that can be added to their AAdvantage account and later be redeemed on American Airlines flights. 

Con: Bask bank does not offer checking products. If you’re the kind of customer who prefers not to have to bank with multiple institutions, Bask Bank may not be the best fit. While they do offer high-yield products, they do not offer any checking accounts which could be an issue as it relates to everyday spending. 

Con: Does not offer debit card privileges or an ATM network. Bask customers are not offered any debit or ATM cards, meaning that gaining access to your funds must be done through a bank transfer.