Bask Bank is the online division of Texas Capital Bank. They are a relatively new online bank that launched back in January of 2020.
Their original product was the Mileage Savings Account which is an exclusive offering for American Airlines flyers.
Today, however, they have added a number of competitive FDIC-insured deposit accounts to supplement their original product.
Bask Bank’s current product suite consists of the following:
- Interest Savings Account
- Certificates of Deposit (Terms 6 to 24 months)
- Mileage Savings Account (original product)
The Interest Savings Account comes with a competitive yield. As of June, 2023 it has an APY (annual percentage yield) of 4.75%. It also comes with zero minimum balance requirements and has no monthly maintenance fees.
The most recent addition to Bask Bank’s product suite is their CDs (certificates of deposit). They only offer CDs with short terms ranging from 6 months to 2 years at the moment, but the yields are quite competitive.
If you’d prefer to have your interest paid in miles rather than dollars then you can opt for their original product – the Mileage Savings Account.
That account pays AAdvantage miles instead of interest, giving you 2.5 miles for every dollar you deposit in a year. The account used to pay just 1 mile for every dollar annually, but Bask Bank upped the ante as interest rates began to rise in 2022.
To see if any of these accounts are right for you, continue reading our review below.
Bask Bank Interest Savings Account Rate + Details
Bask Bank’s interest savings account is a high yield online savings account that comes with a variable rate. Like all of Bask Bank’s deposit accounts, this account is FDIC-insured through their parent company, Texas Capital Bank.
The account has no minimum balance requirements to earn the advertised APY and comes with zero monthly maintenance fees.
Interest Savings Account Rate
| Min Balance | APY |
| $0 | 4.75% |
To put this yield into perspective, the current national average for a savings account sits at just 0.40% APY, according to recent FDIC data, however, some of the top yields offered by online banks are inching up to the 5.00% APY mark.
How Does the Interest Saving Account Compare
To see how Bask Bank’s interest savings account compares with other offers on the market, take a look at the table below.
| Bank | APY |
| CIT Bank | 4.85% |
| My Savings Direct | 4.35% |
| Synchrony | 4.15% |
| Bask Bank | 4.75% |
Bask Bank CD Rates + Account Details
Bask Bank’s CDs require a minimum deposit of $1,000 to open. They are FDIC-insured up to the applicable limits and can only be opened online.
CD Rates
| CD Term | APY |
| 6 months | 5.10% |
| 12 months | 5.00% |
| 18 months | 4.50% |
| 24 months | 4.50% |
To put these yields into perspective, the current national average for 12 month and 24 month CDs sit at just 1.59% and 1.37% APY, respectively, according to FDIC data – with top yields from online banks hovering around 10-20 BPS over 5.00% APY for both terms.
How Much Can You Make From a Bask Bank CD?
How much money you can earn from a Bask Bank CD is going to depend on your deposit size, the term you select and its APY (annual percentage yield). Take a look at the table below to see how much you’d earn with each Bask Bank CD assuming a deposit size of $25,000.
| CD Term | APY | Earnings |
| 6 months | 5.10% | $629.57 |
| 12 months | 5.00% | $1,250.00 |
| 18 months | 4.50% | $1,706.34 |
| 24 months | 4.50% | $2,300.62 |
How do Bask Bank’s CD Rates Compare?
To see how Bask Bank’s CD rates hold up against the competition, take a look at the table below. It shows the best CD rate offered by Bask Bank along with other popular FDIC-insured online banks.
| Bank | Best CD Rate (APY) |
| Capital One | 4.75% |
| Morgan Stanley | 5.27% |
| Total Direct Bank | 5.16% |
| Bask Bank | 5.10% |
Grace Period and Early Withdrawal Fees
Bask Bank will send you a notice 30 days before your CD matures to let you know in advance. Upon maturity, you will have a 10 calendar day grace period in which you may add funds, withdraw funds or close out the CD entirely without incurring any fee. If nothing is done during this 10 day period, your CD will renew into the same term at the going rate at that time.
If you need access to the funds in your Bask Bank CD prior to its maturity, you will incur an early withdrawal fee. The fee structure is based on your CD’s term. See below.
| CD Term | Early Withdrawal Fee |
| 12 months or less | 90 days of simple interest at the current rate |
| more than 12 months | 180 days of simple interest at the current rate |
You’ll be able to monitor your earnings and interest payments on your Bask Bank CD as statements are provided monthly.
Mileage Savings Account
With Bask Bank’s Mileage Savings Account you earn American Airlines miles (or AAdvantage Miles) rather than interest – to the tune of 2.5 miles for every $1 in your account annually.
Normally, frequent flyer miles are awarded on the spending side rather than savings. Customers are used to racking up miles when making certain purchases or booking flights with their credit card, but this account turns that model upside down.
With Bask Bank, the more money you save, the more miles you earn—no strings attached. It’ll keep your AAdvantage account active with a steady trickle of miles, plus you can earn unlimited miles and never have to worry about spending on a particular travel card or making purchases you don’t want through an online portal.
Keep in mind that like any other savings account, the rate of miles earned per dollar is variable and therefore subject to change at any time. Miles are given based on your average monthly balance per month.
How to Set Up a Mileage Savings Account
To open an account with Bask Bank, you’ll first need to be a part of the American Airlines frequent-flyer program. If you are not, this account will be of little use to you.
Assuming you are a member and you want to earn points via saving rather than spending, then click on the orange “open an account” button in the upper right on the Bask Bank website.
From here it will be a 4 step process that finalizes with transferring funds to the account.
The whole thing can be completed in minutes. The steps are as follows;
- Get started. You’ll need an email address and mobile number.
- Submit application. Here you’ll need things like your name, social security number, birthday and address.
- Create Login. Simple login creation (username and password).
- Transfer Funds. There’s no minimum deposit requirement or ongoing monthly balance requirement, but there are bonuses associated with deposits. We discuss this further down.
Bask Bank Customer Support and Consumer Sentiment
The Bask Bank website is clean and simple and about as easy-to-use as it gets. Customers leave high marks on review sites citing the ease of use of their website and having high savings rates.
Their apps perform about average in terms of ratings with their ios app receiving 3.4 stars out of 5 (down from 3.5 since the last update) and their android app also scoring 3.4 stars out of 5 (up from 3.2 since the last update).
Because Bask Bank does not have any physical branches, you will need to open your account and manage your finances online or through the mobile app.
If you struggle to set up or service your account, you can contact customer service at (833) 260-4320 or customersupport@baskbank.com.
The phones are open Monday through Friday from 7:00 AM to 10:00 PM and Saturday from 8:00 AM to 5:00 PM Central Standard Time.
About Bask Bank
Bask Bank is a division of Texas Capital Bank (member FDIC) which has been around since 1999 and has been a long-standing partner of American Airlines.
Texas Capital Bank was also a pioneer in digital banking back in the late 1990’s. To create Bask Bank, they leveraged both their digital banking expertise and their strong partnership with American Airlines.
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