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Bask Bank is an online-only FDIC-insured bank and has been around since 1999 with the backing of Texas Capital Bank. The Bask Bank Interest Savings account is unique because it pays a high APY and has no minimum balance requirements, making it a great account to help you save for those challenging financial goals.
This Bask Bank Savings Account review will cover everything you need to consider before opening an account.
Bask Bank Interest Savings Account Features
- Annual Percentage Yield (APY): 5.10%
- Interest Rate: 4.997%
- Minimum Deposit Requirements: $0
- Minimum Balance Requirements: $0
- FDIC Insurance Coverage: Yes, up to $250,000 per depositor per account ownership category
- Fees: $0
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Pros and Cons
Obviously, a high APY is great, but there are some downsides. Consider the following pros & cons:
Pros
- High APY: It’s hard to find savings accounts that pay over 5%, and if they do, you typically need a large balance. Bask Bank pays 5.10% on any balance.
- No fees: You don’t have to worry about jumping through hoops to avoid a monthly maintenance fee. Bask Bank doesn’t charge one.
- No minimum balance: You can open a Bask Bank account with nothing if you want. You just have to fund it with even $1 within 15 days. After that, there are no minimum balance requirements.
Cons
- No physical branches: Bask Bank is an online-only bank, so you can’t go to a bank to conduct transactions or even use an ATM.
- Transfer limits: Bask Bank limits the number of withdrawals you can make monthly (3 to 6) and the amount you can transfer per day and month.
Accessing Your Bask Bank Interest Savings Account
Understanding how to access your account is important since there aren’t any physical branches.
- Online Banking: You can transact on any PC or internet-enabled device. Their user-friendly website makes transferring funds, setting up recurring deposits, or checking your balance easy.
- Mobile Banking: Bask Bank has an iOS and Google Play app to make banking even more convenient on the go. The mobile banking app has great reviews on both platforms, with 4.6 and 4.5-star ratings.
- Mobile Check Deposit: If you have checks to deposit in your savings account, you can do it from your phone. This saves you the step of depositing in an external bank and transferring the funds to your savings account.
- ACH Transfers: Bask Bank allows you to link up to two external bank accounts to your Interest Savings account, making it easy to transfer funds to and from it. Just be mindful of the limits they impose.
How To Open a Bask Bank Interest Savings Account?
Bask Bank makes opening a savings account simple. Since it’s an online bank, you probably already guessed you’ll open it online.
To open the account, do the following:
- Click ‘Bask Bank Interest Savings Account’ on the products page
- Select ‘Open an Account’
- Follow the prompts, providing your name, Social Security number, and contact information
- Upload your government-issued ID using your mobile phone and complete the verification process to verify your identity
You have 15 days to fund the account after opening it.
Who Should Choose a Bask Bank Interest Savings Account?
A Bask Bank Interest Savings account is a great option for anyone who struggles to save. Maybe you have a savings account at the same bank as your checking account, so withdrawing funds is simple, causing you to overspend. Since Bask Bank is a separate bank with withdrawal limits, it may be easier to meet your goals.
It’s also great for anyone who wants to earn an attractive APY on their savings account balances. The 5.10% APY exceeds most banks’ APYs, making it easy to watch your earnings grow.
FAQs
Is My Money Safe With Bask Bank?
Yes, Bask Bank is FDIC-insured up to $250,000 per depositor. If Bask Bank closed, your money would be protected.
How Does It Differ From Traditional Savings Accounts?
The Bask Bank Interest Savings Account is like a traditional savings account. However, it doesn’t include a debit card, which some banks offer. You can withdraw funds as needed, but you may come up against the preset limits that hinder how much you can withdraw.
Is There a Mobile App for Managing the Bask Bank Interest Savings Account?
Yes, Bask Bank has an app on the iOS and Google Play Store. You can download the app to make banking on the go even easier.
Can I Link My Bask Bank Interest Savings Account To Other Bank Accounts?
You can link your Bask Bank Interest Savings Account to up to two external accounts. This makes transferring funds to and from the account easy and free.
Bottom Line
If you’re looking for a place to park your money and let it grow, Bask Bank is it. Millennial Money’s Bask Bank Interest Savings review shows that the account is perfect for anyone looking to earn a high APY but have their money somewhat inaccessible. You won’t pay penalty fees like you would on a CD if you withdraw the funds, but you can rest assured that you’re earning a great interest rate while the money sits.
