Bask Bank

An online bank called Bask Bank offers two different kinds of savings accounts: one that pays a respectable annual percentage yield and the other that rewards customers with American Airlines miles. Bask Bank, which launched in January 2020, is a division of Texas Capital Bank, just like its sister institution, BankDirect.

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Two savings accounts are available from Bask Bank. Customers who open an Interest Savings Account with the company can take advantage of a competitive rate, no minimum balance limitations, and no monthly maintenance fees. To keep the account open, a first deposit must be made within 60 days. Additionally, Bask Bank has a Mileage Savings Account that, depending on the monthly value, enables account holders to accrue American Airlines miles. At the high end of what most banks charge for domestic wire transfer costs, Bask Bank charges a $35 outgoing wire transfer fee.

Pros:

• The Interest Savings Account pays one of the highest yields available.
• The Mileage Savings Account offers customers a rare opportunity to earn miles with a savings account.

Cons:

• Whether Bask Bank continues to offer highly competitive yields remains to be seen, since it just started offering an interest savings account in February 2022.

Website: https://www.baskbank.com/

Bankrate Score Rating: 3.4/5.0