Bask Bank Review: Savings and CDs
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Overall bank rating
4.5
Bask Bank is the online-only bank division of Texas Capital Bank based in Dallas, offering savings accounts and certificates of deposit. But the bank has limited offerings: There’s no checking account and no access to ATMs or branches.
Though the bank offers certificates of deposits from six-month to two-year terms, not all are the most common terms, so we did not include them as part of the overall bank rating.
Best for: Savers looking for a solid savings rate who have bank accounts elsewhere to fund this account.
Pros
- Competitive savings rate.
- No monthly fees on any accounts.
- No minimum balance requirements for savings accounts.
- Extended customer service phone support.
Cons
- No checking account.
- No branch or ATM network.
- No cash deposits accepted, unlike some online banks.
- Slow transfer and mobile check deposit processing times.
Full review
Savings
Member FDIC
4.5
/5 NerdWallet ratingat Bask Bank
Bask Bank’s Interest Savings Account offers a highly competitive rate with no monthly fee. There’s no minimum balance requirement or minimum deposit required to open the account, and you can earn interest on any balance.
CD
Member FDIC
2.5
/5 NerdWallet ratingBask Bank offers a few CD terms, ranging from six months to two years. Other banks offer a greater variety of term lengths, which can be beneficial for CD laddering. The minimum deposit to open an account is $1,000.
Rates are highly competitive: A six-month CD earns 5.10% annual percentage yield, or APY, and a one-year CD earns 5.00% APY. Those rates are many times higher than the national average rates of 1.19% and 1.59% for those terms. Because there are relatively few CDs offered and not all are the most common terms, we did not include them as part of the overall bank rating.
Banking experience
4.0
NerdWallet ratingBask Bank doesn’t offer checking accounts or access to branches, but its savings and CD rates are highly competitive. Funding and transfers can be made through the bank website or its mobile apps. The only other option is to wire funds. Bask doesn't charge for incoming wires, but the sending institution might charge you a fee. Bask does charge for outgoing wires.
Customer support is available by phone from 7 a.m. to 7 p.m. Central Standard Time on weekdays and from 9 a.m. to 4 p.m. CST on Saturday. Support is also available by email.
The mobile apps earn middling scores from iOS and Android users. For comparison, check out our list of best banks and credit unions for mobile banking.
How does Bask Bank compare?
Current Product
Bask Interest Savings Account Member FDIC |  SoFi Checking and Savings Member FDIC |  CIT Bank Platinum Savings Member FDIC |  Citizens Online Savings Account Member FDIC |
|---|---|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 4.0 /5 | NerdWallet rating 4.5 /5 |
APY 4.75% With $0 min. balance for APY | APY 4.20% With $0 min. balance for APY | APY 4.85% With $5,000 min. balance for APY | APY 4.50% With $0.01 min. balance for APY |
Bonus N/A | Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus N/A | Bonus N/A |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
