Bask Bank Review: Savings and CDs

The online bank offers savings accounts and CDs with solid perks but no checking account or ATM network.
Ruth Sarreal
By Ruth Sarreal 
Edited by Yuliya Goldshteyn

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Bask Bank
Learn more

at Bask Bank, Member FDIC

  • Savings
  • Certificates of deposit
  • Customer experience

Overall institution rating

4.5

NerdWallet rating 
The bottom line:

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 deposit 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

  • No monthly fees.
  • Competitive rates on savings and CDs.
  • No minimum opening deposits on savings accounts.
  • Extended phone customer service hours.

Cons

  • No cash deposit.
  • No branch access.
  • No checking account offered.

Full review

Savings

Bask Interest Savings Account

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
5.10%
With $0 min. balance for APY
Learn more

at 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.

Certificates of deposit

Bask Bank CD

CD

Member FDIC

2.5

/5
 NerdWallet rating 
1-year APY
5.20%
Minimum deposit
$1,000
Learn more

at Bask Bank

Bask 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.

» COMPARE: Best CD rates

Rates are highly competitive: A six-month CD earns 5.15% annual percentage yield, or APY, and a one-year CD earns 5.20% APY. Those rates are many times higher than the national average rates of 1.57% and 1.81% 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.

Customer experience

4.0

NerdWallet rating 

Bask 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

NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5

APY 

5.10%

With $0 min. balance for APY

APY 

4.60%

With $0 min. balance for APY

Bonus 

N/A

Bonus 

$400

Up to $300 cash and $100 in rewards points. Terms apply.

Learn more

at Bask Bank

Learn more

at SoFi Bank, 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.