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Bask Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure

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Bask Bank Bask Savings Account
0% APY

Through its lone savings account offering, Bask Bank provides a rare opportunity to combine your banking and airline mileage needs into a single, easy-to-manage account. In fact, for every dollar you save in your account annually, you’ll earn one American Airline AAdvantage® mile.

To help you boost the early returns of your account, Bask Bank is extending a bonus of 1,000 miles when you deposit and hold a minimum of $5,000 for 90 days within 120 days of opening an account. This offer is valid through Dec. 31, 2020.

You may earn an additional 5,000-mile bonus when you refer a friend and they deposit at least $10,000 in their Bask account and maintain that balance for 90 days within their first 120 days as an account holder. You can take advantage of this offer up to five times, for a grand total of 25,000 bonus miles.

There are no hoops to jump through to become a customer of Bask Bank. New customers can open an account with any amount of money, and all balances are eligible for mileage earnings. Bask Bank doesn’t charge any account fees, ensuring that everything you deposit stays in your pocket.

Bask Bank is an online and mobile-based bank. That means Bask Bank does not operate any branches like a typical brick-and-mortar bank. As a result, you’ll need to take care of all of your account management needs through Bask Bank’s online and mobile banking platforms. However, you can reach customer service over the phone and by email if you have more in-depth questions.

Products Offered

Product Key Details
Savings Account
  • Earn 1 American Airlines AAdvantage® mile for each dollar saved annually
  • Earn up to 25,000 bonus miles when you refer friends
  • No monthly fees
  • No opening minimum deposit

Bask Bank Overview

Bask Bank is an online and mobile bank that allows customers to earn American Airlines AAdvantage® miles. The bank is a division of Texas Capital Bank, N.A., a financial institution that’s based out of Dallas, Texas; it’s FDIC insured, so your savings are federally insured up to $250,000. As of now, Bask Bank’s only account offering is the Bask Savings Account.

Bask Savings Account

Key Features Details
Minimum Deposit None
Access to Your Account Online and mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees No monthly account fees
Current Terms and Rates Earn 1 American Airlines AAdvantage® mile for each dollar saved annually

The first characteristic you might notice about the Bask Savings Account is that it doesn’t earn interest like a normal, APY-focused savings account. Instead, account holders will earn one American Airlines AAdvantage® mile for each dollar that they save annually. According to the bank’s website, “miles are accrued daily and awarded monthly based on your average monthly balance.”

Here’s an example that assumes your account’s average monthly balance in, say, October was $25,000:

  • Divide your $25,000 average monthly balance by 365: $25,000 ÷ 365 = 68.5
  • Multiply 68.5 by the number of days in October: 68.5 x 31 = 2,124
  • For the month of October, you’d earn 2,124 AAdvantage® miles

In addition to the benefit above, account holders can earn extra bonus miles. If you maintain a $5,000 balance in your account for 90 consecutive days over your first 120 days as an account holder, you’ll receive 1,000 bonus miles. This offer is available through Dec. 31, 2020.

The AAdvantage® miles you earn in relation to this promotion will be awarded within 10 days of you meeting the requirements. However, the bank says it could take anywhere from six to eight weeks for your miles to actually post to your AAdvantage® account. Only then can you go ahead and use these miles.

This account comes with no minimum opening deposit requirement and $0.01 balance minimum for earning rewards. It also has no account fees of any kind, ensuring that every dollar you deposit remains yours. The account is accessible through Bask Bank’s online banking website and Apple and Android mobile banking apps.

Compare Bask Bank to Other Competitive Offers

Where Can I Find Bask Bank?

As an online-only bank, Bask Bank’s services are only available through its web- and mobile-based platforms. Prospective customers in all 50 states are able to open an account with Bask Bank.

What Can You Do Online With Bask Bank?

Bask Bank’s online and mobile portals have the same functionality. Available services include:

  • View past and present account statements and available balances
  • Set up recurring deposits to your account
  • Link and unlink AAdvantage® accounts and outside bank accounts
  • Make deposits and initiate transfers
  • Use Bask Bank’s calculator to figure out what you can expect to earn in AAdvantage® miles

Although still fairly new, Bask Bank’s Apple and Android mobile apps have been received well, with reviews averaging out to 4.5 stars out of 5 between the two app stores.

How Do I Access My Money?

To access the funds within your Bask Savings Account, you’ll have to transfer your money from this account to one at another financial institution. That’s because Bask Bank does not offer any ATM access or debit cards, though this is not an uncommon setup for an online savings account.

According to Bask Bank’s website, transfers can take anywhere from one to three days to process. Bask Bank does not charge any fees for doing this, though transfers are capped at $100,000 per day (up to three times per month).

If all you want to do is check your Bask Bank account balance, log in to your online/mobile account to view your current and available balances.

How Can I Save More Money With a Bask Bank Account?

In most cases, airline mileage can only be earned when you fly the airline, use a specific credit card, make purchases through a certain vendor or meet another set of stipulations. But for anyone that travels frequently, for either work or pleasure, Bask Bank offers a low-risk and deposit-based approach for building up your base of AAdvantage® miles.

A single AAdvantage® mile is worth a minimum of about one cent in real world value, which means the Bask Savings Account effectively has a minimum 1.00% annual yield. Therefore, if you deposit $25,000 in this account and don’t add any extra money over the course of a year, you’d earn 25,000 miles, which is roughly equivalent to at least $250 in travel benefits through the AAdvantage® program. For context, the top high-yield savings accounts are currently offering interest rates in the neighborhood of 0.90% to 1.00%, which means Bask is offering great value.

Depending on how you redeem your AAdvantage® miles, they could be worth more than one cent. However, because of the nature of mileage, there’s always the chance that your miles expire or you do not accrue enough to purchase the rewards you’re seeking.

What’s the Process For Opening an Account With Bask Bank?

Bask Bank allows new customers to open a savings account through either its online or mobile banking platforms. As with any other financial institution, the account opening process typically requires information like your full name, address, contact information and Social Security number.

There are three ways to fund your Bask Savings Account:

  • Initiate an ACH money transfer from an account at an outside financial institution
  • Set up a wire transfer from an account at an outside financial institution
  • Deposit funds into your account using the mobile check deposit feature through Bask Bank’s apps

What’s the Catch?

Bask Bank only has a savings account; by contrast, most competitors in the banking space will also have checking accounts, certificates of deposit (CDs), money market accounts and more. So if you’d prefer to manage all of your money at a single bank, Bask Bank isn’t for you.

While the mileage-based earnings that Bask Bank offers are substantial, they are inherently much less flexible than cash. That’s because you’re locked in to spending miles on very specific purchases (flights and other travel purchases with American Airlines and select partners), whereas cash can be used anywhere.

Further, the value of the miles you’ll earn could be lower than what you’d earn in interest from some of the top savings accounts. The redemption value of AAdvantage miles varies depending on how you use them, but if you redeem at a rate of 1 cent per mile, your effective return on this account is 1%; a $25,000 balance in the Bask Savings Account would therefore earn you about $250 in travel in a year (excluding any additional earnings from promotional offers).

Bottom Line

Bask Bank and its lone savings account is a highly specialized offering that’s obviously directed at frequent flyers that usually travel with American Airlines. That’s not necessarily a bad thing, though, as the account’s minimum- and fee-less nature, along with American Airlines’ overall popularity, make it an accessible option for just about anyone.

With that being said, if you want to earn interest that can be put directly toward saving for retirement or other financial goals, or if you’re just not that interested in airline rewards, then Bask Bank may not be the option for you. But if you’re looking for another way to accrue rewards to redeem for your next trip or vacation, there are few banks that can offer the travel-centric perks that Bask does.

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