Bask Bank is a unique option for people looking to grow their savings in a different way. Instead of earning traditional interest, Bask Bank lets you earn airline miles on your savings, which can be used for travel. This could be a great choice for frequent travelers or anyone looking to save big on airfare. However, like any financial product, it’s important to understand how it works and if it fits your goals. Let's explore what Bask Bank offers and if it’s the right fit for you.

History and Background of Bask Bank

Bask Bank was formed in 2019 and is a subsidiary of Texas Capital Bank. It was designed with the understanding of having a special method for allowing customers to get some spare dollars while getting travel points in the process. Bask Bank is an idea where instead of getting an interest on a saving you get AAdvantage Miles based on the amount of money you save and the number of days you save it in the account. This makes them even capable of earning more points compared to the regular bank accounts.

Services and Features Offered by Bask Bank

Bask Bank offers a variety of services and features to its customers, including:

• High-interest savings account: Instead of obtaining the normal interest rate on your saved cash, you get AAdvantage miles. The earnings of the miles depend with the deposit amount as well as the period of time for which the money will be in the account.
• No monthly fees: Bask Bank does not charge any monthly maintenance fees for their high-interest savings account.
• FDIC-insured deposits: Just like traditional banks, deposits made with Bask Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor.
• Mobile app access: Customers can easily manage their accounts and track their AAdvantage miles through Bask Bank's mobile app.
• Automatic savings plan: Bask Bank offers an automatic savings plan where you can set up recurring transfers from your linked checking account to your Bask Bank high-interest savings account.

Considerations for opening a Bask Bank account

While Bask Bank offers unique benefits, there are also some considerations to keep in mind before opening an account:

• Minimum deposit requirement: To open a high-interest savings account with Bask Bank, you must make an initial deposit of at least $5,000.
• Limited withdrawal options: Unlike traditional bank accounts, withdrawals from your Bask Bank high-interest savings account can only be made via electronic transfer or check sent by mail. This may not be convenient for those who need quick access to their funds.
• Miles expiration: If you don't use your AAdvantage miles within 18 months, they will expire.
• Limited airline options: Bask Bank's partnership with American Airlines means that you can only earn AAdvantage miles and redeem them for flights with American Airlines or their partner airlines.

Is Bask Bank the right savings option for you?

Bask Bank can be a great choice for those who are looking to save money while also earning travel rewards. However, it may not be the best fit for everyone. Some factors to consider when deciding if Bask Bank is right for you include:

• Your savings goals: If your goal is simply to grow your savings and have easy access to your funds, a traditional high-yield savings account may be a better option.
• Your travel habits: If you are a frequent traveler and prefer to fly with American Airlines or their partner airlines, then Bask Bank's AAdvantage miles can offer significant value for your travels.
• Your initial deposit amount: As mentioned earlier, Bask Bank requires a minimum deposit of $5,000 to open an account. If you don't have this amount available, then this option may not be feasible for you.

Customer Satisfaction and Reviews

As a relatively new bank, Bask Bank does not have a large number of customer reviews available. However, the reviews that are available are generally positive, with customers praising the unique concept and easy-to-use mobile app. Some customers have also reported earning significant AAdvantage miles through their savings with Bask Bank.

How to Open an Account

Opening an account with Bask Bank is a simple process that can be done online. Here are the steps to open an account:

1. Visit the Bask Bank website and click on "Open An Account."
2. Enter your personal information, including name, address, and social security number.
3. Choose the type of account (individual or joint) and select "High Yield Savings."
4. Fund your account by making an initial deposit of at least $5,000 via electronic transfer or check.
5. Once your account is approved, you can start earning AAdvantage miles on your savings.

Competitors of Bask Bank

While Bask Bank is a unique option, there are other financial products that offer similar benefits. Some competitors include:

1. Citi Miles Ahead Savings Account

Citi offers a Miles Ahead Savings Account, which allows customers to earn points that can be redeemed for travel rewards, including flights, hotels, and car rentals. Unlike Bask Bank, Citi provides more flexibility as the earned points can be applied across various travel partners. However, the earning rate for travel points may not be as high as the mile-earning potential with Bask Bank, especially for American Airlines travelers.

2. Discover Online Savings Account

Discover Bank provides an online savings account that focuses on traditional interest earnings rather than miles or travel rewards. Discover offers competitive APY rates, no monthly fees, and no minimum balance requirements, making it an attractive option for those who prioritize growing their savings over earning travel rewards.

3. Capital One 360 Performance Savings

Capital One 360 Performance Savings account is another alternative offering competitive APY rates with no fees or minimum deposit requirements. Capital One also provides a robust mobile banking experience and easy access to funds, unlike the limited withdrawal options offered by Bask Bank. However, similar to Discover, this account does not include travel-related benefits such as earning rewards points or miles.

Final Thoughts

Bask Bank offers a unique concept that combines high-interest savings with travel rewards. While it may not be the best fit for everyone, those who prioritize earning miles for their travels can benefit greatly from this option. Before opening an account, consider your savings goals and travel habits to determine if Bask Bank is the right choice for you. Make sure to also compare and evaluate other financial products to find the best fit for your needs. So, it is always important to do thorough research and carefully weigh all options before making a decision regarding your finances.