Bask Bank Interest Savings account review: zero fees!
Read this Bask Bank Interest Savings account review and learn how this account offers competitive interest rates.
Understanding Bask Bank Interest Savings account: A convenient high-yield online savings
How about earning a high interest rate on your money and not paying fees? This is what Bask Bank offers you through their savings account. Here is our Bask Bank Interest Savings account review.
- Fees: $0
- APY: 4.04%
- Benefits: N/A
- Investment Options: N/A
When it comes to savings accounts, Bask Bank offers one of the highest interest rates in the market.
The account has no minimum balance requirements, and you will not have to pay monthly service fees. Read on and find out.
Bask Bank Interest Savings account: understand how it works
Bask Bank is an online-only bank. It is a division of Texas Capital Bank, which is based in Dallas. The Bask Bank Interest Savings account offers a competitive savings rate and no fees.
The only instance when you may have to pay a fee is by using wire transfers. The account comes with a convenient mobile app with an above-average rating.
It is an excellent account for savers who are looking for a solid rate. However, this bank does not offer a checking account and no access to ATMs. It also does not offer access to branches.
So, to open a Bask Bank Interest Savings account, you must already have a bank account elsewhere from which you can then fund your savings account.
Bask Bank has significantly improved its interest rates since June 2022. Back then, their savings account yielded 0.8% APY.
The Bask Bank Interest Savings account now has no minimum balance requirements and yields an above-average 4.03% APY.
This means if you keep $10,000 in your account for a year, you will make $403 in interest. Also, Bask Bank deposits are FDIC-insured up to $250,000.
Bask Bank is a very solid institution that has not been involved in any recent public settlements. Plus, the bank offers extended phone support after 5 o’clock in the afternoon.
These hours are valid for weekdays. However, the bank also offers phone support during some hours on Saturdays.
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Significant benefits and disadvantages you may find
Now that you are familiar with this account’s details let’s have a look at its pros and cons for comparison. Our Bask Bank Interest Savings account review would not be complete without it.
Check out the list of benefits and disadvantages we have prepared for you below.
- Competitive 4.03% APY
- No monthly fees
- No minimum balance requirements
- Extended phone support
- It does not offer a checking account
- It does not offer an ATM network
- No branches
- Does not accept cash
Is a good credit score required from applicants?
Bask Bank does not perform credit checks on applicants for its Bask Bank Interest Savings account.
Therefore, you do not need to worry about having a good credit score to get this account.
Learn how to apply and open a Bask Bank Interest Savings account
Do you like what you have seen in this Bask Bank Interest Savings account review? If so, learn how to apply for this account through our application guide by clicking the link below.
About the author / Danilo Pereira
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