Enjoy checking your bank savings account

Bask Bank is an online only FDIC insured bank and has been around since 1999 with the backing of Texas Capital Bank. The Bask Bank Interest Savings Account is unique because it pays a high APY and has no minimum balance requirements, making it a great account to help you save for those challenging financial goals.

This Bask Bank Savings Account review covers everything you need to consider before opening an account.

Enjoy the features of a bank savings account

  • Annual Percentage Yield (APY): 5.10%
  • Interest rate: 4.997%
  • Minimum deposit requirements: $0
  • Minimum balance requirements: $0
  • FDIC Insurance Coverage: Yes, up to $250,000 per depositor and account ownership category
  • fees: $0

Advantages and disadvantages

Obviously, a high APY is great, but it has its downsides. Consider the following pros and cons:

Pros

  • High APY: It’s hard to find savings accounts that pay more than 5%and if so, you usually need a large balance. Bask Bank pays 5.10% on any balance.
  • Free of charge: You don’t have to worry about skipping to avoid the monthly maintenance fee. Bask Bank does not charge any fees.
  • No minimum balance: If you want, you can open a Bask Bank account for nothing. It is enough to finance it with even 1 dollar within 15 days. After that, there are no minimum balance requirements.

Disadvantages

  • No physical branches: Bask Bank is an online-only bank, so you can’t go to a bank to make transactions or even use an ATM.
  • Transfer limits: Bask Bank limits the number of withdrawals you can make per month (3 to 6) and the amount you can transfer per day and month.

Access to your Bask bank savings account

It is important to understand how to access your account as there are no physical branches.

  • Internet banking: You can transact on any computer or device with an internet connection. Their user-friendly website makes it easy to transfer funds, set up recurring deposits or check your balance.
  • Mobile Banking: Bask Bank has an app for iOS and Google Play that makes banking on the go even more convenient. Tea mobile banking application it has great reviews on both platforms, with 4.6 and 4.5 star ratings.
  • Mobile Check Deposit: If you need to deposit checks into your savings account, you can do it from your phone. This saves you the step of making a deposit to an external bank and transferring funds to your savings account.
  • ACH transfers: Bask Bank allows you to link up to two external bank accounts to your Interest Savings account, making it easy to transfer funds to and from it. Just be aware of the limits they impose.

How to open a Bask bank interest savings account?

Bask Bank makes it easy to open a savings account. Since this is an online bank, you probably already guessed that you open it online.

To open an account, follow these steps:

  • click’Bask Bank Interest Savings Account” on the product page
  • Select ‘Open Account’
  • Follow the prompts to enter your name, social security number, and contact information
  • Upload your government-issued ID with your mobile phone and complete the verification process to verify your identity

After opening the account, you have 15 days to deposit funds.

Who should choose the Bask Bank Interest Savings Account?

The Bask Interest Savings Account is a great option for anyone who has trouble saving. You may have a savings account at the same bank as your checking account, making withdrawals easy, causing overspending. As Bask Bank is a stand-alone bank with withdrawal limits, it may be easier to meet your goals.

It’s also great for anyone looking to earn attractive APYs on savings account balances. The 5.10% APY beats most banks’ APYs, so it’s easy to watch your earnings grow.

Frequently asked questions

Is my money safe with Bask Bank?

Yes, Bask Bank is FDIC insured up to $250,000 per depositor. If Bask Bank were to close, your money would be protected.

How are they different from traditional savings accounts?

The Bask Bank Interest Savings Account is like a traditional savings account. However, it does not include a debit card that some banks offer. You can withdraw funds as needed, but you may run into pre-set limits that restrict how much you can withdraw.

Is there a mobile application for managing the Bask Bank savings account?

Yes, Bask Bank has an app for iOS and Google Play Store. You can download the app to make banking on the go even easier.

Can I link my Bask Bank Interest Savings Account to other bank accounts?

You can link your Bask bank interest savings account with up to two external accounts. This makes transferring funds to and from your account easy and free.

Bottom Line

If you’re looking for a place to park your money and let it grow, Bask Bank is the place to go. A review of Millennial Money’s Bask Bank Interest Savings shows that the account is ideal for anyone who wants to earn a high APY but has their money somewhat out of reach. If you withdraw the money, you won’t pay penalty fees like you would with a CD, but you can be sure you’re earning a great interest rate while the money sits.

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