Bask Bank is proof that the idea of a bank with no fees and the best rates isn’t just wishful thinking. It’s real, proven to be profitable for both consumers and Bask Bank itself.

The “bask bank interest savings account” is a new bank that offers a high interest savings account. It has an APY of 0.80% and requires only $500 to open an account. The minimum balance required is $25,000.

Bask Bank Review – High Interest Savings 0.80% APY!

Bask-Bank-Reviewbaskbank.com is the source of this photograph.

[Update April 2022: After upping the rate on their online savings account to 0.70 percent, making it one of the most competitive offerings on the market, Bask Bank increased the return by 0.10 percent to 0.80 percent APY. [For further information, see the section below.]

It might be tough to determine where to put your money with so many online savings accounts to select from.

Consumers may pick from two notable online savings accounts offered by Bask Bank. These are the following:

  1. Savings Account with Interest
  2. Savings Account for Mileage

The Savings Account with Interest is Bask Bank’s newer product and comes with a very competitive yield. As of April 2022, it has an APY of 0.80%. It also comes with zero minimum balance requirements and has no monthly maintenance fees.

If you’d prefer to have your interest paid in miles rather than dollars then you can opt for the Savings Account for Mileage.

Instead of paying interest, the account pays AAdvantage miles, providing you one mile for every $1 you deposit in a year, plus any bonuses you may be eligible for (Bask currently offers three).

Bask Bank is an online-only bank that began in January 2020 and offers a lot to offer American Airlines frequent flyers and savers searching for a competitive rate.

This article will teach you how to:

Bask Bank introduced their Savings Account with Interest on February 9, 2022. The account is FDIC-insured through their parent company – Texas Capital Bank.

The account does not need a minimum monthly balance to obtain the claimed APY, and there are no monthly maintenance costs.

The pricing is changeable and subject to change without notice at any moment.

Bask Bank Savings Account with Interest

According to recent FDIC statistics, the current national average for a savings account is barely 0.06 percent annual percentage interest.

This APY puts Bask Bank’s Savings Account with Interest among the best high yielding savings accounts on the market currently.

bask-bank-savings-vs-traditional-bank-1baskbank.com is the source of this photograph.

With Bask Bank’s Savings Account for Mileage you earn American Airlines miles (or AAdvantage Miles) rather than interest – to the tune of 1 mile for $1 deposited.

Normally, frequent flyer miles are rewarded based on how much money you spend rather than how much money you save. Customers are accustomed to earning miles when they use their credit card to make particular purchases or book flights, but this account flips that concept on its head.

The more money you save with Bask Bank, the more miles you earn—no strings attached. It’ll keep your AAdvantage account active with a regular stream of miles, and you’ll never have to worry about spending on a specific travel card or making purchases you don’t want via an online gateway.

Keep in mind that, like any other savings account, the miles gained per dollar rate is flexible and may alter at any moment without warning. Miles are awarded depending on your monthly average balance.

What is the procedure for calculating and depositing miles?

A single American Airlines mile is worth around According to NerdWallet, a single American Airlines mile comes out to a value of about $0.01. This means that for every $100 you save, you will nab $1.00 worth in American Airlines Miles at the end of the year..01, according to NerdWallet. This means that for every $100 you save over the year, you will get $1.00 in American Airlines Miles.

Every day that your account is active and has cash in it, you will earn miles. Miles are automatically transferred into your AAdvantage account on a monthly basis.

If you’re a member of American Airlines’ loyalty program but aren’t acquainted with it, AAdvantage points may be spent for a variety of things. They may be used to pay for everything linked to travel with American Airlines, from enhanced tickets to products. 

American Airlines also has partnerships with hotels and vehicle rental companies, and frequent flyer points may be used to offset these costs. Redeem miles whenever you want—they’ll expire after 18 months if you don’t use them, but this term resets every time Bask makes another deposit into your AAdvantage account, so you won’t have to worry about it. 

How to Set Up a Savings Account for Mileage

To create a Bask Bank account, you must first be a member of the American Airlines frequent-flyer club. If you aren’t, you won’t get anything out of this account.

If you’re already a member and want to earn points by saving instead of spending, go to the Bask Bank website and click the orange “create an account” icon in the top right corner.

A four-step procedure will follow, culminating in the transfer of monies to the account.

The whole procedure may be performed in a matter of minutes. The procedure is as follows:

  1. Get started right now. An email address and a phone number are required.
  2. Send in your application. You’ll need your name, social security number, birthdate, and address for this.
  3. Make a login. Login creation is simple (username and password).
  4. Funds are transferred. There is no need for a minimum deposit or a minimum monthly balance, however deposits do come with benefits. We’ll go through this in more detail later.

The Bask Bank website is straightforward and straightforward, and it’s about as simple to use as it gets. Customers praise the simplicity of use of the company’s web interface on review sites.

The majority of the negative feedback is focused on the miles that are awarded. Many consumers point out that this account is essentially a 1.0 percent annual percentage yield savings account. You can still break the 1.0 percent APY threshold if you take advantage of any of the three bonus offers (and depending on your deposit amount).

If you need assistance setting up or servicing your account, call (833) 260-4320 or email [email protected]

Monday through Friday from 7:00 a.m. to 10:00 p.m. Central Standard Time, and Saturday from 8:00 a.m. to 5:00 p.m. Central Standard Time.

Because Bask Bank has no physical locations, you’ll have to create an account and manage your funds online or via the mobile app. This app is available on both the App Store and Google Play.

Bask Bank is a subsidiary of Texas Capital Bank (member FDIC), which has been a long-time partner of American Airlines since 1999.

In the late 1990s, Texas Capital Bank was also a digital banking pioneer. They used their digital banking experience as well as their strong collaboration with American Airlines to launch Bask Bank.

If you’ve been a frequent flyer with American Airlines and are looking for a savings account but aren’t happy with the current interest rate environment, a Bask Bank account could be appropriate for you.

Just keep in mind that to make this account competitive with some of the best APYs available via conventional internet savings accounts, you’ll probably need to be qualified for at least one of the three bonus offers.

Bask Bank is a bank that offers high-interest savings accounts with APYs of 0.80%. Reference: bask bank high-yield savings reviews.

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