Bask Bank High Yield Savings Accounts and CD Review 2024

We reviewed Bask Bank's high yield CD and savings accounts to see how they compare to other banks for 2024. Compare rates, features, and more.
Editor's Rating
Editor's Rating
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Written by Rebecca Lake
Financial Expert
Managing Editor
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High-yield savings accounts and CD accounts can help you reach your financial goals in different ways. If you’re interested in getting the best rates for your savings, it’s essential to shop around to find the right bank.

Bask Bank offers competitive rates and no monthly fees for savings accounts and CDs. Our Bask Bank review provides a closer look at how these savings options work.

Bask Bank High Yield Savings and CD Account At-a-Glance

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Overall Impression

Bask Bank’s savings account and CD options are on par with what you’ll find at other online banks. That is to say, savings account and CD rates are competitive, and you’ll pay no monthly fees to grow your money, which is a nice bonus. If you’re interested in CDs specifically, you’ll have fewer terms to choose from. But that may matter less if you’re focused on getting the best rates for your money.

Pros and Cons of Bask Bank High Yield Accounts

When shopping for a new savings account or CD account, it always helps to weigh the good and the bad.

If you need to become more familiar with Bask Bank or its savings products, here are some of the main pros and cons to know.


  • High-yield savings accounts earn a solid rate, with no monthly fees to detract from your interest earnings
  • Bask CD rates are some of the highest offered by any online bank
  • You can open joint savings or CD accounts, something other online banks only sometimes offer
  • CD rates are guaranteed, making it easier to estimate how much your money can grow
  • You can open multiple CDs to build a CD ladder if you meet the minimum deposit requirement
  • It’s easy to open accounts online and add joint owners or beneficiaries


  • Bask doesn’t offer an ATM or debit card; you’ll only be able to access your savings or CD accounts online
  • Other online banks can offer a broader range of CD terms, whereas Bask only has four
  • Taking money from your CD early will trigger a penalty

Compare to Others

Bask Bank is one of many options if you’re looking for high-yield savings accounts or CD accounts. Comparing Bask’s benefits and features to other online savings accounts can help you decide which bank is right for you.


Upgrade offers high-yield savings accounts online, rewards checking accounts, and personal loans. There are no monthly account fees or transfer fees, which makes it a low-cost savings option.

Like Bask Bank, Upgrade features competitive rates on savings accounts. Rates are slightly higher than what Bask offers. There is, however, a catch. You’ll need to maintain a minimum balance of $1,000 to earn interest. Upgrade deposits are FDIC-insured.

Read our full Upgrade savings account review.

UFB Direct

UFB Direct offers high-yield savings accounts and money market accounts, though you won’t find CDs here. Regarding rates, UFB’s rates are just above what Bask Bank pays.

There are no monthly maintenance or service fees, and money market accounts include check-writing privileges. Since this is also an online bank, there are no branches. You’ll need to be comfortable managing your money online.

Read our full UFB Direct savings review.


Ally offers various banking products and services, including high-yield savings, money market, CD, and checking accounts.

The savings account APY isn’t as impressive as what you could get at Bask, but money market rates are competitive. Ally charges no monthly maintenance fees, and you can use automated savings features to grow your money faster.

Read our full Ally savings review.

Vio Bank

Vio Bank offers online savings, money market, and CD accounts. Savings account rates are underwhelming compared to Bask, but CD and money market rates are competitive.

You’ll need $500 to open a CD with Vio, which makes them a little more accessible for newer savers. The minimum deposit for money market accounts and savings accounts is $100. Like all the other banks mentioned, Vio Bank accounts are FDIC-insured.

Read our full Vio Bank online savings review.

How Bask Bank Works

Bask Bank works by offering savings accounts and CD accounts online. There are no branches; you’ll manage your money through online banking or the Bask mobile app. Again, you won’t get an ATM or debit card with either account.

Savings account interest compounds daily and is credited to your account at the end of the statement cycle. Daily compounding works in your favor, as it can help you grow your money faster.

To open a CD account, you must meet the minimum deposit requirements. You’ll also need to choose the right term. If you withdraw money before your CD matures, Bask can charge an early withdrawal penalty.

Who Is Bask Bank Savings For?

Consider opening a savings account or CD account with Bask Bank if you’re looking for the best savings account or CD rates in Texas. Bask is a division of Texas Capital Bank. However, you can open an account with Bask online without living in Texas.

Bask could be suitable for people who:

  • Are comfortable opening savings accounts or CDs online
  • Have at least $1,000 to save in a CD
  • Want to get the best rates for their savings
  • Are looking for a savings account with no monthly fees

You may look elsewhere to open a checking account and savings account in the same place. Currently, Bask only offers savings accounts and CDs.

Rating the Features

Wondering exactly what you’ll get out of banking with Bask? Here’s how the features of Bask savings accounts and CDs measure up.

User Experience

Bask makes opening a savings account or CD online as easy as possible. You must complete the application and link an external bank account to make your initial deposit.

The website is easy to navigate, and a helpful FAQ section answers many of the most commonly asked questions about online savings accounts and CDs. You can also view and manage accounts in the Bask mobile app.


Bask Bank is similar to other online banks in that there are only a few high fees to be concerned with. There are no monthly maintenance fees, for example, and no account opening fees.

You will, however, pay a fee for withdrawing money from a CD before it matures. The penalty depends on the CD term. The easiest way to avoid it is by leaving your CD funds in place until they mature. Alternatively, you could build a CD ladder for more flexibility.


As discussed already, Bask offers competitive rates to savers. Is Bask the best online bank for savings rates or CD rates?

Not necessarily. Some banks offer higher rates. However, it’s important to remember that other banks may charge fees or have minimum balance requirements you need to meet to earn those rates.

Minimum Deposit

There are no minimum balance requirements for Bask high-yield savings accounts. The minimum deposit requirement for CDs is $1,000.

That’s higher compared to what some online banks require, which is essential to keep in mind. If you only have $1,000 to save, tying it all up in a single CD could be problematic if you need to make an emergency withdrawal.

Tools, Extras

Bask Bank offers only a few extras with its savings or CD accounts. But that’s not necessarily uncommon for online banks.

While some banks offer round-ups for automatic savings and money management tools, not all do. Whether that’s important to you can depend on your savings habits and whether you need access to calculators or other tools.

Customer Support

Bask offers customer support via email or phone. You can call 833-260-4320 for help Monday through Friday from 7:00 a.m. to 7:00 p.m. CT and 9:00 a.m. to 4:00 p.m. CT on Saturdays.

There is no live chat support. And since there are no branches, you can’t get help in person, either.


Bask Bank savings accounts and CDs are offered online to anyone 18 or older. Again, there are no branches or ATMs. You can manage your account online or through the Bask mobile app.

Safety and Security

Your accounts at Bask are FDIC-insured, and the bank takes the usual measures to protect consumer information, including encrypted data. You can also protect yourself by setting up account alerts and choosing a secure password for online and mobile banking access.

How to Get Started

If you’d like to open a savings account or CD account with Bask, it’s relatively easy to do online.

You’ll need to choose which account type you want to open, then enter your personal information, including your:

  • Name
  • Date of birth
  • Social Security number
  • Phone number and email
  • Mailing address

You’ll also need the same information for a joint account owner if you’re setting up an account with someone else. Bask asks for your Social Security number, but no credit check is involved.

You’ll need to give Bask the account number and routing number for the account you want to link to make your first deposit. Bask will make small micro-deposits into your account to verify it. Once you’ve done that, your account is fully open, and you can make deposits at your own pace,

If you open a Bask CD and don’t fund it within 10 days, the bank will close your account.

Frequently Asked Questions (FAQs)

Is Bask Bank a real bank?

Yes, Bask Bank is a legitimate bank. It’s an online banking division of Texas Capital Bank.

Are Bask Bank accounts safe?

Bask Bank accounts are FDIC-insured up to $250,000 per depositor, per account ownership type. Additionally, the bank implements several measures to protect consumer information and accounts from hackers.

Is a Bask savings account or CD better?

Bask CDs offer higher rates than Bask savings accounts. However, when you open a CD, you agree to leave your money in place for a fixed maturity term. If you’d like more flexibility, you’re probably better off with a savings account.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.