Sunday, October 1st
2023 Online Savings Account Reviews
Bask Bank
- 4.75% APYs for savings
- 4% to 4.80% APYs for CDs
- Mobile app access
- Rewards for American Airlines travel points
Bask Bank is a relative newcomer to the online banking world, getting its start in early 2020. In terms of savings options, Bask Bank offers standard savings accounts and CDs.
2 savings accounts to choose from
The savings accounts include a Bask Interest Savings Account and a Bask Mileage Savings Account.
- The Interest Savings option offers a competitive yield, no minimum balance requirements, and no monthly service fees, though Bask does require an initial deposit within 15 days to keep the account open.
- The Mileage Savings option allows account holders to earn American Airlines miles based on their monthly balance. However, downsides include the fact that Bask Bank does not offer a checking or money market account and Bask Bank charges a $35 outgoing wire transfer fee, which is at the higher end of what most banks charge for such transfers.
Getting those high APYs for savings
One of the main advantages of banking with Bask Bank is its high APY. Its Interest Savings Account offers customers one of the most competitive yields in the market. Furthermore, the bank's Mileage Savings Account is an excellent opportunity to earn American Airlines miles based on the monthly balance. For the Interest Savings Account, Bask offers a competitive 4.75% fixed APY with a 4.64% interest rate. The interest compounds over the year, providing customers with even more earnings.
Flying high with Bask Bank
On the other hand, the Mileage Savings Account earns you miles with American Airlines rather than APY and interest. You have the freedom to withdraw your funds from Bask Bank whenever you need to. If you opt to withdraw any portion of your savings, your reward will be based on the average monthly balance that you have maintained in your account. The AAdvantage miles earned through Bask Bank will be added to your AAdvantage® account and can be redeemed for various benefits such as flights, hotel stays, car rentals, and more. It is important to note that the miles earned through Bask Bank do not contribute to increasing your Elite status. However, if you're a frequent flier, this option could still be good for your travel needs.
Competitive CD rates
For the CDs, you can choose between 4 different commitment lengths: 6, 12, 18, and 24 months. The APYs for Bask CDs range from 4% to 4.85% depending on which length of commitment you choose. The highest APY is only available in the 6-month commitment with 12 months being the second highest option. These rates are simple and competitive, and all of them prioritize customer returns, which is a bonus.
Limitations for transfers
While Bask Bank offers its customers several advantages, it also has some limitations. For example, established customers can only transfer a maximum of $150,000 per transaction, $250,000 per day, and $300,000 per month via online transfers. New customers have online transfer limits of $100,000 per transaction and per day and $150,000 in a month. And, Bask Bank charges a $35 outgoing wire transfer fee, which is higher than most other institutions. Additionally, Bask Bank allows customers to have only one mileage savings account and one interest savings account, so you can't add extras.
Mid-level ratings for mobile
As an online institution, it's no surprise that Bask Bank has a mobile app. The Bask Bank mobile app had a score of 3.6 out of 5 from iOS users in the Apple App Store, while the Android version had 3.2 stars on Google Play. These scores are about average, but they are significantly lower than some of the top-rated services in our review. For an online bank, it's important to have well-designed mobile app options to make online banking a breeze. With mixed reviews from app users on both iOS and Android, there are some concerns about mobile banking with Bask.
Poor customer reviews
As for the company itself, the reviews are not ideal. While the APYs and airline miles sound great on paper, customers aren't as happy with what they're getting from Bask. Across third-party review sites, the company only has a 2.2-star rating out of 5. On top of that, Bask has a very low "D-" rating from the BBB for its consumer responses. However, it is worth noting that there are no more than 100 individual reviews available from customers at the time of this review, so this may not be a full reflection of the bank's services.
Zero customer service
Many customer complaints cover the difficulties of reaching customer service. Multiple reviews say things like "impossible to get a representative" or "zero customer service." Many clients warn others to stay away from Bask entirely. On the other hand, some of the customers who were happy with Bask loved the high APYs and felt that they were getting real and visible returns on their investments.
Sounds good until you try it
While Bask Bank has its advantages in terms of high APYs, competitive CD rates, and the ability to earn American Airlines miles, it also has several limitations. One of the most concerning issues with Bask is their customer feedback. Customers repeatedly complain about not being able to reach customer service and warn potential customers away. This plus the $35 fee for outgoing wire transfers, transfer limits, and restrictions on the number of accounts that customers can have negatively impact the company's overall rating. For these reasons, and the "D-" rating from the BBB, Bask earns a low rating in our evaluation of online savings accounts.
More Online Savings Account Reviews
Where is the Best Place to Open an Online Savings Account?
Feeling let down by your current bank and looking to spruce up your finances? Or maybe you're about to open your very first savings account and want to make sure you're getting all the bells and whistles? Deciding who to trust with your savings is a big deal and it's crucial for your financial wellbeing. With so many banks and online institutions, it can be overwhelming to hunt for the best interest options or rewards. Switching banks, or opening a new savings account, can feel like a lot.
But first, some background: a savings account is a type of bank account that is specifically designed for saving money. It's an account that you can deposit money into and earn interest on the balance. Unlike a checking account, which is used for everyday transactions like paying bills or buying groceries, a savings account is intended for long-term saving.
Online Savings Account FAQ
Continued from above...
Many people use savings accounts to set aside money for things like a down payment on a house, a new car, or an emergency fund. One of the biggest benefits of a savings account is that it can help you build wealth over time. As you continue to save money, the interest earned on your balance can compound, meaning you earn interest on both the money you deposit and the interest you earn. Over time, this can add up significantly and help you achieve your financial goals. Additionally, savings accounts are generally considered to be low-risk investments, making them a great option for people who are risk-averse or new to investing.
Banks and financial institutions offer various types of savings accounts that cater to different needs and goals. Some common types of savings accounts include a basic savings account, which is a standard account that usually has a low minimum balance requirement and earns interest on the balance. High-yield savings accounts are another option. These typically offer a higher interest rate than basic savings accounts but may require a higher minimum balance in the account.
Money market accounts are similar to savings accounts but often offer higher interest rates and allow you to write a limited number of checks per month. Certificates of deposit (CDs) are time-bound accounts that require you to leave your money in the account for a fixed period in exchange for a higher interest rate. Individual Retirement Accounts (IRAs) are specialized accounts designed for retirement savings and offering tax benefits.
So, how do you find the best savings account for your needs? There are a lot of factors to consider for account types and which institution can offer you the best service overall. If you're not sure where to start, you can check out this list that should help you narrow down your options:
- Fees: While many online savings accounts offer accounts for no fees, there are just as many that do require minimums, or at least that customers meet a daily balance minimum to avoid fees. Keep in mind how much you're willing to pay each month (and what you need to do to keep an account free of charge) as you look over savings account options.
- Customer Service: Customer service is key, especially when your money is involved. Looking at feedback for customer service at different banks may help determine who you want to support your financial security.
- APYs: One of the biggest differences in savings account options is how much you'll make in APYs. Some APYs are fixed, while others depend on your account balance. Keep an eye on how much you'll be earning for your money when you choose your next savings account.
- Savings Options: General savings accounts aren't the only options to increase your savings. With CDs and Money Market accounts, many banks offer a variety of places to improve your savings. Knowing what kind of account you want will help you decide where to start banking next. Not all banks offer the same benefits or account types.
To make opening your next savings account as easy as 1, 2, 3, Top Consumer Reviews has evaluated and ranked the most popular options on the market. We hope this will help you decide which financial institution is the best place to keep track of your savings.
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