What Bask Bank offers and who it works for

Bask Bank is an online savings account run by Customers Bank, a Pennsylvania-based bank insured by the FDIC. It has no monthly fees, no minimum balance requirement, and no limit on how many times you can withdraw money each month. The main reason people choose it is the interest rate — Bask typically pays more interest on savings than most brick-and-mortar banks, though the exact rate changes regularly based on what the Federal Reserve does.

The tradeoff is that Bask exists only online. You cannot walk into a branch, deposit cash at a teller, or speak to someone in person. Everything happens through their website or mobile app. If you need to move money in or out, you do it by linking a bank account you already have, setting up a wire transfer, or using an ACH transfer (a standard electronic move between banks that takes one to three business days).

Bask works best if you already have a checking account elsewhere and you want a separate place to keep savings where your money earns interest. It does not work if you need to deposit cash regularly or if you prefer handling money in person.

Key Takeaways

  • Bask Bank charges no monthly fees and has no minimum balance, so you can open an account and leave it empty if you want to.
  • The interest rate Bask pays on savings changes with the market, so compare it to other online banks before you open an account — the best rate today may not be the best rate next month.
  • You cannot deposit cash at Bask or visit a branch; all deposits come from another bank account you link to it.
  • Your money is insured by the FDIC up to $250,000, the same protection you get at any other bank.

How the interest rate compares

Online banks like Bask typically pay higher interest rates than traditional banks because they have lower costs — no branches to maintain, no tellers to pay. Bask's rate is competitive, but it is not always the highest. Banks change their rates frequently, sometimes weekly, so the best account today might not be the best next month.

Before you open a Bask account, check what rate they are currently offering and compare it to other online banks like Marcus, Ally, or Capital One 360. You can find current rates on each bank's website. The difference between a 4.5% rate and a 5.0% rate matters if you have several thousand dollars sitting in savings — over a year, that extra 0.5% adds up.

Keep in mind that rates can drop. If you open a Bask account at a high rate and the Federal Reserve lowers interest rates, Bask's rate will drop too. This is normal and happens at every bank, but it means the account that seemed like the best choice in month one might not be in month six.

How to move money in and out

To fund a Bask account, you link a checking or savings account you already own at another bank. This takes a few minutes on Bask's website — you enter your other bank's routing number and account number, and Bask verifies the connection by depositing two small amounts (usually under a dollar each) into that account. You then confirm the amounts in your other bank's app or website, and the link is active.

Once linked, you can transfer money from that account into Bask whenever you want. The transfer usually takes one to three business days. You can also move money out of Bask back to your linked account the same way. There is no limit on how many transfers you make per month — the old rule that savings accounts allowed only six withdrawals monthly no longer applies to most banks.

If you need to move money faster, Bask offers wire transfers, but these usually cost $15 to $25 and are meant for larger sums. For regular deposits and withdrawals, the free ACH transfer is the standard method.

Fees and what they cover

Bask charges no monthly maintenance fee, no overdraft fee (because you cannot overdraft a savings account), and no fee for transfers between your Bask account and a linked bank account. There is no minimum balance, so you can open an account with $1 if you want.

The only fees you might encounter are wire transfer fees if you choose to move money that way, and a fee if you ask Bask to issue a cashier's check. These are optional — you only pay them if you use those specific services. For most people using Bask as a straightforward savings account, there are no fees at all.

Safety and FDIC insurance

Bask Bank is FDIC-insured, which means your money is protected up to $250,000 per account. If Bask failed tomorrow, the FDIC would return your money. This is the same protection you get at any other bank, whether it is a big national chain or a small local credit union.

The FDIC insurance covers the account itself, not the interest rate. If you have $10,000 in Bask and it earns $200 in interest, both the $10,000 and the $200 are covered. If you have multiple accounts at Bask (for example, a savings account and a money market account), they are insured separately, so you could have up to $250,000 in each one.

When Bask makes sense and when it does not

Bask is a good fit if you have a checking account at another bank and you want to park savings somewhere that earns interest without paying fees or maintaining a minimum balance. It is especially useful if you are building an emergency fund and you want the money separate from your checking account so you are less tempted to spend it.

Bask does not work if you need to deposit cash regularly. Some people get paid in cash or prefer to handle money in person, and Bask cannot do either. If that is you, a traditional bank with branches is a better choice, even if the interest rate is lower. Similarly, if you want a bank that offers checking, loans, or credit cards all in one place, Bask only does savings, so you would still need another bank.

Bask also may not be the best choice if you are comparing rates and another online bank is paying significantly more. The difference between 4.5% and 5.2% does not sound like much, but on $25,000 it is about $175 per year. Check rates before you commit.

How to open an account

Opening a Bask account takes about 10 minutes. You go to their website, enter your name, address, Social Security number, and date of birth. Bask verifies your identity electronically — they check against public records to confirm you are who you say you are. If verification is when ready, your account opens right away. If it takes longer, Bask will contact you with next steps.

Once your account is open, you link a bank account from another institution, make your first deposit, and you are done. You can start earning interest when ready on whatever you deposit. There is no waiting period or probation — the account is fully functional as soon as it is open.

Frequently Asked Questions

Can I use Bask as my main checking account?

No. Bask only offers savings accounts, not checking accounts. You cannot get a debit card, write checks, or set up automatic bill payments with Bask. You need a checking account elsewhere and use Bask only for money you want to save.

What happens if Bask Bank goes out of business?

The FDIC would step in and return your money up to $250,000. You would not lose your savings. This has happened before with other banks — the FDIC has a process for it, and depositors get their money back.

Can I deposit cash into Bask?

No. Bask has no branches and no ATMs. All deposits must come from another bank account you link to Bask. If you need to deposit cash, you would deposit it into your checking account at another bank first, then transfer it to Bask electronically.

How often does Bask change its interest rate?

Bask can change its rate whenever it wants, though most online banks adjust rates weekly or monthly based on what the Federal Reserve does. You will not earn a locked-in rate — if rates drop, your rate drops too. Check Bask's website regularly if you want to know the current rate.

Is there a limit to how much I can save in Bask?

You can deposit up to $250,000 and have it all insured by the FDIC. If you want to save more than that, you could open a second Bask account, and each would be insured separately. Some people also open accounts at multiple banks to spread their savings across different FDIC-insured institutions.