Bask Bank Increases Interest Rates to 4.15% APY (January 2023)

Summary:

There has been a recent trend of higher interest rates on savings accounts. This is due to a combination of a strengthening economy and an increase in competition among banks and other financial institutions. Bask Bank, for example, has increased the maximum APY for its savings accounts to 4.15% APY for its Interest Savings account.

Borrowers have enjoyed a long run of historically low-interest rates, but the time for savers has finally come. Federal Reserve officials raised the federal funds rate again on December 14th, 2022, for the seventh time this year. The rate increased by half a percentage point, which nudged financial institutions to increase the interest rates they pay savers on deposit accounts.

Bask Bank offers 4.15% APY to savers

Bask increased the APY on its high-yield savings account to 4.15%. Bask Interest Savings Account is a high-yield savings account that offers a competitive annual percentage yield (APY) and allows customers to earn more than with most checking and savings accounts. In addition to a high APY, Bask does not charge monthly or transfer fees.

Note that the Annual Percentage Yield (APY) for the Bask Bank Interest Savings Account is variable and may change at any time. However, Bask Bank does not require a minimum balance to earn APY. So, you will start earning interest even if you have a modest balance.

A 4.15% APY is very high compared to the average rate on savings accounts (0.30% APY as of December 19, 2022). However, there are other savings accounts with similar rates.

Bask Bank also offers AAdvantage miles

Cash is not the only benefit you can get for depositing savings in a Bask Bank savings account.

Bask Bank is offering 1,000 AAdvantage® miles for customers that (i) have not previously opened a Bask Savings Account; (ii) meet Bask Bank’s qualifications to open an account; (iii) complete the online account opening process between December 16, 2022 and March 16, 2023; (iv) fund the account within fifteen (15) calendar days following the initial account opening; (v) maintain a minimum daily account balance of $5,000 for ninety (90) consecutive days out of the first one hundred and twenty (120) days following the initial account opening; and (vi) provide Bask Bank with an AAdvantage® account number in the same name as the subject Bask Savings Account. Bask Bank will award the Account Opening Bonus miles within ten (10) Business Days once all of the conditions of this offer have been met. AAdvantage® miles may take 6-8 weeks to post to the linked AAdvantage® account.

This offer is limited to one Account Opening Bonus Award for each customer. Customers that have previously opened a Bask Savings Account, whether the account is still open or if it has been closed, are not eligible for this Bonus Miles offer. The value of this bonus/offer will be reported to the IRS, and the recipient is responsible for any federal, state, or local taxes on this offer.

Key takeaways

  • The recent federal funds rate increase is providing savers with a higher return on their money.
  • Bask Bank increased its rates on its savings accounts to 4.15% APY.
  • Bask Bank offers both cash and AAdvantage miles as rewards on deposit accounts.

About Bask Bank

Bask Bank is an online bank that offers two types of savings accounts: one that earns a competitive annual percentage yield and another that earns American Airlines miles. Bask Bank got its start in January 2020 and is a division of Texas Capital Bank.