Bask Bank has significantly increased the yield on its Interest Savings Account to 1.5 percent, positioning it among the most competitive savings rates currently available in the United States. This move by the online-only bank aims to attract more customers by offering a yield substantially higher than the national average.
Key Takeaways
- Bask Bank’s Interest Savings Account now offers a 1.5 percent APY.
- This rate is over 20 times the national average savings account interest rate.
- The account has no minimum balance requirement and no monthly maintenance fees.
A Competitive Edge in Savings
The recent boost to 1.5 percent represents a 0.25 percentage point increase from its previous rate. This new yield places Bask Bank’s offering well above the national average savings account interest rate, which currently stands at 0.07 percent as of Bankrate’s June 8 survey. This increase is likely influenced by the Federal Reserve’s recent rate hikes, which typically lead to higher yields on deposit accounts.
Account Features and Benefits
Bask Bank’s Interest Savings Account is designed for accessibility, with no minimum balance required to open the account. While an initial deposit must be made within 60 days of opening, the absence of monthly maintenance fees further enhances its appeal. These features contributed to the account receiving a perfect 5 out of 5 stars in a recent Bankrate review.
Bask Bank’s Offerings
Launched in February, the Interest Savings Account is one of two offerings from Bask Bank, which is a division of Texas Capital Bank. The bank also offers a Mileage Savings Account that rewards customers with American Airlines miles instead of interest. Bask Bank itself was introduced in 2020, and its online-only model allows it to potentially offer more competitive rates by reducing overhead costs.
While the current high yield is attractive, it’s worth noting that savings account yields are variable and can fluctuate based on market conditions and Federal Reserve actions. As the account has only been available since February, its long-term consistency in offering top-tier yields remains to be seen.
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