Updated
Bask Bank offers some of the highest interest rates on the market. Bask Bank offers CD terms ranging from 6 to 24 months, making it a great option for short and mid-term investments. Bask Bank has a minimum deposit requirement and doesn't offer CD terms longer than 24 months, so it may not be right for everyone.
Read this review to learn more about Bask Bank CD rates, how they compare to the competition, and who should get a Bask Bank CD.
Bask Bank CD rates for 2024
Rates as of April 25, 2024
APY = Annual Percentage Yield
Bask Bank CD
Bottom Line
You get a few straightforward CD terms to choose from (from 6 months to 2 years), and a competitive APY from Bask Bank. But you will need to pony up $1,000 to open one of these CDs.
MINIMUM DEPOSIT $1,000
| 6 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY |
|---|---|---|---|
| 5.15% | 5.20% | 4.50% | 4.50% |
Compare Bask Bank CD rates
Bask Bank has some of the best 6-month to 24-month CDs rates available on the market, especially for its 6-month CDs. Take a look at how some of the competition stacks up.
Rates as of April 25, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Bask Bank CD review
Bask Bank offers four CD options: 6 months, 12 months, 18 months, and 24 months.
Pros
- High interest rates
- Four CD options from 6 months to 24 months
- No fees
Cons
- $1,000 minimum to open account
- Longest term CD is 24 months
- Early withdrawal penalty is high
Bask CD rates are extremely competitive and some of the highest in the market. There are also no fees. However, penalties for early withdrawals are high and Bask Bank doesn't offer CD terms longer than 24 months.
The early withdrawal penalty for 6-month and 12-month CDs is three months of interest and the penalty for CDs with longer terms is six months of interest. If the penalty is higher than the accrued interest, the difference will be taken from your principal.
Bask Bank also requires an initial deposit of $1,000. This must be received within 10 business days, or the account will be closed. Once you make the initial deposit, you will not be able to make any additional deposits until the renewal grace period at the end of the CD term.
After your CD matures, you will have a 10-day grace period. You can choose to withdraw your funds, add funds, move to another Bask Bank CD, or adjust the term length. If you do nothing, your CD is renewed automatically and you'll receive a renewal letter after the end of the grace period.
Who is a Bask Bank CD right for?
Bask Bank CDs are right for those who want to earn a high interest rate, are comfortable with online banking, and are able to meet the $1,000 minimum requirement.
Bottom line: Bask Bank CD rates
Keep reading about Bask Bank:
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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If you're looking for a high interest rate CD with a term of 24 months or less, Bask Bank might be a fit for you.
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Bask Bank CDs offer some of the highest CD rates in the market. CDs are a safe way to grow your money if you don't need it for day-to-day expenses.
Our Banking Expert
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
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