Bask Interest Savings Review: A Simple High-Yield Savings Account With No Fees

From an interest rate standpoint, this is a remarkably competitive savings account. The Bask Interest Savings account has a fantastic APY, no monthly account fees, and no minimum balance requirement, making it accessible for most folks looking to capitalize on rising rates.

You'll have to make a few compromises, however, like forgoing a debit card and ATM access. Check out our full Bask Interest Savings review for all the pros and cons.

Bask Bank's Interest Savings has one of the highest APYs we've seen. Even if you're starting with minimal savings, you can open this account (there's no minimum deposit required) and watch your money grow with interest.

Take a look at the pros and cons of opening a Bask Interest Savings account.

Top perks

5.10% APY: The APY (annual percentage yield) shows how much interest you can earn on your savings and accrued interest in one year. The Bask Interest Savings account's APY stands out from the competition.

No monthly maintenance fees: You won't be stuck paying an extra fee just to keep your account open. This means all that interest won't be eaten away by maintenance fees.

No minimum balance requirements: Unlike some accounts, a Bask Interest Savings account isn't just for high rollers. You can open an account with any amount, so long as you fund your account within 15 days.

Well-rate mobile app: You can check your balance and deposit checks right through the mobile app. It's available for both Android and iOS.

Joint accounts available: Want to open a Bask Interest Savings account with a family member? Good news, you can add a joint owner. Both owners need to be 18 or older, have acceptable ID, and have a mobile device handy for verification.

FDIC insured: Rest assured that your deposits are insured, up to $250,000, by the FDIC. Bask Bank is a division of Texas Capital Bank, a member of FDIC.

What could be improved

No debit or ATM card: Bask Bank doesn't provide ATM or debit cards. As such, your options for withdrawing funds are mostly limited to electronic transfers. On the plus side, Bask Bank doesn't charge fees for ACH transfers.

No cash deposits: You can't deposit cash into your Bask Interest Savings account. Your options are limited to check deposits through the app, electronic transfers, or external wire transfers.

No new account bonus: Some banks offer cash bonuses for opening and funding a new account. Unfortunately, we haven't seen such an offer for the Bask Interest Savings account.

Can't remove joint owners: While it's nice to have a joint owner on your Bask Interest Savings account, make sure they're in it for the long haul. You can't remove a joint owner without closing the account.

Must make a deposit within 15 days: Although there's no minimum balance requirement for your Bask Interest Savings account, you need to make at least the initial deposit within the first 15 days. Accounts that do not receive a deposit in that time will likely be closed.

Although Bask Bank is a subsidiary of Texas Capital Bank, Bask Bank itself doesn't have physical branches. There are still a range of options for depositing and withdrawing funds, however.

Deposit options

You can deposit money into your Bask Interest Savings account a few ways:

• Electronic transfer from a linked bank account
• Deposit a check using Mobile Deposit through the app
• Initiate a wire transfer from another bank account

Electronics transfers from linked accounts are processed as an ACH transfer. They can take between one and three business days to process. Your funds should be made available within three business days, but they can take up to five business days after the transfer completes to become available.

Checks deposited through the mobile app must be payable to the account owner and properly endorsed. They are typically available one business day after they are received. The exception is for new accounts; if your account is less than 30 days old, personal checks may take up to nine business days for funds to become available.

Wire transfers are different from ACH transfers. Funds from wire transfers are generally made available on the business day they are received, unless there is an applicable exception.

Withdrawal options

Although you can't hit the ATM to get money from your Bask Interest Savings account, you do have a few options:

• Electronic bank transfer to a linked account
• Wire transfer to another institution (fee applies)
• Receive a cashier's check through the mail

The simplest way to move money from your Bask Interest Savings account is to initiate an ACH electronic transfer to a linked bank account. Using this method, the funds should be available in your linked account within three business days, on average (it may take up to five).

Additionally, you can choose to initiate an outgoing wire transfer. With this method, funds are typically transferred the same business day. Keep in mind that outgoing wire transfers are subject to a $35 fee from Bask Bank, and may also be subject to fees at the receiving institution.

Lastly, you can request a withdrawal in the form of a cashier's check sent by mail. These requests are typically processed within three business days. The check will be sent to the mailing address on file. It can take seven to 10 business days to receive your check in the mail.

If your only concern with your savings account is a high APY, the Bask Interest Savings is a solid option. The APY is well above average, there are no account minimums, and no monthly maintenance fees. Your money can sit securely in this FDIC-insured account and grow.

On the other hand, that high rate comes with some limitations. You won't be able to get your money quickly, as there is no ATM access or debit card. And you can't simply hit the local branch, as Bask Bank doesn't have any. If quick access to cash is important, you may need to consider your other options. You can compare other choices on our list for the best high-yield savings accounts.

Keep reading about Bask Bank:

• Bask Bank Review
• Bask Mileage Savings Account
• Bask Bank CD

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

• APY: 50%
• Brand and reputation: 20%
• Fees and minimums: 15%
• Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.