What Bask Bank Offers and Who It Works For
Bask Bank is an online savings account with no monthly fees, no minimum balance requirement, and a stated interest rate that changes with market conditions. The account has FDIC insurance up to $250,000 through its partner bank, Megalith Bank. There is no debit card, no check-writing, and no in-person branch access — you move money in and out through transfers from another bank account or wire transfers.
Whether it is a good choice depends on what you need the account to do. If you want a place to park money and earn interest without touching it often, and you already have a checking account elsewhere for daily spending, Bask can work. If you need to withdraw cash regularly, write checks, or talk to someone in person, it will not.
Bask is owned by Megalith Bank, a Utah-based bank that also operates other online savings products. The company has been operating since 2021 and holds standard banking licenses and insurance. It is not a scam, but it is also not a household name — which means you should verify the current interest rate and terms yourself before opening an account, because rates change and this guide cannot stay current with them.
Key Takeaways
- Bask Bank charges no monthly fees and has no minimum balance, so the only cost is opportunity cost if the interest rate is lower than competitors.
- You cannot withdraw cash at an ATM or branch, and there is no debit card — all money movement happens through bank transfers or wire transfers.
- The interest rate is variable and changes with market conditions, so your earnings will fluctuate month to month.
- Your money is FDIC insured up to $250,000, the same protection you get at any other bank.
- Bask works best as a secondary savings account for money you do not need to access often, not as a replacement for a full-service checking account.
How the Interest Rate Compares to Other Online Banks
Bask publishes its current interest rate on its website, but that rate is not locked in — it can change at any time. Online savings accounts from other banks like Marcus, Ally, and Capital One 360 also offer variable rates that move with market conditions. The difference between them is usually small — often a fraction of a percent — but on a $10,000 balance, that fraction adds up over a year.
The best way to compare is to check the current rate at Bask against the current rates at two or three other online banks on the same day. Do not rely on a guide or article to tell you which is highest, because rates change weekly and any comparison older than a few days is out of date. Visit the bank websites directly and write down the numbers.
If Bask's rate is within 0.1% of the highest rate you find, the difference is small enough that other factors — like how easy the website is to use, or how fast transfers go through — might matter more. If Bask is 0.5% or more below the highest rate, you are giving up real money by staying there.
What Happens When You Need Your Money
Moving money out of Bask takes one to three business days through an ACH transfer to another bank account you own. If you need cash in your hand, you have to transfer to a checking account first, then withdraw from an ATM or branch. This two-step process means you cannot get cash on the same day you decide you need it.
Wire transfers are faster — usually same-day or next-day — but Bask may charge a fee for outgoing wires, and your receiving bank may charge a fee too. For most people, the ACH transfer is free and fast enough for planned withdrawals, but not for emergencies.
This is why Bask works best as a secondary account. Keep your emergency fund or money you might need within a week or two in a checking account or a savings account at a bank with ATM access. Use Bask for money you have decided to save and do not plan to touch for months.
Depositing Money and Setting Up Transfers
You cannot deposit cash directly into Bask — there are no branches and no ATMs. You move money in by transferring from another bank account you own. The first transfer usually takes three to five business days, and Bask may require you to verify the account by confirming two small deposits the bank sends to that account.
After the first transfer clears and the account is verified, future transfers are faster — usually one to two business days. You can set up recurring transfers if you want to move money in on a schedule, like $200 every payday.
If you have a large sum to deposit, a wire transfer is faster than an ACH transfer, but again, Bask may charge a fee. Check the current fee schedule on Bask's website before you wire anything.
FDIC Insurance and Account Safety
Bask Bank's deposits are insured by the FDIC through Megalith Bank up to $250,000 per account holder. This is the standard federal insurance limit and is the same protection you get at any other bank. If Megalith Bank fails, the FDIC will return your money up to $250,000.
The FDIC insurance does not cover losses from fraud, mistakes, or market changes — it only covers the bank itself failing. If someone gains access to your account and transfers money out, that is a separate problem you would need to resolve with Bask's customer service and possibly your bank's fraud department.
Bask's website uses standard encryption and security practices, but no online bank is immune to hacking. Use a strong, unique password for your Bask account and enable any two-factor authentication the bank offers.
Customer Service and Problem Resolution
Bask offers customer service through email and phone during business hours. There is no live chat and no in-person branch. If you have a problem — a transfer that did not go through, a question about your interest, a suspected fraud — you will contact them by phone or email and wait for a response.
Response times vary. Some banks answer phone calls within minutes during business hours; others have longer wait times. Bask's current phone hours and response times are on their website. If you need immediate help, an online bank may frustrate you.
Read recent customer reviews on independent sites like Trustpilot or the Better Business Bureau to see what other people's experiences have been. Look for patterns — if many people report transfers taking longer than promised or customer service being slow to respond, that is useful information. One or two bad reviews are normal for any bank; many bad reviews about the same issue is a warning sign.
Alternatives to Consider
If Bask's lack of ATM access or slower withdrawal speed is a problem, other online banks offer similar interest rates with more flexibility. Marcus by Goldman Sachs and Ally Bank both offer no-fee savings accounts with variable rates and faster access to your money. Capital One 360 offers a savings account plus a checking account with a debit card, so you can keep everything in one place.
If you want to keep money in a traditional bank with branch access and ATMs, you will usually earn a lower interest rate. The trade-off is convenience — you can walk in, talk to a person, and withdraw cash. Which trade-off makes sense depends on how often you need to access your savings and how much the interest rate difference matters to you.
If you are saving for a specific goal with a deadline — a down payment in two years, a vacation in six months — a high-yield savings account at any bank, including Bask, will earn more than a regular savings account. If you are saving for retirement or a very long time horizon, a brokerage account or retirement account may be a better choice, but that is a different decision.
Frequently Asked Questions
Can I get my money out of Bask if the bank closes?
Yes. Your deposits are FDIC insured up to $250,000, so if Megalith Bank fails, the FDIC will return your money. The process usually takes a few weeks. You would not lose money, but you would not have access to it during that time.
Does Bask charge fees for transfers or withdrawals?
Bask does not charge fees for ACH transfers in or out. Wire transfer fees vary — check Bask's current fee schedule on their website. Some other banks may charge you a fee to receive a wire transfer from Bask, so ask before you wire.
What if I need to close my account?
You can close a Bask account at any time with no penalty. Transfer your money out, then contact Bask to close the account. There is no waiting period or early withdrawal fee.
Is the interest rate may provide to stay the same?
No. Bask's interest rate is variable and can change at any time. The bank will notify you of changes, but you have no control over the rate. If rates drop and you want a higher rate, you would need to move your money to a different bank.
How do I know if Bask is legitimate?
Bask is licensed as a bank, holds FDIC insurance, and is regulated by banking authorities. You can verify this on the FDIC's website by searching for Megalith Bank. It is not a scam, but it is a newer, smaller bank, so do your own research before opening an account.