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Review of Bask Bank in 2023

As an AI language model, I don’t have the capability to review Bask Bank in 2023, since I am not able to predict future events or changes in the financial market. However, as of August 2021 and based on available information, Bask Bank is a unique banking option that offers a one-of-a-kind rewards program for savers who are interested in earning airline miles instead of cashback or interest on deposits.

Bask Bank is an online division of Texas Capital Bank that aims to provide rewards to customers for saving their money with their institution. Bask Bank partners with AAdvantage, the loyalty program of American Airlines, to provide customers with airline miles for each dollar they save in their Bask Bank account. Customers can earn up to 5,000 miles per month, depending on their account balance.

Bask Bank offers two types of accounts: a savings account and a certificate of deposit (CD) account. The savings account has an interest rate of 0.28% APY as of August 2021, which is relatively competitive compared to other online banks. However, the primary selling point of the savings account is the ability to accumulate AAdvantage miles instead of earning cashback or interest on deposits. The CD account has a set term and a fixed rate of return that varies depending on the term length, ranging from three months to five years. CD rates also vary based on the customer’s account balance.

One of the benefits of saving with Bask Bank is the simplicity of their reward program. Customers earn AAdvantage miles for each dollar they save, and there are no complicated redemptions or reward tiers to navigate. The miles earned can be used towards flights, hotel stays, and car rentals, providing customers with the flexibility to use their rewards in a way that suits their travel needs.

Another advantage of Bask Bank is the assurance of having their accounts FDIC-insured for up to $250,000 per depositor. The bank also provides a user-friendly mobile app, ensuring that customers can conveniently manage their accounts on-the-go.

In conclusion, Bask Bank is an innovative banking option that leverages airline rewards to incentivize customers to save their money with their institution. For those who are frequent flyers or interested in travel rewards, Bask Bank may be a compelling option. However, it is essential to always compare the interest rates, fees, and rewards programs of various banking institutions to find the best fit for personal financial goals and needs.

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