Because Bask Bank is an online institution, it’s often compared to Ally Bank, CIT Bank and other online-only banks. If your sole goal is to earn as many airline miles as possible, then Bask Bank is a no-brainer. But if you’re looking for other perks, one of these three institutions may be a better fit.
Bask Bank vs. Ally
Ally Bank has far more products than Bask Bank. You’ll find a checking account, a money market account and more CD options, including Raise Your Rate CDs, No Penalty CDs and IRA CDs.
While rates are competitive across both institutions, Bask Bank’s yields come out on top. However, Ally’s savings account reigns supreme if you’re looking for helpful savings tools. You can set up “savings buckets” for goals, save spare change from your debit card purchases, set up recurring transfers and more.
Bask Bank vs. Capital One
Similar to Ally, Capital One has more products than Bask Bank. You’ll find checking and savings accounts for kids, teens and adults and CDs—all of which have no monthly fees. Capital One also has credit cards, loans, business accounts and built-in budgeting tools to help you manage your money.
The only downside is that Capital One has slightly lower interest rates than Bask Bank. But in exchange, you gain access to more products and tools.
Bask Bank’s six-month and 12-month CDs have better yields than Capital One’s counterparts, but Capital One has better yields on its 24-month and 36-month CDs. Plus, you get more term options with Capital One.
Bask Bank vs. CIT Bank
Once again, you get more variety with CIT Bank, including checking accounts, savings accounts, money market accounts, no-penalty CDs, ramp-up CDs and more.
However, things aren’t as simple with CIT Bank as they are with Bask Bank. Many of CIT Bank’s accounts require a minimum $100 deposit to open. Then, to earn the highest advertised interest rate, you need to maintain a minimum $25,000 balance or deposit at least $100 monthly.
