Bask Bank Expands Product Set with New High-Yield Interest Savings Account

Rhea-AI Summary

Texas Capital Bancshares, Inc. (NASDAQ: TCBI) announced the expansion of its digital platform, Bask Bank, with the introduction of the Bask Interest Savings Account. This account offers a competitive Annual Percentage Yield (APY) of 0.70%, significantly higher than the national average of 0.06%. Bask Bank aims to meet the needs of customers seeking high-yield savings solutions without minimum balance requirements or monthly fees. The initiative reflects Texas Capital's commitment to providing enhanced financial services and improving customer experience.

Positive

• Introduction of Bask Interest Savings Account with a competitive 0.70% APY.
• The new account offers higher returns compared to the national average.
• No minimum balance requirements or monthly fees enhance customer accessibility.

Negative

• None.

Texas-based digital bank to diversify portfolio of offerings throughout 2022

DALLAS, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), parent company of Texas Capital Bank, announced today the expansion of its digital Bask Bank (“Bask”) platform as a continuation of its overall product strategy.

Texas Capital Bancshares, Inc. is building a full-service financial services firm with distinct capabilities to provide clients with solutions for their consumer, commercial, and investment banking needs. Bask Bank, as part of the overarching strategy, is evolving to service customers in search of a high-yield savings account for the cash component of their portfolios.

The new Bask Interest Savings Account offers top-tier rates of return with an Annual Percentage Yield (APY) of 0.70%, compared to the national average of 0.06%. Bask Bank is dedicated to making it simple for customers to earn and save without minimum balance requirements or monthly account fees.

“Bask Bank launched at the beginning of 2020 as Texas Capital Bank’s consumer, digital-only savings account offering customers a unique way to earn airline miles by saving instead of accruing traditional interest,” said Matt Quale, president of Bask Bank. “As we continue to expand our product set throughout 2022, we are excited to first introduce the Bask Interest Savings Account with an industry-leading APY that is more than five times the national average. With each product we add to our digital portfolio, our goal is to continue serving the distinct needs of our growing customer base through a premier user experience.”

Opening a savings account is quick and convenient. Bask Bank customers can begin earning interest at 0.70% APY as soon as funds are deposited into their account. Savers who already have a Bask Mileage Savings Account and are interested in opening a Bask Interest Savings Account can easily transfer funds between accounts to earn both miles and interest. Details on the new product and its unique features can be accessed here.

About Texas Capital Bancshares, Inc. 

Texas Capital Bancshares, Inc. (NASDAQ^®: TCBI), a member of the Russell 2000^® Index and the S&P MidCap 400^®, is the parent company of Texas Capital Bank, a commercial bank that delivers highly personalized financial services to businesses and entrepreneurs. Texas Capital Bank is headquartered in Dallas, Texas, and works with clients across the country. For more information, please visit www.texascapitalbank.com. Member FDIC.

About Bask Bank
Bask Bank is a digital bank that rewards savers with both interest and American Airlines AAdvantage^® miles. Along with its parent company, Texas Capital Bank, Bask Bank is committed to building strategic relationships and providing service that exceeds expectations. Bask Bank is a division of Texas Capital Bank, an established FDIC-insured bank headquartered in Dallas. For more information, please visit www.baskbank.com.

FAQ

What is the APY for the new Bask Interest Savings Account from TCBI?

The Bask Interest Savings Account offers an Annual Percentage Yield (APY) of 0.70%.

How does the new Bask Interest Savings Account compare to the national average?

The APY of 0.70% is more than five times the national average of 0.06%.

What are the requirements for opening a Bask Interest Savings Account?

There are no minimum balance requirements or monthly account fees.

When was the Bask Interest Savings Account announced?

The account was announced on February 9, 2022.

What is Texas Capital Bancshares' stock symbol?

The stock symbol for Texas Capital Bancshares is TCBI.