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Bask Bank Certificates of Deposit

Certificates of Deposit

No matter what your savings goals are, a Bask Certificate of Deposit (CD) can help you achieve them faster by earning interest on a lump sum deposit that's held for a period of time between 6 months and 24 months.

Choose Your CD Rate

Open a Certificate of Deposit (CD) account today

Select the duration and Annual Percentage Yield (APY)*
that works for you.

Certificate of Deposit (CD) Rates

$1,000 Minimum to Open Account







deposit term interest Rate apy
6 Months

4.21%

4.30%

12 Months 4.35% 4.45%
18 Months 4.02% 4.10%
24 Months 4.02% 4.10%

Interest for CDs are calculated and accrued daily based on the daily balance in the account. CDs have fixed terms and rates; penalty may be incurred if funds are withdrawn prior to maturity.

All Annual Percentage Yields (APYs) and Interest Rates shown are offered on accounts accepted by Bask Bank and effective per the dates shown above, unless otherwise noted. APYs represent the yield on a 365-day basis including the effect of compounding and interest reinvestment. APYs on term deposits assumes reinvestment of principal and interest at maturity, fees may reduce earnings on accounts.

Benefits of a Bask CD Account

Customizable

Terms on a Bask CD Account range from 6 months to 24 months, so how you want to save (and for how long) is entirely up to you.

Security

You can trust that all four of Bask Bank’s CD account offerings are insured up to FDIC limits, which means you’re protected from any losses.

Stability

The added advantage of knowing your exact interest earnings can help you plan smarter, which means achieving your goals quicker — so you can dream larger.

How do CDs work?

"CD" stands for "certificate of deposit," a type of high yield savings account that has a fixed interest rate (APY) and a fixed term. A Bask CD Account offers a guaranteed return on your savings in exchange for you choosing Bask Bank to safeguard your funds during a timeframe of your choice.

What is APY?

"APY" stands for "annual percentage yield," a percentage that describes compounding interest gained on money deposited into an account.

Have other questions?

Check out our FAQs below. 

Frequently Asked Questions

    What is a CD?

    A certificate of deposit (CD) is a bank account that earns a fixed interest rate in exchange for locking in your deposit for a specified term. Bask Bank offers CD terms ranging from 6 months to 24 months.

    How can I open a new CD?

    New Customers: Open a new account by visiting baskbank.com and select Open An Account from our homepage. Choose your desired CD option and follow the prompts for our account opening process.

     

    Existing Customers: To add a CD to your Bask Bank account, locate Discover Products from the left navigation panel on your online banking profile, and select your desired CD option. Click Open CD under your CD selection and follow prompts to complete your application.

     

    Initial Deposit: Upon opening a CD with Bask Bank, you will need to deposit a minimum of $1,000 within the first 10 business days after account opening. If your CD is not funded with at least $1,000 within 10 business days, your account will automatically be closed.

    What do I need to know about funding my new CD?

    The minimum deposit amount required for a new CD is $1000. The initial deposit must be received within 10 business days, or the account will be closed. 

    Can I have more than one CD?

    Yes. Bask CD accounts are limited to five CD accounts per product type, per owner.

    What can I expect once I open my Certificate of Deposit (CD) with Bask Bank?

    You’ll have the assurance of a guaranteed rate for the term and amount on deposit. Therefore you can expect no changes to take place to your CD during its term.

    Can I withdraw money from my CD early?

    Yes, but you will be subject to an early withdrawal penalty. The penalty is applied to the amount of CD principal withdrawn. You may, however, withdraw interest that has been credited to your account during the current term without penalty:

    • Terms of 6 months up to and including 1 year = 90 days of simple interest based on the principal amount withdrawn.
    • Terms greater than 12 months = 180 days of interest based on the principal amount withdrawn.

    If your accrued interest is less than the penalty's total amount, the difference will be taken from your principal.

    Can I make additional deposits to my CD?

    After you initially fund your CD, you can only make deposits during the 10-day grace period after the CD matures.

    What happens when my CD matures?

    30 days prior to your CD maturity date, we’ll send you a maturity notice as a reminder that your CD is about to reach its maturity date. After your CD maturity date, you’ll be given a 10-day grace period, during which you can take action to add or withdraw funds, move funds into another Bask CD, or simply adjust your term. If you take no action during this time, your CD is renewed automatically and you’ll receive a renewal letter.

    Does the interest rate of my CD change?

    The interest rate and annual percentage yield (APY) is a fixed rate. We will pay this rate and APY through your maturity date. On occasion, we may offer promotions or programs offering higher than average interest rates. Solely at our discretion, we may bump your rate to the current promotional rate or allow you to select a one-time rate bump during the term of your CD. Because the interest rate and APY are fixed through your maturity date, we are not obligated to authorize a rate bump and initiating a one-time rate bump, at our discretion, does not guarantee that we will continue to authorize rate bumps in the future. In the event a promotional rate is applied, a rate change notice will be distributed and available via online banking and the new rate will show on your account display. Visit Bask Bank (www.baskbank.com) to determine the most current rate information applicable to your account.

    When can I expect my CD renewal letter?

    We’ll reach out with your renewal confirmation letter after the end of your grace period for your CD.

    How often will I receive statements for my CD?

    Statements become available monthly. You will receive an email notification alerting you that your documents are available in your online banking portal. To access your paperless statements, tax documents and notices, sign in to your online account, click “More” on the top navigation menu and click the “Documents” tile. From there, you will be able to select your account and which monthly statement or document you would like to view.

    Are Bask Bank deposit accounts FDIC insured?

    Yes, Bask Bank is a member of the FDIC, so your deposit accounts with us are insured up to $250,000 per ownership category. 

    *The annual percentage yield is effective as of Friday, January 27, 2023. APY is a fixed rate and a $1,000 minimum balance is required. We will pay this rate and APY through your CD maturity date. Fees could reduce the earnings on your account, and an early withdrawal penalty may be imposed for early withdrawal. If your CD is not funded with at least $1,000 within 10 business days after the date the account is opened, it will automatically be closed. Read the full terms here.