Texas Capital Bank has appointed Matt Quale to serve as president of Bask Bank. Quale said in an interview with the Dallas Business Journal that he expects Bask Bank to have a lot of potential that could lead to more than $1 billion in deposits and plans to have 40 to 50 employees.
The bank’s savings account structure was very intentional, Quale said. When Quale spoke with consumers he repeatedly heard them say that “interest isn’t interesting.”
“In this low-rate environment we’ve been in for the last several years, there just isn’t a lot you’re getting out of your savings account,” he said. “Once again, I think these are people who know they need to save they know they need to have liquid savings, for emergencies, for other things. But it felt more like a chore than it felt like something they’re getting a lot of value out of. That’s why this idea of earning miles is so intriguing to people.”
Read the full article on Houston Business Journal.