Business Insider's personal finance team compared the Newtek Bank Personal High Yield Savings Account to the best high-yield savings accounts and found it ranks just below our industry leaders.
You might like the Newtek Bank Personal High Yield Savings Account if you're searching for a straightforward online savings account. It pays a high interest rate and doesn't have common bank fees. You also can open an account with $0.
You'll want to choose a different bank if you're interested in more robust banking options and services, though. A few other places also have higher savings account rates, too.
Compare Newetek Bank Savings Rate
- Newtek Bank Personal High Yield Savings Account: 4.45%APY
| Account Name | APYs (Annual Percentage Yields) are accurate as of 04/08/2025 | Minimum Account Opening Balance |
| Axos ONE Savings and Checking Bundle | up to 4.66%* | $0 |
| LendingClub LevelUp Savings Account | up to 4.40%** | $0 |
| CIT Bank Platinum Savings | 4.10% (with $5,000 minimum balance) and a one-time bonus of up to $300 with use of the code PS2025*** | $100 |
| Forbright Growth Savings | 4.25% | $0 |
Current Newtek Bank Savings Rate
Newtek Bank's high-yield savings account offers a 4.45% APY — much higher than the 0.41% APY national average and on par with some of best savings account rates currently being offered.
Overview of Newtek Bank Savings Accounts
How Newtek Bank Savings Accounts Work
Newtek Bank is an online bank owned by NewtekOne, a small business lender. The bank offers business checking, business savings, personal savings, and personal CD accounts.
You can apply for Newtek savings accounts or CDs through the website. You'll need to share general details about yourself, like your Social Security number, date of birth, email, and address. The application also notes that Newtek may ask for documentation to verify your identity, like a driver's license.
Newtek's savings account requires a $0 deposit, the bank's fixed-rate CDs have a $2,500 minimum opening deposit.
To add money to your account, you'll have to make a transfer from an external bank account. This may be a limitation compared to some of the best banks that offer checking accounts and offer more accessibility.
Newtek Bank Savings User Experience and Accessibility
On the Newtek Bank mobile app you'll be able to view your transaction history, make mobile check deposits, and initiate transfers.
Newtek Bank offers customer support through live chat or by phone. Representatives are available 8 a.m. to 8 p.m. ET on weekdays.
Newtek Bank's mobile app has received 4.3 out of 5 stars on the Google Play store, and 4.5 out of 5 stars in the Apple store. The app has limited customer ratings overall, though. In comparison, some of the best mobile banking apps have well over 50,000 customer ratings in the Google Play and Apple stores.
Newtek Bank Savings Security
Newtek Bank, National Association was established in 1963. Newtek Bank has good credit ratings from Moody's, Bauer Financial, and Fitch.
As an FDIC-insured institution, up to $250,000 per depositor, per account ownership type is safe in a Newtek Bank account. The bank has standard security features, like two-factor authentication and encryption.
Newtek Bank Savings Account Pros and Cons
Newtek Bank Savings Account Pros
- High interest rates
- A+ rating from the Better Business Bureau
- No service or transaction fees
- FDIC-insured
Newtek Bank Savings Account Cons
- No physical locations if you need in-person help
- High minimum deposit on CDs
Newtek Bank Savings Account Alternatives
Newtek Bank Savings vs. Openbank Savings
Openbank's savings rate is 4.40% (varies depending on location) APY, which is comparable to Newtek Bank's high-yield savings rate. Openbank doesn't have CDs, though, so Newtek Bank will be a better choice if you want to lock in a high rate.
If you haven't heard of Openbank before, it's an online division of Santander Bank. You can bank with OpenBank as long as you're at least 18 years old and live in a state that isn't Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, or Rhode Island. You also aren't eligible to open a high-yield savings account if you have a loan or bank account with Santander Bank.
Newtek Bank Savings vs. Synchrony Savings
Newtek Bank savings rates are higher than those offered at Synchrony Bank. Whereas Synchrony Bank's high-yield savings accounts max out at 4.00% APY, Newtek's is much higher at 4.45% APY.
Synchrony Bank's CD rates range from 0.25% to 4.35% APY. It offers a wider array of CD types, including bump-up CDs and no-penalty CDs, which Newtek Bank does not offer.
Newtek Bank Savings vs. UFB Direct Savings
The UFB Direct savings rate is 4.01% APY. Both accounts require no maintenance fees and have no minimum deposit.
Though UFB Direct does not offer CDs, as Newtek Bank does, it does offer high-yield money market accounts you can use to save for the future. The money market account offers a 4.01% APY and comes with check-writing privileges.
Newtek Bank Savings Account vs. Newtek Bank CDs
A Newtek Bank CD pays 2.00% to 4.25% APY, depending on therm. Its CD rates — on all terms — are higher than national averages, with its highest rates offered on 6-month CDs and 12-month CDs.
If you have at least $2,500 and don't need access to your money soon, Newtek Bank fixed-rate CDs may be worth exploring. High-yield savings accounts have variable interest rates, so the rate can fluctuate at any time.
Newtek Bank CDs do not have monthly fees, but there are early withdrawal penalties to be aware of. If you remove money from your account prior to its maturity, you'll owe 30 days to 180 days of interest, depending on the term. Meanwhile, the Newtek Bank Personal High Yield Savings Account has no monthly service fee.
Is Newtek Bank Savings Right For You?
Newtek Bank might be right for you if you're looking for a savings rate that is on par with some of the best savings account rates currently available.
Newtek Bank isn't the best choice if you're looking for an online institution with robust banking services. The bank primarily offers a personal savings account, personal CDs, business checking accounts, business money market accounts, and business CDs. The best online banks offer more variety for bank accounts, as well as other products.
Why You Should Trust Us: How We Reviewed Newtek Bank Savings Accounts
To review Newtek Bank's savings accounts, we used Business Insider's bank account methodology and CD methodology. We rate products using a scale of one to five stars. In general, we look at ethics, security, customer support, miscellaneous features, and mobile apps when rating an institution. Interest rates, minimum deposit, and monthly fees also play a role.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Business Insider's personal finance team is editorially independent, meaning that the business team doesn't tell the team's writers and editors what to write. Read more about how we review products through our editorial standards page.
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FAQs
Is the Newtek savings account legit?
Though it is an online-only institution with no physical locations, Newtek Bank is a legitimate bank. It is insured by the Federal Deposit Insurance Corporation and owned by small business lender NewtekOne.
Is my money safe in a Newtek Bank Savings account?
Yes, your money is safe in a Newtek Bank Savings Account because the bank is federally insured by the FDIC. The FDIC insures up to $250,000 in an individual bank account.
What is the current interest rate (APY) for Newtek Bank Savings?
Newtek Bank savings rates range between 2.00% to 4.45% APY depending on what type of account you open and how much you deposit.
Has Newtek Bank had any customer service issues?
Newtek Bank has an A+ rating from the Better Business Bureau, indicating trustworthy business practices.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
*Axos ONE Savings and Checking Bundle: The Annual Percentage Yield (APY) is accurate as of 04/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY. Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period: Option 1 1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total. 2. The average daily balance of your Axos ONE Checking account is at least $1,500. Option 2 1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total. 2. The average daily balance of your Axos ONE Checking account is at least $5,000. If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period: The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met. The Axos ONE Savings account will earn a promotional rate of up to 4.66% APY for the statement cycle in which the requirements are met. The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder's Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
****SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
*****Public High-Yield Bonds: All investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. This is not a recommendation or offer to buy/sell securities or engage in any investment strategy. Brokerage services for treasuries in a Treasury Account and US-listed securities, options, and bonds in a self-directed brokerage account are offered by Open to the Public Investing, member FINRA & SIPC. Public Advisors and Public Investing are affiliates. Self-directed Individual Retirement Accounts and Bond Accounts are offered by Public Investing. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 3/13/2025. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not "locked in" until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The "locked in" YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See Public's fee schedule for more information. https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more. https://public.com/disclosures.
