Newtek Bank
Last Updated: 6/20/2025
Note: Interest rates below are reported as APY, or Annual Percentage YieldQuick Views
Personal High Yield Savings: 4.35% APY(Rank 13 out of 74 tracked HYSAs)
Minimum Deposit: $0 | Online Only
National Savings Interest Rate: 0.42% (as of 5/19/2025)
Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.
(Source: FDIC)Bank Overview
Location: Miami, Florida
Founded: 2023
Affiliation: NewtekOne (NASDAQ: NEWT)
Access to Branches: None
BBB Rating: A+ (BBB Accredited)
App Store Rating: 4.5/5
Google Play Rating: 4.2/5
Website: Visit Newtek Bank
Our Take on Newtek Bank
Highlights
- Current APY of 4.35%, unchanged from 30 days ago.
- No maintenance fees or minimum balance requirements.
- BBB rating of A+ with BBB accreditation.
- App Store rating of 4.5 and Google Play rating of 4.2.
Considerations
- No physical branches available for in-person service.
- Direct deposit not required but may limit options.
- Online-only access may not suit all customers.
- Only one high-yield savings account offered.
Summary: Newtek Bank offers a competitive APY of 4.35% on its Personal High Yield Savings account, with no maintenance fees or minimum balance requirements. The bank holds a strong BBB rating of A+ and is accredited, along with solid app ratings. However, it operates online only with no branches, which may deter some customers. Additionally, the lack of multiple high-yield account options could limit choices for savers.
Savings Account
Savings Account Offered by Newtek Bank
| Feature | Personal High Yield Savings |
|---|---|
| APY | 4.35% (as of 6/20/2025) |
| APY Trend | Stable for the last month |
| Minimum Deposit | $0 |
| Minimum Balance for APY | $0.01 |
| FDIC-insured | Yes |
| Online Only | Yes |
| Bundled Account | No |
| Direct Deposit Required | No |
| Compound Frequency | Daily |
| Maintenance Fee | $0 |
| Eligibility | United States |
Deposit Agreement Summary for Newtek Bank | |
Calculate Savings for Newtek Bank
All calculations are based on APY.
Personal High Yield Savings (APY: 4.35%)
Deposit Frequency:
Total savings breakdown:
- Interest earned: $4 (3.85%)
- Total contributions: $0 (0.00%)
- Initial deposit: $100 (96.15%)
Your total balance
$104.00
Effective APY: 4.35% (based on your deposit and contributions)
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Newtek Bank Savings Rates Over Time
Historical APY Insights
| Metric | Personal High Yield Savings |
|---|---|
| Latest APY | 4.35 % |
| Trend | Falling |
| Slope (bps/mo) | -8.1 |
| Rate Changes / Mo | 0.41 |
| Days Since Last Change | 72 |
| High (-12 m) | 5.25 % |
| Low (-12 m) | 4.35 % |
| Draw-down from High | -17.1 % |
| Volatility (CV) | 0.041 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 12 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-12 m)
- Highest APY in the last 365 days.
- Low (-12 m)
- Lowest APY in the last 365 days.
- Draw-down from High
- How far today sits below the 12-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Compare Newtek Bank's Savings Account
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| Feature | Newtek Bank | Select a bank... |
|---|---|---|
| Product | Personal High Yield Savings | N/A |
| APY | 4.35% (as of 6/20/2025) | N/A |
| Bundled Account | No | N/A |
| FDIC-insured | Yes | N/A |
| Online Only | Yes | N/A |
| Compound Frequency | Daily | N/A |
| Minimum Deposit | $0 | N/A |
| Minimum Balance for APY | $0.01 | N/A |
| Maintenance Fee | $0 | N/A |
| Direct Deposit Required | No | N/A |