Newtek Bank: Savings Account & Rates
Mission: Banksparency aims to make Newtek Bank's savings account transparent and comparable to the market.
Analysis of Newtek Bank
Our verdict
Newtek Bank offers Personal High Yield Savings, a high-yield savings account paying 4.20% APY with a $0.01 minimum deposit.
At 4.20% APY, Newtek Bank pays 11x the national average (0.39%). Ranks in the top tier of 99+ accounts tracked.
Ideal User Profile
- Best for: earning a top rate with no strings attached and banking without needing a branch.
Key Differentiators
- Stands out with A+ BBB rating.
Savings Overview
Personal High Yield Savings
| Min. Deposit | $0.01 |
| Min. Balance | $0.01 |
| Maintenance Fee | $0 |
Prefer In-Person Banking?
This bank is online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Bank Overview
- HQ LocationMiami, Florida
- Founded2023
- AffiliationNewtekOne (NASDAQ: NEWT)
- Ratings & Trust
- Zelle® SupportNo SupportStandard ACH or Wire transfers only.
- Deposit InsuranceFDIC Insured(Cert: 18734)
Top Market Contenders
Savings Account: In-Depth View
Savings Account Offered by Newtek Bank
| Feature | Personal High Yield Savings |
|---|---|
APY | 4.20%Verified: 3/7/2026 |
APY Trend | Rate Adjusted -0.15% Since 30 days ago |
Min. Deposit | $0.01 |
Min. Balance | $0.01 |
Monthly Fee | $0 |
Direct Deposit | None |
Checking Bundle | No |
Branch Access | None |
Compounding | Daily |
FDIC Insured | Yes |
Eligibility | United States |
| Next Steps | - |
Calculate Savings for Newtek Bank
Savings Breakdown
- Interest Earned+$1,650.70(10.5%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$15,650.70
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
Last 12 Months| Metric | Personal High Yield Savings |
|---|---|
Latest APY | 4.20% |
Trend | Sideways |
Slope (bps/mo) | -1.0 |
Rate Changes / Mo | 0.16 |
Days Since Last Change | 29 |
High (-12m) | 4.45% |
Low (-12m) | 4.20% |
Draw-down | -5.6% |
Volatility (CV) | 0.013 |
How to read these metrics▼
Trends & Velocity
- Trend
- The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
- Slope (bps/mo)
- Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
- Rate Changes / Mo
- "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.
Risk & Range
- High/Low
- The absolute ceiling and floor of the rate during the 365-day window.
- Volatility Score
- Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
- Days Since Change
- If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.
Why track this? Understanding volatility helps you avoid "bait-and-switch" rates. A steady, rising slope is ideal; high volatility often signals a temporary teaser rate.
Compare with Newtek Bank
| Feature | Current View Newtek Bank | Empty Slot |
|---|---|---|
| Product | Personal High Yield Savings | - |
APY | 4.20%Verified: 3/7/2026 | - |
APY Trend | Rate Adjusted -0.15% Since 30 days ago | - |
| Min. Deposit | $0.01 | - |
| Monthly Fee | $0 | - |
Direct Deposit | No | - |
Checking Bundle | No | - |
| Branch Access | None | - |
| Eligibility | United States | - |
Compounding | Daily | - |
FDIC Insured | Yes | - |
| Next Steps | - | - |
Bank-to-Bank Comparisons
Compare Newtek Bank's APY of 4.20% with other banks
Alternatives to Newtek Bank
Banks with Higher/Similar Savings APY
For a top list of the highest savings rates, see all HYSA top rates
MutualOne Bank
Mo Premium Savings: 4.07% APY
Minimum Deposit: $20,000
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High-Yield Savings Account: 5.00% APY
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Eligible States: Limited (see details)
Evergreen Bank Group
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Minimum Deposit: $100
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Wealthfront
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GO2bank
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High Yield Savings Account: 4.02% APY
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