Newtek Bank
Last Updated: 7/18/2025
Note: Interest rates below are reported as APY, or Annual Percentage YieldQuick Views
Personal High Yield Savings: 4.35% APY(Rank 11 of the 20 Best Savings Rates)
National Savings Interest Rate: 0.38% (as of 6/16/2025)
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 is 4.35%, unchanged from 30 days ago.
- No minimum deposit or balance requirement.
- No maintenance fees associated with the account.
- BBB rating is A+, and the bank is BBB Accredited.
Considerations
- No physical branches available for in-person banking.
- Direct deposit is not required, but may limit some features.
- Online-only access may not suit all customers.
- Google Play rating is lower at 4.2.
Savings Account
Savings Account Offered by Newtek Bank
| Feature | Personal High Yield Savings |
|---|---|
| APY | 4.35% (as of 7/18/2025) |
| APY Trend | Stable for the last quarter |
| 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
Personal High Yield Savings (APY: 4.35%)
Total savings breakdown:
- Interest earned: $43.5 (4.17%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (95.83%)
Your total balance
$1,043.50
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) | -6.5 |
| Rate Changes / Mo | 0.41 |
| Days Since Last Change | 100 |
| High (-12 m) | 5.25 % |
| Low (-12 m) | 4.35 % |
| Draw-down from High | -17.1 % |
| Volatility (CV) | 0.037 |
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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- TD Bank - 0.05-3.00% APY
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- Varo Bank - 2.50-5.00% APY
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- Western Alliance Bank - 4.25% APY
- Zynlo Bank - 4.35% APY
| Feature | Newtek Bank | Select a bank... |
|---|---|---|
| Product | Personal High Yield Savings | N/A |
| APY | 4.35% (as of 7/18/2025) | 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 |
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