Newtek Bank

Last Updated: 6/20/2025

Note: Interest rates below are reported as APY, or Annual Percentage Yield

Quick 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

FeaturePersonal High Yield Savings
APY
4.35% (as of 6/20/2025)
APY TrendStable for the last month
Minimum Deposit$0
Minimum Balance for APY$0.01
FDIC-insured
Yes
Online OnlyYes
Bundled Account
No
Direct Deposit Required
No
Compound Frequency
Daily
Maintenance Fee$0
EligibilityUnited 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

MetricPersonal High Yield Savings
Latest APY4.35 %
TrendFalling
Slope (bps/mo)-8.1
Rate Changes / Mo0.41
Days Since Last Change72
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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  • TAB Bank - 4.26% APY
  • TD Bank - 0.05-3.00% APY
  • The State Exchange Bank - 1.90% APY
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  • UFB Direct - 4.01-4.21% APY
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  • Valley Direct - 4.20% APY
  • Varo Bank - 2.50-5.00% APY
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  • Zynlo Bank - 4.35% APY
FeatureNewtek BankSelect a bank...
ProductPersonal High Yield SavingsN/A
APY
4.35% (as of 6/20/2025)N/A
Bundled Account
NoN/A
FDIC-insured
YesN/A
Online OnlyYesN/A
Compound Frequency
DailyN/A
Minimum Deposit$0N/A
Minimum Balance for APY$0.01N/A
Maintenance Fee$0N/A
Direct Deposit Required
NoN/A