Bank of America vs. Newtek Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Bank of America
Advantage Savings
0.01%APYDec 6, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
Newtek Bank
Personal High Yield Savings
4.35%APYDec 6, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Newtek Bank
Personal High Yield Savings
Comparison Analysis
Comparing Bank of America vs. Newtek Bank
Why Bank of America?
- ✓Higher rated iOS app (4.8 vs 4.5)
- ✓Higher rated Android app (4.6 vs 4.2)
Why Newtek Bank?
- ✓Higher potential APY (4.35% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $435 vs $1/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1087 vs $3/yr).
Best for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.35% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Bank of AmericaBank of America offers an iOS app rated 4.8 (vs. 4.5) and Android app rated 4.6 (vs. 4.2)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $434 more interest on a $10,000 balance than Bank of America's Advantage Savings.
Executive Summary
Newtek Bank offers a significantly higher APY of 4.35% on its Personal High Yield Savings account, making it the clear winner compared to Bank of America's Advantage Savings, which has a much lower APY of 0.01%. Newtek Bank's account requires a minimum deposit of only $0.01 and has no maintenance fees, while Bank of America charges an $8 maintenance fee unless certain conditions are met. Additionally, Newtek Bank's account is online-only, providing a straightforward option without direct deposit requirements or caps, making it ideal for those seeking simplicity in their savings.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Top Market Contenders
See who beats both Bank of America and Newtek Bank.
| Feature | Bank of America | Newtek Bank |
|---|---|---|
| APY | 0.01% Verified: 12/6/2025 Stable (90d) | 4.35% Verified: 12/6/2025 Stable (90d) |
| Product Name | Advantage Savings | Personal High Yield Savings |
| Minimum Deposit | $100 | $0.01 |
| Min. Balance for APY | N/A | $0.01 |
| Monthly Fee | $8 | $0 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.8 Android4.6 | iOS4.5 Android4.2 |
| BBB Rating | A+ | A+ |
| Important Notes | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | - |
| Next Steps |
Savings Comparison
Newtek Bank earns $2,656.3 more than Bank of America.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$5.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,005.70
Newtek Bank
Personal High Yield Savings
Savings Breakdown
- Interest Earned+$2,662.00(12.9%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,662.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Newtek Bank |
|---|---|---|
| Advantage Savings | Personal High Yield Savings | |
Current APY | 0.01% | 4.35% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | -1.3 |
Days Since Change | 311 | 239 |
10-Month High | 0.01% | 4.55% |
10-Month Low | 0.01% | 4.35% |
Adjustments / Mo | 0.00 | 0.19 |
Volatility Score | 0.000 | 0.013 |
How to read these metrics(Click to expand)
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