Bank of America vs. Newtek Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 21, 2026 | Newtek BankPersonal High Yield Savings Jan 21, 2026 |
|---|---|---|
| APY | 0.01% | 4.35% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$217 $10,000+$435 $25,000+$1,088 |
Min Deposit | $100 | $0.01 |
Snapshot view. Rates subject to change. | ||
Terms | 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. | - |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® Supported | FDIC InsuredNo MinimumsGreat iOS AppGreat Android App |
Comparison Analysis
Comparing Bank of America vs. Newtek Bank
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Newtek Bank's 4.35% APY for its Personal High Yield Savings account, with a minimum balance of $0.01.
Newtek Bank pays $434 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Newtek Bank pays $435 - an APY advantage for Newtek Bank.
Why Bank of America?
- ✓Higher rated iOS app (4.8 vs 4.5)
- ✓Higher rated Android app (4.6 vs 4.0)
- ✓Fast transfers via Zelle® (up to $3,500 a day)
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. $1088 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. 4.0)
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.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Newtek Bank stands out with its Personal High Yield Savings account, offering a competitive APY of 4.35%, significantly higher than Bank of America's Advantage Savings, which yields only 0.01%. Newtek Bank's account has no maintenance fees and requires a minimal deposit of just $0.01, making it accessible for all savers. Additionally, it is an online-only product, providing simplicity without the need for direct deposit or bundling. In contrast, Bank of America's savings account has a monthly maintenance fee of $8, which can be waived under certain conditions, and requires a minimum deposit of $100. Overall, Newtek Bank offers a more attractive savings option.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Bank of America vs. Newtek Bank Savings Calculator
You earn $434 more with Newtek Bank than Bank of America on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
Newtek Bank
Personal High Yield Savings
Savings Breakdown
- Interest Earned+$435.00(4.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,435.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Newtek Bank |
|---|---|---|
| APY | 0.01% Verified: 1/21/2026 Stable (90d) | 4.35% Verified: 1/21/2026 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 Android4.0 |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Not Supported |
| 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 | Visit SiteVerify at Bank of America Non-sponsored link to official site | Visit SiteVerify at Newtek Bank Non-sponsored link to official site |
📈 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 | -1.0 |
Days Since Change | 36 | 285 |
12-Month High | 0.03% | 4.55% |
12-Month Low | 0.01% | 4.35% |
Adjustments / Mo | 0.17 | 0.17 |
Volatility Score | 0.120 | 0.012 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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