Bank Of America vs. Newtek Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: October 21, 2025
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Summary of Bank of America vs. Newtek Bank
Key Metrics at a Glance
| Feature | Bank of America | Newtek Bank |
|---|---|---|
| Top Savings APY | 0.01% Advantage Savings | 4.35% Personal High Yield Savings |
| Minimum to Open | $100 | $0 |
| Minimum Balance for Top APY | $0.01 | |
| Note | 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. |
Bank of America
Strengths
- Bank of America has a higher App Store rating at 4.8.
- Bank of America offers an account with a minimum deposit of $100.
Potential Drawbacks
- Bank of America's Advantage Savings has a low APY of 0.01%.
- Bank of America charges an $8 monthly maintenance fee.
Newtek Bank
Strengths
- Newtek Bank's Personal High Yield Savings offers a competitive APY of 4.35%.
- Newtek Bank has no maintenance fees or minimum balance requirements.
Potential Drawbacks
- Newtek Bank has a lower App Store rating at 4.5.
- Newtek Bank has no physical branches.
→ As of October 21, 2025 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 yields $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.
Calculate Savings Growth for Bank of America vs Newtek Bank
Bank of America - Advantage Savings
Total savings breakdown:
- Interest earned: $5.7 (0.03%)
- Total contributions: $13,000 (72.20%)
- Initial deposit: $5,000 (27.77%)
Your total balance
$18,005.70
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewNewtek Bank - Personal High Yield Savings
Total savings breakdown:
- Interest earned: $2,662 (12.88%)
- Total contributions: $13,000 (62.92%)
- Initial deposit: $5,000 (24.20%)
Your total balance
$20,662.00
Total balance: $20,662
Earnings: $2,662
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Bank of America's total earnings would be $2,656.3 lower than Newtek Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Bank of America's vs Newtek Bank's Savings Accounts
| Bank of America | Newtek Bank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | Personal High Yield Savings |
| APY | 0.01% (as of 10/21/2025) | 4.35% (as of 10/21/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | Yes | |
| Compound Frequency | Monthly | Daily | |
| Minimum Deposit | $100 | $0 | |
| Minimum Balance for APY | N/A | $0.01 | |
| Maintenance Fee | $8 | $0 | |
| Direct Deposit Required | No | No | |
| Note | 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. | ||
| App Store Rating | 4.8/5 | 4.5/5 | |
| Google Play Rating | 4.6/5 | 4.2/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 9 Months)
| Bank of America | Newtek Bank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | Personal High Yield Savings |
| Latest APY | 0.01 % | 4.35 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | -1.8 | |
| Rate Changes / Mo | 0.00 | 0.23 | |
| Days Since Last Change | 265 | 193 | |
| High (-9 m) | 0.01 % | 4.55 % | |
| Low (-9 m) | 0.01 % | 4.35 % | |
| Draw-down from High | 0.0 % | -4.4 % | |
| Volatility (CV) | 0.000 | 0.014 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 265 days.
- Low (-9 m)
- Lowest APY in the last 265 days.
- Draw-down from High
- How far today sits below the 9-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.