Carver Bank vs. Newtek Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Carver BankHigh Yield Savings Jan 7, 2026 | Newtek BankPersonal High Yield Savings Jan 7, 2026 |
|---|---|---|
| APY | 4.00% | 4.35% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$217 $10,000+$435 $25,000+$1,088 |
Min Deposit | $5,000 | $0.01 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® Supported | FDIC InsuredNo MinimumsGreat iOS AppGreat Android App |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Comparison Analysis
Comparing Carver Bank vs. Newtek Bank
As of Carver Bank offers an APY of 4.00% for its High Yield Savings account, with a minimum balance of $5,000, 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 $35 more than Carver Bank on a $10,000 balance after one year. Carver Bank pays $400, while Newtek Bank pays $435 - an APY advantage for Newtek Bank.
Why Carver Bank?
- ✓Higher rated Android app (4.5 vs 4.1)
- ✓Fast transfers via Zelle®
Why Newtek Bank?
- ✓Higher potential APY (4.35% vs 4.00%) on all balances
— Key Feature Differences —
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $435 vs $400/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1088 vs $1000/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
Carver BankCarver Bank offers an iOS app rated 4.7 (vs. 4.5) and Android app rated 4.5 (vs. 4.1)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $35 more interest on a $10,000 balance than Carver Bank's High Yield Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Newtek Bank offers a competitive Personal High Yield Savings account with an APY of 4.35%, making it the winner in this comparison. This account has no minimum deposit or balance requirements, and it charges no maintenance fees, making it an attractive option for savers. In contrast, Carver Bank's High Yield Savings account provides a lower APY of 4.00% and requires a minimum deposit and balance of $5,000. Both banks operate online only and do not require direct deposit for their savings products. Newtek Bank's higher APY and simpler terms position it as the more favorable choice for savers.
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
Carver Bank vs. Newtek Bank Savings Calculator
You earn $35 more with Newtek Bank than Carver Bank 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.
Carver Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
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 | Carver Bank | Newtek Bank |
|---|---|---|
| APY | 4.00% Verified: 1/7/2026 Stable (90d) | 4.35% Verified: 1/7/2026 Stable (90d) |
| Product Name | High Yield Savings | Personal High Yield Savings |
| Minimum Deposit | $5,000 | $0.01 |
| Min. Balance for APY | $5,000 | $0.01 |
| Monthly Fee | $0, of minimum balance requirement met. Otherwise $6. | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.7 Android4.5 | iOS4.5 Android4.1 |
| Zelle® Support | Available Full native integration in digital banking. | Not Supported |
| BBB Rating | A+ | A+ |
| Next Steps | Visit SiteVerify at Carver Bank 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 | Carver Bank | Newtek Bank |
|---|---|---|
| High Yield Savings | Personal High Yield Savings | |
Current APY | 4.00% | 4.35% |
Trend | Stable | Stable |
Velocity (bps/mo) | -1.0 | -1.0 |
Days Since Change | 309 | 271 |
11-Month High | 4.25% | 4.55% |
11-Month Low | 4.00% | 4.35% |
Adjustments / Mo | 0.09 | 0.18 |
Volatility Score | 0.017 | 0.012 |
How to read these metrics(Click to expand)
Compare Similar High-Yield Accounts
Compare Carver Bank vs...
Comparing against Standard Savings
Compare Newtek Bank vs...
Comparing against Standard Savings
High Rates (With Checking Bundle)
Looking for something different? Check out these top-rated alternatives.