Chime vs. Newtek Bank
Comparing Chime and Newtek Bank for high-yield savings: Chime's Chime High-Yield Savings Account pays 3.00% APY while Newtek Bank's Personal High Yield Savings pays 4.20% APY.
Note: Chime requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Newtek Bank pays $120 more than Chime annually ($420 vs $300).
Choose Chime if you're an Android user. Choose Newtek Bank if getting the best rate matters most, or you want a no-strings-attached account.
Important Considerations
Chime requires a checking account to unlock its top savings rate, while Newtek Bank offers its savings account standalone.
| Metric | ChimeChime High-Yield Savings Account Apr 21, 2026 | Newtek BankPersonal High Yield Savings Apr 21, 2026 |
|---|---|---|
| APY | 0.75% - 3.00% | 4.20% |
Est. Earnings | $5,000+$150 $10,000+$300 $25,000+$750 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min Deposit | $0 | $0.01 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppDaily CompoundingRate Changes Often |
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 Chime vs. Newtek Bank
Executive Summary
Newtek Bank offers a competitive Personal High Yield Savings account with an APY of 4.20%, making it the clear winner compared to Chime's High-Yield Savings Account, which has an APY of 3.00%. Newtek's account does not require a direct deposit, providing greater flexibility, while Chime mandates a qualifying direct deposit of $200 or more within the preceding 34 days. Both accounts have a minimum deposit and balance requirement of $0.01 and no maintenance fees, but Newtek Bank's product is noted for its simplicity and better returns, especially on larger deposits.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Chime?
- ✓Higher rated iOS app (4.8 vs 4.5)
- ✓Higher rated Android app (4.7 vs 3.9)
Why Newtek Bank?
- ✓Higher potential APY (4.20% vs 3.00%) 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. $420 vs $300/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $750/yr).
Best for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.20% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
ChimeChime offers an iOS app rated 4.8 (vs. 4.5) and Android app rated 4.7 (vs. 3.9)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $120 more interest on a $10,000 balance than Chime's Chime High-Yield Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Chime vs. Newtek Bank Savings Calculator
You earn $120 more with Newtek Bank than Chime 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.
Chime
Chime High-Yield Savings Account
Savings Breakdown
- Interest Earned+$300.00(2.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,300.00
Newtek Bank
Personal High Yield Savings
Savings Breakdown
- Interest Earned+$420.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,420.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $299 per year in interest.
Both Chime and Newtek Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Chime | Newtek Bank |
|---|---|---|
| APY | 3.00% Range: 0.75% - 3.00% Verified: 4/21/2026 ↘︎ 0.50%90d Change | 4.20% Verified: 4/21/2026 ↘︎ 0.15%90d Change |
| Product Name | Chime High-Yield Savings Account | Personal High Yield Savings |
| Minimum Deposit | $0 | $0.01 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | N/A | None |
| Direct Deposit Req. | RequiredYou need to receive a qualifying direct deposit of $200 or more within the preceding 34 days | None |
| Checking Bundle | Yes | No |
| Mobile Apps | ||
| FDIC Insured | Yes | YesVerify FDIC |
| Zelle® Support | Not Supported | Not Supported |
| BBB Rating | A+ | A+ |
| Next Steps | Visit SiteVerify at Chime 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 | Chime | Newtek Bank |
|---|---|---|
| Chime High-Yield Savings Account | Personal High Yield Savings | |
Current APY | 3.00% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | -7.4 | -1.3 |
Days Since Change | 81 | 74 |
12-Month High | 3.75% | 4.35% |
12-Month Low | 3.00% | 4.20% |
Adjustments / Mo | 0.16 | 0.08 |
Volatility Score | 0.084 | 0.015 |
How to read these metrics(Click to expand)
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