Citibank vs. Newtek Bank
Comparing Citibank and Newtek Bank for high-yield savings: Citibank's Citi Accelerate Savings pays 3.20% APY while Newtek Bank's Personal High Yield Savings pays 4.20% APY.
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 $100 more than Citibank annually ($420 vs $320).
Choose Citibank if you're an Android user, or you want Zelle for quick transfers. Choose Newtek Bank if getting the best rate matters most, or BBB rating matters to you.
Important Considerations
Citibank's Accelerate Savings is only available in select states where Citi has no branch presence. Check eligibility before applying.
| Metric | CitibankCiti Accelerate Savings Feb 21, 2026 | Newtek BankPersonal High Yield Savings Feb 21, 2026 |
|---|---|---|
| APY | 3.20% | 4.20% |
Est. Earnings | $5,000+$160 $10,000+$320 $25,000+$800 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min Deposit | $0 | $0.01 |
Snapshot view. Rates subject to change. | ||
Terms | Eligibility restricted to select states. | - |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDaily 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 Citibank 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 Citibank's Citi Accelerate Savings, which has an APY of 3.20%. Newtek's account has no maintenance fees and no direct deposit requirement, and it is online-only. In contrast, Citibank's account requires a checking account for fee waivers and is restricted to select states. For those seeking a lower yield option, Citibank also provides a Citi® Savings Account with a significantly lower APY of 0.03%. Overall, Newtek Bank stands out for its higher returns and simplicity.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Citibank?
- ✓Physical branch access (U.S. branches are concentrated in six metropolitan areas, New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.)
- ✓Higher rated iOS app (4.9 vs 4.5)
- ✓Higher rated Android app (4.8 vs 4.0)
- ✓Fast transfers via Zelle® (up to $2,500 a day)
Why Newtek Bank?
- ✓Higher potential APY (4.20% vs 3.20%) on all balances
- ✓Available Nationwide
— Key Feature Differences —
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $420 vs $320/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $800/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
CitibankCitibank offers an iOS app rated 4.9 (vs. 4.5) and Android app rated 4.8 (vs. 4.0)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $100 more interest on a $10,000 balance than Citibank's Citi Accelerate Savings.
*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
Citibank vs. Newtek Bank Savings Calculator
You earn $100 more with Newtek Bank than Citibank 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.
Citibank
Citi Accelerate Savings
Savings Breakdown
- Interest Earned+$320.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,320.00
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 $319 per year in interest.
Both Citibank and Newtek Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Citibank | Newtek Bank |
|---|---|---|
| APY | 3.20% Verified: 2/21/2026 ↘︎ 0.10%90d Change | 4.20% Verified: 2/21/2026 ↘︎ 0.15%90d Change |
| Product Name | Citi Accelerate Savings | Personal High Yield Savings |
| Minimum Deposit | $0 | $0.01 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $4.50. Waived for average monthly balances > $500 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | U.S. branches are concentrated in six metropolitan areas, New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. | None |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $2,500/dayTiered limits based on account status (Citigold higher). | Not Supported |
| BBB Rating | D- | A+ |
| Important Notes | Eligibility restricted to select states. | - |
| Next Steps | Visit SiteVerify at Citibank 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 | Citibank | Newtek Bank | |
|---|---|---|---|
| Citi® Savings Account | Citi Accelerate Savings | Personal High Yield Savings | |
Current APY | 0.03% | 3.20% | 4.20% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -0.0 | -4.7 | -0.9 |
Days Since Change | 365 | 25 | 15 |
12-Month High | 0.03% | 3.80% | 4.45% |
12-Month Low | 0.03% | 3.20% | 4.20% |
Adjustments / Mo | 0.00 | 0.58 | 0.16 |
Volatility Score | 0.000 | 0.049 | 0.011 |
How to read these metrics(Click to expand)
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