My Banking Direct vs. Newtek Bank
Comparing My Banking Direct and Newtek Bank for high-yield savings: My Banking Direct's High Yield Savings Account pays 4.02% 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 $18 more than My Banking Direct annually ($420 vs $402).
Choose My Banking Direct if you want Zelle for quick transfers. Choose Newtek Bank if getting the best rate matters most.
| Metric | My Banking DirectHigh Yield Savings Account Feb 21, 2026 | Newtek BankPersonal High Yield Savings Feb 21, 2026 |
|---|---|---|
| APY | 4.02% | 4.20% |
Est. Earnings | $5,000+$201 $10,000+$402 $25,000+$1,005 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min Deposit | $500 | $0.01 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® SupportedRate 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 My Banking Direct vs. Newtek Bank
Executive Summary
My Banking Direct offers a High Yield Savings Account with an APY of 4.02%, requiring a minimum deposit of $500 and maintaining a $1 minimum balance, with no maintenance fees. This account is online-only and does not require direct deposit. In comparison, Newtek Bank's Personal High Yield Savings provides a slightly higher APY of 4.20%, with a very low minimum deposit and balance requirement of just $0.01, also with no maintenance fees. Both accounts are online-only and FDIC insured. While Newtek Bank has a marginally higher APY, the difference is minimal, making their rates comparable.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why My Banking Direct?
- ✓Fast transfers via Zelle®
Why Newtek Bank?
- ✓Higher potential APY (4.20% vs 4.02%) 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. $420 vs $402/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $1005/yr).
Best Mobile App Experience
My Banking DirectMy Banking Direct offers an iOS app rated 4.7 (vs. 4.5) and Android app rated 4.3 (vs. 4.0)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $18 more interest on a $10,000 balance than My Banking Direct's 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
My Banking Direct vs. Newtek Bank Savings Calculator
You earn $18 more with Newtek Bank than My Banking Direct 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.
My Banking Direct
High Yield Savings Account
Savings Breakdown
- Interest Earned+$402.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,402.00
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 $401 per year in interest.
Both My Banking Direct and Newtek Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | My Banking Direct | Newtek Bank |
|---|---|---|
| APY | 4.02% Verified: 2/21/2026 Stable (90d) | 4.20% Verified: 2/21/2026 ↘︎ 0.15%90d Change |
| Product Name | High Yield Savings Account | Personal High Yield Savings |
| Minimum Deposit | $500 | $0.01 |
| Min. Balance for APY | $1 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | N/A | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None. You cannot make use of Flagstar Bank's branches. | None |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Uses Flagstar/NYCB parent infrastructure. | Not Supported |
| BBB Rating | Not Rated | A+ |
| Next Steps | Visit SiteVerify at My Banking Direct 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 | My Banking Direct | Newtek Bank |
|---|---|---|
| High Yield Savings Account | Personal High Yield Savings | |
Current APY | 4.02% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.1 | -0.9 |
Days Since Change | 98 | 15 |
12-Month High | 4.45% | 4.45% |
12-Month Low | 4.02% | 4.20% |
Adjustments / Mo | 0.41 | 0.16 |
Volatility Score | 0.037 | 0.011 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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More Comparisons
Compare My Banking Direct's APY of 4.02% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| My Banking Direct vs Ally Bank | 3.20% | $0 |
| My Banking Direct vs American Express | 3.30% | $0 |
| My Banking Direct vs Axos Bank | 4.21% | $0 |
| My Banking Direct vs Bank of America | 0.01% | $100 |
| My Banking Direct vs Barclays | 3.85% | $0 |
| My Banking Direct vs Capital One | 3.30% | $0 |
| My Banking Direct vs Chase Bank | 0.01% | $0 |
| My Banking Direct vs Chime | 3.00% | $0 |
| My Banking Direct vs CIT Bank | 3.75% | $100 |
| My Banking Direct vs Citibank | 3.20% | $0 |
| My Banking Direct vs Discover Bank | 3.30% | $0 |
| My Banking Direct vs EverBank | 3.90% | $0 |
| My Banking Direct vs Marcus by Goldman Sachs | 3.65% | $0 |
| My Banking Direct vs Openbank | 4.09% | $500 |
| My Banking Direct vs Pibank | 4.60% | $0 |
| My Banking Direct vs SoFi Bank | 4.00% | $0 |
| My Banking Direct vs Synchrony Bank | 3.50% | $0 |
| My Banking Direct vs Varo Bank | 5.00% | $0 |
| My Banking Direct vs Wealthfront | 3.95% | $0 |
| My Banking Direct vs Wells Fargo | 0.05% | $25 |