My Banking Direct vs. Newtek Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | My Banking DirectHigh Yield Savings Account Jan 7, 2026 | Newtek BankPersonal High Yield Savings Jan 7, 2026 |
|---|---|---|
| APY | 4.02% | 4.35% |
Est. Earnings | $5,000+$201 $10,000+$402 $25,000+$1,005 | $5,000+$217 $10,000+$435 $25,000+$1,088 |
Min Deposit | $500 | $0.01 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredLow MinimumsGreat 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 My Banking Direct vs. Newtek Bank
As of My Banking Direct offers an APY of 4.02% for its High Yield Savings Account, with a minimum balance of $1, 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 $33 more than My Banking Direct on a $10,000 balance after one year. My Banking Direct pays $402, while Newtek Bank pays $435 - an APY advantage for Newtek Bank.
Why My Banking Direct?
- ✓Fast transfers via Zelle®
Why Newtek Bank?
- ✓Higher potential APY (4.35% 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. $435 vs $402/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1088 vs $1005/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
My Banking DirectMy Banking Direct offers an iOS app rated 4.7 (vs. 4.5) and Android app rated 4.3 (vs. 4.1)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $33 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.
Executive Summary as of
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.35%, making it the winner in this comparison. This account requires a minimum deposit and balance of just $0.01, with no maintenance fees, and is designed for simplicity, as it does not require direct deposit. In contrast, My Banking Direct's High Yield Savings Account provides a lower APY of 4.02% and requires a minimum deposit of $500. Both banks operate online only and are FDIC insured, but Newtek Bank stands out for its higher returns and lower entry requirements.
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
My Banking Direct vs. Newtek Bank Savings Calculator
You earn $33 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+$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 | My Banking Direct | Newtek Bank |
|---|---|---|
| APY | 4.02% Verified: 1/7/2026 ↘︎ 0.18%90d Change | 4.35% Verified: 1/7/2026 Stable (90d) |
| 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 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.7 Android4.3 | iOS4.5 Android4.1 |
| Zelle® Support | Available Uses Flagstar/NYCB parent infrastructure. | Not Supported |
| BBB Rating | F | 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% | 4.35% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.9 | -1.4 |
Days Since Change | 53 | 271 |
12-Month High | 4.55% | 4.70% |
12-Month Low | 4.02% | 4.35% |
Adjustments / Mo | 0.49 | 0.25 |
Volatility Score | 0.035 | 0.017 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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