Newtek Bank vs. Openbank
Comparing Newtek Bank and Openbank for high-yield savings: Newtek Bank's Personal High Yield Savings pays 4.20% APY while Openbank's High-Yield Savings Account pays 4.09% 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 $11 more than Openbank annually ($420 vs $409).
Choose Newtek Bank if getting the best rate matters most, or mobile app quality matters.
| Metric | Newtek BankPersonal High Yield Savings Feb 21, 2026 | OpenbankHigh-Yield Savings Account Feb 21, 2026 |
|---|---|---|
| APY | 4.20% | 4.09% |
Est. Earnings | $5,000+$210 $10,000+$420 $25,000+$1,050 | $5,000+$205 $10,000+$409 $25,000+$1,023 |
Min Deposit | $0.01 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsGreat iOS AppDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsRate 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 Newtek Bank vs. Openbank
Executive Summary
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.20%, which is higher than Openbank's High-Yield Savings Account at 4.09%. Both accounts are online-only and have no maintenance fees, but Newtek Bank requires only a minimum deposit of $0.01, compared to Openbank's $500. Additionally, Newtek Bank's account compounds daily, while Openbank's compounds monthly. Both banks do not require direct deposit for account eligibility.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Newtek Bank?
- ✓Higher potential APY (4.20% vs 4.09%) on all balances
- ✓Higher rated iOS app (4.5 vs 3.1)
Why Openbank?
No distinct advantages found vs Newtek Bank.
— Key Feature Differences —
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $420 vs $409/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $1023/yr).
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $11 more interest on a $10,000 balance than Openbank'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
Newtek Bank vs. Openbank Savings Calculator
You earn $11 more with Newtek Bank than Openbank 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.
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
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$409.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,409.00
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 $408 per year in interest.
Both Newtek Bank and Openbank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Newtek Bank | Openbank |
|---|---|---|
| APY | 4.20% Verified: 2/21/2026 ↘︎ 0.15%90d Change | 4.09% Verified: 2/21/2026 ↘︎ 0.11%90d Change |
| Product Name | Personal High Yield Savings | High-Yield Savings Account |
| Minimum Deposit | $0.01 | $500 |
| Min. Balance for APY | $0.01 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Monthly |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Not Supported |
| BBB Rating | A+ | A- |
| Next Steps | Visit SiteVerify at Newtek Bank Non-sponsored link to official site | Visit SiteVerify at Openbank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Newtek Bank | Openbank |
|---|---|---|
| Personal High Yield Savings | High-Yield Savings Account | |
Current APY | 4.20% | 4.09% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.9 | -2.7 |
Days Since Change | 15 | 16 |
12-Month High | 4.45% | 4.75% |
12-Month Low | 4.20% | 4.09% |
Adjustments / Mo | 0.17 | 0.33 |
Volatility Score | 0.011 | 0.027 |
How to read these metrics(Click to expand)
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