Newtek Bank vs. Salem Five Direct
Comparing Newtek Bank and Salem Five Direct for high-yield savings: Newtek Bank's Personal High Yield Savings pays 4.20% APY while Salem Five Direct's eOne Savings pays 3.61% 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 $59 more than Salem Five Direct annually ($420 vs $361).
Choose Newtek Bank if getting the best rate matters most. Choose Salem Five Direct if you want Zelle for quick transfers.
| Metric | Newtek BankPersonal High Yield Savings Feb 21, 2026 | Salem Five DirecteOne Savings Feb 21, 2026 |
|---|---|---|
| APY | 4.20% | 3.61% |
Est. Earnings | $5,000+$210 $10,000+$420 $25,000+$1,050 | $5,000+$181 $10,000+$361 $25,000+$903 |
Min Deposit | $0.01 | $10 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsGreat iOS AppDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® SupportedRate 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. Salem Five Direct
Executive Summary
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.20%, making it the winner in this comparison. This account requires a minimum deposit of just $0.01 and has no maintenance fees or direct deposit requirements, making it a straightforward option for savers. In contrast, Salem Five Direct's eOne Savings account provides a lower APY of 3.61%, also with no maintenance fees and a minimum deposit of $10. Both accounts are online-only, catering to those who prefer digital banking.
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 3.61%) on all balances
Why Salem Five Direct?
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $420 vs $361/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $903/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
Salem Five DirectSalem Five Direct offers an iOS app rated 4.7 (vs. 4.5) and Android app rated 4.1 (vs. 4.0)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $59 more interest on a $10,000 balance than Salem Five Direct's eOne 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
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Newtek Bank vs. Salem Five Direct Savings Calculator
You earn $59 more with Newtek Bank than Salem Five 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.
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
Salem Five Direct
eOne Savings
Savings Breakdown
- Interest Earned+$361.00(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,361.00
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 $360 per year in interest.
Both Newtek Bank and Salem Five Direct dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Newtek Bank | Salem Five Direct |
|---|---|---|
| APY | 4.20% Verified: 2/21/2026 ↘︎ 0.15%90d Change | 3.61% Verified: 2/21/2026 ↘︎ 0.10%90d Change |
| Product Name | Personal High Yield Savings | eOne Savings |
| Minimum Deposit | $0.01 | $10 |
| Min. Balance for APY | $0.01 | $0.01 |
| 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 | Available Uses shared Salem Five mobile platform. |
| BBB Rating | A+ | A- |
| Next Steps | Visit SiteVerify at Newtek Bank Non-sponsored link to official site | Visit SiteVerify at Salem Five Direct Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Newtek Bank | Salem Five Direct |
|---|---|---|
| Personal High Yield Savings | eOne Savings | |
Current APY | 4.20% | 3.61% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.9 | -4.2 |
Days Since Change | 15 | 66 |
12-Month High | 4.45% | 4.01% |
12-Month Low | 4.20% | 3.61% |
Adjustments / Mo | 0.16 | 0.25 |
Volatility Score | 0.011 | 0.045 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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More Comparisons
Compare Newtek Bank's APY of 4.20% with other banks
Compare Salem Five Direct's APY of 3.61% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Salem Five Direct vs Ally Bank | 3.20% | $0 |
| Salem Five Direct vs American Express | 3.30% | $0 |
| Salem Five Direct vs Axos Bank | 4.21% | $0 |
| Salem Five Direct vs Bank of America | 0.01% | $100 |
| Salem Five Direct vs Barclays | 3.85% | $0 |
| Salem Five Direct vs Capital One | 3.30% | $0 |
| Salem Five Direct vs Chase Bank | 0.01% | $0 |
| Salem Five Direct vs Chime | 3.00% | $0 |
| Salem Five Direct vs CIT Bank | 3.75% | $100 |
| Salem Five Direct vs Citibank | 3.20% | $0 |
| Salem Five Direct vs Discover Bank | 3.30% | $0 |
| Salem Five Direct vs EverBank | 3.90% | $0 |
| Salem Five Direct vs Marcus by Goldman Sachs | 3.65% | $0 |
| Salem Five Direct vs Openbank | 4.09% | $500 |
| Salem Five Direct vs Pibank | 4.60% | $0 |
| Salem Five Direct vs SoFi Bank | 4.00% | $0 |
| Salem Five Direct vs Synchrony Bank | 3.50% | $0 |
| Salem Five Direct vs Varo Bank | 5.00% | $0 |
| Salem Five Direct vs Wealthfront | 3.95% | $0 |
| Salem Five Direct vs Wells Fargo | 0.05% | $25 |