Newtek Bank vs. Sallie Mae Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Newtek Bank
Personal High Yield Savings
4.35%APYDec 10, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Newtek Bank
Personal High Yield Savings
Sallie Mae Bank
High-Yield Savings Account
3.90%APYDec 10, 2025FDIC InsuredNo MinimumsShow Fine Print & Trends Hide Details
Sallie Mae Bank
High-Yield Savings Account
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.
Newtek Bank vs. Sallie Mae Bank Savings Calculator
Newtek Bank earns $291.8 more than Sallie Mae Bank.
Newtek Bank
Personal High Yield Savings
Savings Breakdown
- Interest Earned+$2,662.00(12.9%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,662.00
Sallie Mae Bank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$2,370.20(11.6%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,370.20
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Comparison Analysis
Comparing Newtek Bank vs. Sallie Mae Bank
Why Newtek Bank?
- ✓Higher potential APY (4.35% vs 3.90%) on all balances
- ✓Higher rated iOS app (4.5 vs 1.5)
- ✓Higher rated Android app (4.2 vs 1.6)
Why Sallie Mae Bank?
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. $435 vs $390/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1088 vs $975/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
Newtek BankNewtek Bank offers an iOS app rated 4.5 (vs. 1.5) and Android app rated 4.2 (vs. 1.6)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $45 more interest on a $10,000 balance than Sallie Mae Bank's High-Yield Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary
Newtek Bank offers a competitive Personal High Yield Savings account with an impressive APY of 4.35%, making it the clear winner compared to Sallie Mae Bank's High-Yield Savings Account, which has a lower APY of 3.90%. Newtek's account stands out for its simplicity, requiring no direct deposit and having no maintenance fees or minimum balance requirements. Both banks provide online-only services, ensuring easy access to their accounts. For those seeking a high yield on their savings, Newtek Bank's offering is particularly advantageous.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Top Market Contenders
See who beats both Newtek Bank and Sallie Mae Bank.
| Feature | Newtek Bank | Sallie Mae Bank |
|---|---|---|
| APY | 4.35% Verified: 12/10/2025 Stable (90d) | 3.90% Verified: 12/10/2025 Stable (90d) |
| Product Name | Personal High Yield Savings | High-Yield Savings Account |
| Minimum Deposit | $0.01 | $0 |
| Min. Balance for APY | $0.01 | $0 |
| 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 | iOS4.5 Android4.2 | iOS1.5 Android1.6 |
| BBB Rating | A+ | A+ |
| Next Steps |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Newtek Bank | Sallie Mae Bank |
|---|---|---|
| Personal High Yield Savings | High-Yield Savings Account | |
Current APY | 4.35% | 3.90% |
Trend | Stable | Stable |
Velocity (bps/mo) | -1.3 | -0.1 |
Days Since Change | 243 | 313 |
11-Month High | 4.55% | 4.00% |
11-Month Low | 4.35% | 3.90% |
Adjustments / Mo | 0.19 | 0.09 |
Volatility Score | 0.014 | 0.004 |
How to read these metrics(Click to expand)
Compare Similar High-Yield Accounts
Compare Newtek Bank vs...
Comparing against Standard Savings
Compare Sallie Mae Bank vs...
Comparing against Standard Savings
Higher Rates (With Checking)
Looking for something different? Check out these top-rated alternatives.