Newtek Bank vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Newtek BankPersonal High Yield Savings Jan 21, 2026 | SoFi BankSoFi Savings Jan 21, 2026 |
|---|---|---|
| APY | 4.35% | 3.30% - 4.00% |
Est. Earnings | $5,000+$217 $10,000+$435 $25,000+$1,088 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $0.01 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | Limited offer: The 4.00% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android App | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking Bundle |
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. SoFi Bank
As of Newtek Bank offers an APY of 4.35% for its Personal High Yield Savings account, with a minimum balance of $0.01, compared to SoFi Bank's 4.00% APY for its SoFi Savings account, with a minimum balance of $0.
Newtek Bank pays $70 more than SoFi Bank on a $10,000 balance after one year. Newtek Bank pays $435, while SoFi Bank pays $365 (with an effective APY of 3.65%) - an APY advantage for Newtek Bank.
Why Newtek Bank?
- ✓Higher potential APY (4.35% vs 4.00%) on all balances
- ✓No checking account or direct deposit required
Why SoFi Bank?
- ✓Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- ✓Earn 0.50% APY on checking account with access to 55,000+ fee free ATMs
- ✓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. $435 vs $365/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1088 vs $913/yr).
Best for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.35% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $70 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Newtek Bank's standard rate still yields a higher 1-year return.
Executive Summary as of
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.35%, providing better returns on both smaller and larger deposits without any direct deposit requirements or maintenance fees. This account is online-only and requires a minimum deposit of just $0.01. In comparison, SoFi Bank's savings account has a slightly lower APY of 4.00%, which includes a temporary boost and requires either a direct deposit or a $10 monthly subscription fee, along with a bundled checking account that yields 0.50% APY. Both accounts feature daily compounding and no maintenance fees, but Newtek Bank's offering stands out for its simplicity and higher yield.
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
Newtek Bank vs. SoFi Bank Savings Calculator
You earn $70.1 more with Newtek Bank than SoFi Bank 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+$435.00(4.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,435.00
SoFi Bank
SoFi Savings
Promo Rate: 4.00% for 6 months, then 3.30%.
Savings Breakdown
- Interest Earned+$364.90(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,364.90
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Newtek Bank | SoFi Bank |
|---|---|---|
| APY | 4.35% Verified: 1/21/2026 Stable (90d) | 4.00% Range: 3.30% - 4.00% Verified: 1/21/2026 ↘︎ 0.50%90d Change |
| Product Name | Personal High Yield Savings | SoFi Savings |
| 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 | While direct deposit is not required, the alternative is a subscription fee of $10/month |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.5 Android4.0 | iOS4.8 Android3.9 |
| Zelle® Support | Not Supported | Available Native support added in 2024 for banking members. |
| BBB Rating | A+ | A+ |
| Important Notes | - | Limited offer: The 4.00% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. |
| Next Steps | Visit SiteVerify at Newtek Bank Non-sponsored link to official site | Visit SiteVerify at SoFi Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Newtek Bank | SoFi Bank |
|---|---|---|
| Personal High Yield Savings | SoFi Savings | |
Current APY | 4.35% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -1.1 | 5.1 |
Days Since Change | 285 | 29 |
12-Month High | 4.55% | 4.50% |
12-Month Low | 4.35% | 3.80% |
Adjustments / Mo | 0.16 | 0.33 |
Volatility Score | 0.013 | 0.070 |
How to read these metrics(Click to expand)
Compare Similar Alternatives
Compare Newtek Bank vs...
Comparing against Standard Savings
Compare SoFi Bank vs...
Comparing against other Bundled Accounts