Newtek Bank vs. SoFi 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 6, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Newtek Bank
Personal High Yield Savings
SoFi Bank
SoFi Savings
Up to4.30%APYDec 6, 2025FDIC InsuredChecking BundleNo MinimumsGreat iOS AppGreat Android AppRange: 3.60% – 4.30%Show Fine Print & Trends Hide Details
SoFi Bank
SoFi Savings
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
Why Newtek Bank?
- ✓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
— Key Feature Differences —
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 $5 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
Executive Summary
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.35%, making it a strong choice for those seeking simplicity, as it has no direct deposit requirement or maintenance fees. In comparison, SoFi Bank's savings account provides a slightly lower APY of 4.30%, which includes a temporary boost and requires either a direct deposit of regular income or a $10/month subscription fee. SoFi's account is bundled with a checking account that offers a 0.50% APY. Both accounts are online-only, with Newtek Bank being the clear winner based on the highest APY.
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 SoFi Bank.
| Feature | Newtek Bank | SoFi Bank |
|---|---|---|
| APY | 4.35% Verified: 12/6/2025 Stable (90d) | 4.30% Range: 3.60% - 4.30% Verified: 12/6/2025 ↗︎ 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 | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.5 Android4.2 | iOS4.8 Android4.0 |
| BBB Rating | A+ | A+ |
| Important Notes | - | Limited offer: The 4.30% 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 |
Savings Comparison
Newtek Bank earns $32.6 more than SoFi 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
SoFi Bank
SoFi Savings
Savings Breakdown
- Interest Earned+$2,629.40(12.7%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,629.40
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Newtek Bank | SoFi Bank |
|---|---|---|
| Personal High Yield Savings | SoFi Savings | |
Current APY | 4.35% | 4.30% |
Trend | Stable | Stable |
Velocity (bps/mo) | -1.4 | 7.2 |
Days Since Change | 239 | 24 |
10-Month High | 4.55% | 4.50% |
10-Month Low | 4.35% | 3.80% |
Adjustments / Mo | 0.19 | 0.28 |
Volatility Score | 0.014 | 0.075 |
How to read these metrics(Click to expand)
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