Newtek Bank vs. Upgrade
Comparing Newtek Bank and Upgrade for high-yield savings: Newtek Bank's Personal High Yield Savings pays 4.20% APY while Upgrade's Premier Savings pays 3.05% 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 $115 more than Upgrade annually ($420 vs $305).
Choose Newtek Bank if getting the best rate matters most, or choose Upgrade if you're an Android user.
| Metric | Newtek BankPersonal High Yield Savings Feb 7, 2026 | UpgradePremier Savings Feb 7, 2026 |
|---|---|---|
| APY | 4.20% | 3.05% |
Est. Earnings | $5,000+$210 $10,000+$420 $25,000+$1,050 | $5,000+$153 $10,000+$305 $25,000+$763 |
Min Deposit | $0.01 | $0 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsGreat iOS AppDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate 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. Upgrade
Executive Summary
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.20%, making it the clear winner in this comparison. This account requires a minimum deposit of just $0.01 and has no maintenance fees or direct deposit requirements, providing a straightforward savings option. In contrast, Upgrade's Premier Savings account yields a lower APY of 3.05% and requires a minimum balance of $1,000. Both accounts are online-only and FDIC insured, but Newtek Bank's higher APY and simpler terms make it the more attractive choice for savers.
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 3.05%) on all balances
Why Upgrade?
- ✓Higher rated iOS app (4.9 vs 4.5)
- ✓Higher rated Android app (4.5 vs 4.0)
— Key Feature Differences —
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $420 vs $305/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $763/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
UpgradeUpgrade offers an iOS app rated 4.9 (vs. 4.5) and Android app rated 4.5 (vs. 4.0)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $115 more interest on a $10,000 balance than Upgrade's Premier 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
Top Market Contenders
Newtek Bank vs. Upgrade Savings Calculator
You earn $115 more with Newtek Bank than Upgrade 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
Upgrade
Premier Savings
Savings Breakdown
- Interest Earned+$305.00(3.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,305.00
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 $304 per year in interest.
Both Newtek Bank and Upgrade dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Newtek Bank | Upgrade |
|---|---|---|
| APY | 4.20% Verified: 2/7/2026 ↘︎ 0.15%90d Change | 3.05% Verified: 2/7/2026 Stable (90d) |
| Product Name | Personal High Yield Savings | Premier Savings |
| Minimum Deposit | $0.01 | $0 |
| Min. Balance for APY | $0.01 | $1,000 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | N/A |
| 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 Upgrade Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Newtek Bank | Upgrade |
|---|---|---|
| Personal High Yield Savings | Premier Savings | |
Current APY | 4.20% | 3.05% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.8 | -11.6 |
Days Since Change | 1 | 98 |
12-Month High | 4.55% | 4.14% |
12-Month Low | 4.20% | 3.05% |
Adjustments / Mo | 0.25 | 0.25 |
Volatility Score | 0.010 | 0.128 |
How to read these metrics(Click to expand)
Compare Similar High-Yield Accounts
Compare Newtek Bank vs...
Comparing against Standard Savings
Compare Upgrade vs...
Comparing against Standard Savings
High Rates (With Checking Bundle)
Looking for something different? Check out these top-rated alternatives.
More Comparisons
Compare Newtek Bank's APY of 4.20% with other banks
Compare Upgrade's APY of 3.05% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Upgrade vs Ally Bank | 3.30% | $0 |
| Upgrade vs American Express | 3.30% | $0 |
| Upgrade vs Axos Bank | 4.21% | $0 |
| Upgrade vs Bank of America | 0.01% | $100 |
| Upgrade vs Barclays | 4.00% | $0 |
| Upgrade vs Capital One | 3.30% | $0 |
| Upgrade vs Chase Bank | 0.01% | $0 |
| Upgrade vs Chime | 3.00% | $0 |
| Upgrade vs CIT Bank | 3.75% | $100 |
| Upgrade vs Citibank | 3.20% | $0 |
| Upgrade vs Discover Bank | 3.30% | $0 |
| Upgrade vs EverBank | 3.90% | $0 |
| Upgrade vs Marcus by Goldman Sachs | 3.65% | $0 |
| Upgrade vs Openbank | 4.09% | $500 |
| Upgrade vs Pibank | 4.60% | $0 |
| Upgrade vs SoFi Bank | 4.00% | $0 |
| Upgrade vs Synchrony Bank | 3.50% | $0 |
| Upgrade vs Varo Bank | 5.00% | $0 |
| Upgrade vs Wealthfront | 3.95% | $0 |
| Upgrade vs Wells Fargo | 0.05% | $25 |