Newtek Bank vs. Wells Fargo
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
Wells Fargo
Platinum Savings
0.05%APYDec 6, 2025FDIC InsuredHigh MinimumChecking BundleGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Wells Fargo
Platinum Savings
Comparison Analysis
Comparing Newtek Bank vs. Wells Fargo
Why Newtek Bank?
- ✓Higher potential APY (4.35% vs 0.01%-0.05%) on all balances
- ✓No checking account or direct deposit required
Why Wells Fargo?
- ✓Physical branch access (Wells Fargo offers branches and ATMs in 36 states and Washington, D.C.)
- ✓Higher rated iOS app (4.9 vs 4.5)
- ✓Higher rated Android app (4.8 vs 4.2)
- ✓Offers 2 different high-yield savings options
— Key Feature Differences —
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $435 vs $5/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1087 vs $13/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
Wells FargoWells Fargo offers an iOS app rated 4.9 (vs. 4.5) and Android app rated 4.8 (vs. 4.2)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $430 more interest on a $10,000 balance than Wells Fargo's Platinum Savings.
Executive Summary
Newtek Bank offers a standout Personal High Yield Savings account with a competitive APY of 4.35%, making it an excellent choice for savers looking for high returns without the need for direct deposit or account bundling. This account is online-only and requires a minimum deposit of just $0.01. In contrast, Wells Fargo's savings options, including the Way2Save Savings and Platinum Savings accounts, yield significantly lower APYs of 0.01% and 0.05%, respectively. While Wells Fargo provides a solid mobile app experience, its savings products do not match the returns offered by Newtek Bank's high yield option.
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.
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See who beats both Newtek Bank and Wells Fargo.
| Feature | Newtek Bank | Wells Fargo |
|---|---|---|
| APY | 4.35% Verified: 12/6/2025 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 12/6/2025 ↘︎ 2.46%90d Change |
| Product Name | Personal High Yield Savings | Platinum Savings |
| Minimum Deposit | $0.01 | $25 |
| Min. Balance for APY | $0.01 | $1,000,000 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.5 Android4.2 | iOS4.9 Android4.8 |
| BBB Rating | A+ | D- |
| Important Notes | - | This is a tiered savings account where rates vary based on the balance. The 0.05% APY is available for balances of $1,000,000 or more, and 0.05% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Next Steps |
Savings Comparison
Newtek Bank earns $2,633.4 more than Wells Fargo.
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
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$28.60(0.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,028.60
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 | Wells Fargo | |
|---|---|---|---|
| Personal High Yield Savings | Platinum Savings | Way2Save Savings | |
Current APY | 4.35% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -0.0 | -72.0 | 0.0 |
Days Since Change | 143 | 50 | 143 |
5-Month High | 4.35% | 2.51% | 0.01% |
5-Month Low | 4.35% | 0.05% | 0.01% |
Adjustments / Mo | 0.00 | 0.63 | 0.00 |
Volatility Score | 0.000 | 0.843 | 0.000 |
How to read these metrics(Click to expand)
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