Newtek Bank vs. Wells Fargo
Comparing Newtek Bank and Wells Fargo for savings: Newtek Bank's Personal High Yield Savings pays 4.20% APY while Wells Fargo's Platinum Savings pays 0.05% APY.
Note: Wells Fargo requires a checking account.
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 $415 more than Wells Fargo annually ($420 vs $5).
Choose Newtek Bank if getting the best rate matters most, you want a no-strings-attached account, or BBB rating matters to you. Choose Wells Fargo if you value in-person banking, you're an Android user, or you want Zelle for quick transfers.
Important Considerations
Wells Fargo requires a checking account to unlock its top savings rate, while Newtek Bank offers its savings account standalone.
| Metric | Newtek BankPersonal High Yield Savings Apr 21, 2026 | Wells FargoPlatinum Savings Apr 21, 2026 |
|---|---|---|
| APY | 4.20% | 0.05% |
Est. Earnings | $5,000+$210 $10,000+$420 $25,000+$1,050 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $0.01 | $25 |
Snapshot view. Rates subject to change. | ||
Terms | - | 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. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppDaily CompoundingRate Changes Often | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Comparison Analysis
Comparing Newtek Bank vs. Wells Fargo
Executive Summary
Newtek Bank offers a standout Personal High Yield Savings account with an impressive APY of 4.20%, making it a superior choice for savers. This account requires a minimal deposit of only $0.01, has no maintenance fees, and does not mandate direct deposit, all while being online-only. In contrast, Wells Fargo's savings options, including the Way2Save Savings account with a mere 0.01% APY and the Platinum Savings account at 0.05% APY (which requires a $1,000,000 balance and a linked checking account), provide significantly lower yields. Therefore, Newtek Bank is the clear winner for those seeking higher returns on their savings.
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 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 3.9)
- ✓Offers 2 different high-yield savings options
- ✓Fast transfers via Zelle® (up to $3,500 a day)
— Key Feature Differences —
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $420 vs $5/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $13/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
Wells FargoWells Fargo offers an iOS app rated 4.9 (vs. 4.5) and Android app rated 4.8 (vs. 3.9)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $415 more interest on a $10,000 balance than Wells Fargo's Platinum 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. Wells Fargo Savings Calculator
You earn $415 more with Newtek Bank than Wells Fargo 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
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$5.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,005.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Newtek Bank | Wells Fargo |
|---|---|---|
| APY | 4.20% Verified: 4/21/2026 ↘︎ 0.15%90d Change | 0.05% Range: 0.05% - 0.05% Verified: 4/21/2026 Stable (90d) |
| 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. |
| Compound Frequency | Daily | Daily |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Physical Branches | None | Wells Fargo offers branches and ATMs in 36 states and Washington, D.C. |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| 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 | Visit SiteVerify at Newtek Bank Non-sponsored link to official site | Visit SiteVerify at Wells Fargo Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Newtek Bank | Wells Fargo | |
|---|---|---|---|
| Personal High Yield Savings | Platinum Savings | Way2Save Savings | |
Current APY | 4.20% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -2.0 | -32.3 | 0.0 |
Days Since Change | 74 | 186 | 280 |
9-Month High | 4.35% | 2.51% | 0.01% |
9-Month Low | 4.20% | 0.05% | 0.01% |
Adjustments / Mo | 0.11 | 0.32 | 0.00 |
Volatility Score | 0.016 | 1.583 | 0.000 |
How to read these metrics(Click to expand)
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Compare Newtek Bank's APY of 4.20% with other banks
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|---|---|---|
| Wells Fargo vs Ally Bank | 3.10% | $0 |
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| Wells Fargo vs Capital One | 3.20% | $0 |
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| Wells Fargo vs CIT Bank | 3.75% | $100 |
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| Wells Fargo vs Marcus by Goldman Sachs | 3.50% | $0 |
| Wells Fargo vs Openbank | 4.00% | $500 |
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| Wells Fargo vs SoFi Bank | 4.00% | $0 |
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