Betterment vs. Newtek Bank
Betterment's Cash Reserve pays 4.00% APY while Newtek Bank's Personal High Yield Savings pays 4.20% 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 $76 more than Betterment annually ($420 vs $344).
Choose Betterment if you're an Android user, or choose Newtek Bank if getting the best rate matters most.
| Metric | BettermentCash Reserve Sep 11, 2026 | Newtek BankPersonal High Yield Savings Sep 11, 2026 |
|---|---|---|
| APY | 3.25% - 4.00% | 4.20% |
Earns in a year | $5,000+$172 $10,000+$344 $25,000+$859 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min. Deposit | $0 | $100 |
Snapshot view. Rates subject to change. | ||
Terms | - | Newtek Bank has paused new applications for this account. New customers can only join a waitlist. The advertised APY applies to existing accounts. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android App | FDIC InsuredLow MinimumsGreat iOS AppDaily CompoundingStable Rate |
Prefer In-Person Banking?
Both of these institutions are online-only. If you need in-branch access, check out our list of savings accounts with brick-and-mortar locations.
Comparison Analysis
Comparing Betterment vs. Newtek Bank
Executive Summary
Newtek Bank offers a competitive Personal High Yield Savings account with an APY of 4.20%, making it the highest-yielding option compared to Betterment's Cash Reserve, which has a promotional APY of 4.00% for the first three months. Newtek's account requires a minimum deposit of $10,000 but has no direct deposit requirement, and it is currently only available to existing customers due to a pause on new applications. In contrast, Betterment's Cash Reserve is online-only, has no minimum balance requirements, and is nationally available. Both accounts are FDIC insured and have no maintenance fees.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Betterment?
- Higher rated Android app (4.7 vs 3.9)
Why Newtek Bank?
- Higher potential APY (4.20% vs 4.00%) on all balances
Key Feature Differences
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $420 vs $344/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $859/yr).
Better for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.20% APY with no bundling, direct deposit requirement or caps.
Better Mobile App Experience
BettermentBetterment offers an iOS app rated 4.8 (vs. 4.5) and Android app rated 4.7 (vs. 3.9)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $76 more interest on a $10,000 balance than Betterment's Cash Reserve.
*This comparison accounts for Betterment's introductory promotional rate, yet Newtek Bank's standard rate still yields a higher 1-year return.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Betterment vs. Newtek Bank Savings Calculator
You earn $74.9 more with Newtek Bank than Betterment 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.
Betterment
Cash Reserve
Savings Breakdown
- Interest Earned+$345.10(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,345.10
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
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still at a large branch bank?
A typical branch-bank savings rate is 0.05% APY. On a $10,000 balance, the gap to these two banks is at least $339 a year in interest.
Both Betterment and Newtek Bank advertise far more than that typical branch-bank rate.
| Feature | Betterment | Newtek Bank |
|---|---|---|
| APY | 4.00% Range: 3.25% - 4.00% Observed: 9/11/2026 Stable over 90 days | 4.20% Observed: 9/11/2026 Stable over 90 days |
| Product Name | Cash Reserve | Personal High Yield Savings |
| Minimum Deposit | $0 | $100 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | N/A | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | Not reported | 1 (FL) |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC or NCUA Insured | Yes | YesVerify FDIC |
| Zelle® Support | Not Supported | Not Supported |
| BBB Rating | A | A+ |
| Important Notes | - | Newtek Bank has paused new applications for this account. New customers can only join a waitlist. The advertised APY applies to existing accounts. |
| Next Steps | Visit SiteVerify at Betterment Non-sponsored link to official site | Visit SiteVerify at Newtek Bank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | Betterment |
|---|---|
| Cash Reserve | |
Current APY | 4.00% |
Trend | Stable |
Speed of change | 0.02 |
Days Since Change | 136 |
8-Month High | 4.00% |
8-Month Low | 3.90% |
Changes per month | 0.13 |
Steadiness | 0.013 |
How to read these metrics(Click to expand)
Trends and speed
- Trend: The general direction of the rate over the analyzed period. Useful for seeing whether a bank is raising its rate or letting it slip.
- Speed of change: How fast the rate moves. A high positive number means they raise rates quickly. A reading of 0.10 is a tenth of a percentage point each month.
- Changes per month: How often the rate moves. A high number means it changes constantly; a low number means it holds.
Risk & Range
- High/Low: The absolute ceiling and floor of the rate during the 230-day window.
- Steadiness: How far the rate swings around its average. A lower score means a steadier, more predictable rate.
- Days Since Change: A high number, for example above 90, means the rate rarely moves. A low number means it changed recently.
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High Rates (With Checking Bundle)
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More Comparisons
Compare Betterment's APY of 4.00% with other banks
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|---|---|---|
| Betterment vs Ally Bank | 3.00% | $0 |
| Betterment vs American Express | 3.00% | $0 |
| Betterment vs Axos Bank | 4.21% | $0 |
| Betterment vs Barclays | 3.65% | $0 |
| Betterment vs Capital One | 3.50% | $0 |
| Betterment vs Chime | 3.75% | $0 |
| Betterment vs CIT Bank | 3.75% | $100 |
| Betterment vs EverBank | 3.90% | $0 |
| Betterment vs Marcus by Goldman Sachs | 3.40% | $0 |
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| Betterment vs Pibank | 4.10% | $0 |
| Betterment vs SoFi Bank | 4.00% | $0 |
| Betterment vs Synchrony Bank | 3.30% | $0 |
| Betterment vs Varo Bank | 3.75% | $0 |
| Betterment vs Wealthfront | 3.95% | $0 |