Charles Schwab Bank vs. Newtek Bank
Charles Schwab Bank's Schwab Bank Investor Savings™ pays 0.15% 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 $405 more than Charles Schwab Bank annually ($420 vs $15).
Choose Charles Schwab Bank if you want Zelle for quick transfers. Choose Newtek Bank if getting the best rate matters most, or you're an Android user.
| Metric | Charles Schwab BankSchwab Bank Investor Savings™ Sep 11, 2026 | Newtek BankPersonal High Yield Savings Sep 11, 2026 |
|---|---|---|
| APY | 0.15% | 4.20% |
Earns in a year | $5,000+$8 $10,000+$15 $25,000+$38 | $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 AppIn-Person AccessZelle® SupportedDaily CompoundingStable Rate | FDIC InsuredLow MinimumsGreat iOS AppDaily CompoundingStable Rate |
Comparison Analysis
Comparing Charles Schwab Bank vs. Newtek Bank
Executive Summary
Newtek Bank offers a clear advantage with its Personal High Yield Savings account, boasting a competitive APY of 4.20%. This account, however, is currently only available to existing customers, as new applications have been paused, and potential customers can only join a waitlist. In contrast, Charles Schwab Bank's Schwab Bank Investor Savings™ provides a much lower APY of 0.15%, but does not have any restrictions on new applications. Both banks feature online-only products with no maintenance fees and require a minimum balance of $1. For those seeking higher returns, Newtek Bank is the superior option.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Charles Schwab Bank?
- Higher rated iOS app (4.8 vs 4.5)
- Fast transfers via Zelle®
Why Newtek Bank?
- Higher potential APY (4.20% vs 0.15%) on all balances
- No checking account or direct deposit required
Key Feature Differences
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $420 vs $15/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $38/yr).
Better for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.20% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $405 more interest on a $10,000 balance than Charles Schwab Bank's Schwab Bank Investor 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
Charles Schwab Bank vs. Newtek Bank Savings Calculator
You earn $405 more with Newtek Bank than Charles Schwab Bank 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.
Charles Schwab Bank
Schwab Bank Investor Savings™
Savings Breakdown
- Interest Earned+$15.00(0.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,015.00
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.
| Feature | Charles Schwab Bank | Newtek Bank |
|---|---|---|
| APY | 0.15% Observed: 9/11/2026 Stable over 90 days | 4.20% Observed: 9/11/2026 Stable over 90 days |
| Product Name | Schwab Bank Investor Savings™ | Personal High Yield Savings |
| Minimum Deposit | $0 | $100 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| In-Branch Access | Yes | No |
| Account Type | Online & Branches | Online Only |
| Physical Branches | 1 (TX) | 1 (FL) |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Integrated into Investor Checking; high liquidity. | 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 Charles Schwab Bank 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 | Charles Schwab Bank | Newtek Bank |
|---|---|---|
| Schwab Bank Investor Savings™ | Personal High Yield Savings | |
Current APY | 0.15% | 4.20% |
Trend | Stable | Stable |
Speed of change | -0.00 | -0.01 |
Days Since Change | 361 | 218 |
12-Month High | 0.15% | 4.35% |
12-Month Low | 0.15% | 4.20% |
Changes per month | 0.00 | 0.08 |
Steadiness | 0.000 | 0.004 |
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 364-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 Charles Schwab Bank's APY of 0.15% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Charles Schwab Bank vs Ally Bank | 3.00% | $0 |
| Charles Schwab Bank vs American Express | 3.00% | $0 |
| Charles Schwab Bank vs Axos Bank | 4.21% | $0 |
| Charles Schwab Bank vs Barclays | 3.65% | $0 |
| Charles Schwab Bank vs Capital One | 3.50% | $0 |
| Charles Schwab Bank vs Chime | 3.75% | $0 |
| Charles Schwab Bank vs CIT Bank | 3.75% | $100 |
| Charles Schwab Bank vs EverBank | 3.90% | $0 |
| Charles Schwab Bank vs Marcus by Goldman Sachs | 3.40% | $0 |
| Charles Schwab Bank vs Openbank | 3.80% | $500 |
| Charles Schwab Bank vs Pibank | 4.10% | $0 |
| Charles Schwab Bank vs SoFi Bank | 4.00% | $0 |
| Charles Schwab Bank vs Synchrony Bank | 3.30% | $0 |
| Charles Schwab Bank vs Varo Bank | 3.75% | $0 |
| Charles Schwab Bank vs Wealthfront | 3.95% | $0 |