Chime vs. Newtek Bank
Chime's Chime High-Yield Savings Account pays 3.75% APY while Newtek Bank's Personal High Yield Savings pays 4.20% APY.
Note: Chime's Chime High-Yield Savings Account also needs 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 $45 more than Chime annually ($420 vs $375).
Choose Chime if you're an Android user. Choose Newtek Bank if getting the best rate matters most, or you want a no-strings-attached account.
Important Considerations
Chime's Chime High-Yield Savings Account pays its top rate only if you also open a checking account with Chime, while Newtek Bank's Personal High Yield Savings stands alone.
| Metric | ChimeChime High-Yield Savings Account Sep 11, 2026 | Newtek BankPersonal High Yield Savings Sep 11, 2026 |
|---|---|---|
| APY | 3.75% | 4.20% |
Earns in a year | $5,000+$188 $10,000+$375 $25,000+$938 | $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 AppDirect Deposit ReqChecking BundleDaily Compounding | 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 Chime vs. Newtek Bank
Executive Summary
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.20%, significantly higher than Chime's Chime High-Yield Savings Account, which has an APY of 3.75%. Newtek's account does not require direct deposit and is available online, although new applications are currently paused, limiting access to those on the waitlist. In contrast, Chime's account mandates direct deposit and is also online-only. While Chime provides a better mobile app experience, Newtek Bank stands out for its higher returns, especially for larger deposits.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Chime?
- Higher rated iOS app (4.8 vs 4.5)
- Higher rated Android app (4.7 vs 3.9)
Why Newtek Bank?
- Higher potential APY (4.20% vs 3.75%) 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 $375/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $938/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
ChimeChime 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 $45 more interest on a $10,000 balance than Chime's Chime High-Yield Savings Account.
*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
Chime vs. Newtek Bank Savings Calculator
You earn $45 more with Newtek Bank than Chime 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.
Chime
Chime High-Yield Savings Account
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
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.
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 $370 a year in interest.
Both Chime and Newtek Bank advertise far more than that typical branch-bank rate.
| Feature | Chime | Newtek Bank |
|---|---|---|
| APY | 3.75% Observed: 9/11/2026 Stable over 90 days | 4.20% Observed: 9/11/2026 Stable over 90 days |
| Product Name | Chime High-Yield Savings Account | 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 | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | Not reported | 1 (FL) |
| Direct Deposit Req. | Required | None |
| Checking Bundle | Yes | 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 Chime Non-sponsored link to official site | Visit SiteVerify at Newtek Bank Non-sponsored link to official site |
Compare Savings Rates Over Time
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