Citibank vs. Newtek Bank
Citibank's Citi Accelerate Savings pays 2.80% 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 $140 more than Citibank annually ($420 vs $280).
Choose Citibank if you're an Android user, or you want Zelle for quick transfers. Choose Newtek Bank if getting the best rate matters most, or BBB rating matters to you.
Important Considerations
Citibank's Accelerate Savings is only available in select states where Citi has no branch presence. Check eligibility before applying.
| Metric | CitibankCiti Accelerate Savings Sep 7, 2026 | Newtek BankPersonal High Yield Savings Sep 5, 2026 |
|---|---|---|
| APY | 2.80% | 4.20% |
Earns in a year | $5,000+$140 $10,000+$280 $25,000+$700 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min. Deposit | $0 | $100 |
Snapshot view. Rates subject to change. | ||
Terms | Eligibility restricted to select states. | 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 AppZelle® SupportedDaily CompoundingRate Changes Often | 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 Citibank vs. Newtek Bank
Executive Summary
Newtek Bank offers a competitive Personal High Yield Savings account with an APY of 4.20%, significantly higher than Citibank's Citi Accelerate Savings account, which yields 2.80%. Newtek Bank's account is available online and has no maintenance fees, while Citibank's account has a maintenance fee of $4.50, waived for balances over $500. Additionally, Newtek Bank does not require direct deposit, making it simpler for customers. However, new applications for Newtek's account are paused, and prospective customers can only join a waitlist. Citibank's account is limited to select states, whereas Newtek Bank's is available nationally, though it is also online-only.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Citibank?
- Physical branch access (U.S. branches are concentrated in six metropolitan areas, New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.)
- Higher rated iOS app (4.9 vs 4.5)
- Higher rated Android app (4.8 vs 3.9)
- Fast transfers via Zelle® (up to $2,500 a day)
Why Newtek Bank?
- Higher potential APY (4.20% vs 2.80%) on all balances
- No checking account or direct deposit required
- Available Nationwide
Key Feature Differences
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $420 vs $280/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $700/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
CitibankCitibank 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 $140 more interest on a $10,000 balance than Citibank's Citi Accelerate 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
Citibank vs. Newtek Bank Savings Calculator
You earn $140 more with Newtek Bank than Citibank 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.
Citibank
Citi Accelerate Savings
Savings Breakdown
- Interest Earned+$280.00(2.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,280.00
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 $275 a year in interest.
Both Citibank and Newtek Bank advertise far more than that typical branch-bank rate.
| Feature | Citibank | Newtek Bank |
|---|---|---|
| APY | 2.80% Observed: 9/7/2026 0.20%90-day change | 4.20% Observed: 9/5/2026 Stable over 90 days |
| Product Name | Citi Accelerate Savings | Personal High Yield Savings |
| Minimum Deposit | $0 | $100 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $4.50. Waived for average monthly balances > $500 | $0 |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | 955 (CA, CT, DC, DE, FL, IL, MD, NJ (+6 more)) | 1 (FL) |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $2,500/dayTiered limits based on account status (Citigold higher). | Not Supported |
| BBB Rating | D- | A+ |
| Important Notes | Eligibility restricted to select states. | 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 Citibank 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 | Citibank | Newtek Bank | |
|---|---|---|---|
| Citi® Savings Account | Citi Accelerate Savings | Personal High Yield Savings | |
Current APY | 0.03% | 2.80% | 4.20% |
Trend | Stable | Stable | Stable |
Speed of change | 0.00 | -0.05 | -0.01 |
Days Since Change | 363 | 27 | 214 |
12-Month High | 0.03% | 3.50% | 4.35% |
12-Month Low | 0.03% | 2.80% | 4.20% |
Changes per month | 0.00 | 0.66 | 0.08 |
Steadiness | 0.000 | 0.029 | 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 Citibank's APY of 2.80% with other banks
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|---|---|---|
| Citibank vs Ally Bank | 3.00% | $0 |
| Citibank vs American Express | 3.00% | $0 |
| Citibank vs Axos Bank | 4.21% | $0 |
| Citibank vs Barclays | 3.65% | $0 |
| Citibank vs Capital One | 3.50% | $0 |
| Citibank vs Chime | 3.75% | $0 |
| Citibank vs CIT Bank | 3.75% | $100 |
| Citibank vs EverBank | 3.90% | $0 |
| Citibank vs Marcus by Goldman Sachs | 3.40% | $0 |
| Citibank vs Openbank | 3.80% | $500 |
| Citibank vs Pibank | 4.10% | $0 |
| Citibank vs SoFi Bank | 4.00% | $0 |
| Citibank vs Synchrony Bank | 3.30% | $0 |
| Citibank vs Varo Bank | 3.75% | $0 |
| Citibank vs Wealthfront | 3.95% | $0 |