Forbright Bank vs. Newtek Bank
Forbright Bank's Growth Savings pays 3.85% 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 $35 more than Forbright Bank annually ($420 vs $385).
Choose Forbright Bank if you're an Android user, or you want Zelle for quick transfers. Choose Newtek Bank if getting the best rate matters most.
| Metric | Forbright BankGrowth Savings Sep 11, 2026 | Newtek BankPersonal High Yield Savings Sep 11, 2026 |
|---|---|---|
| APY | 3.85% | 4.20% |
Earns in a year | $5,000+$193 $10,000+$385 $25,000+$963 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min. Deposit | $0 | $100 |
Snapshot view. Rates subject to change. | ||
Terms | Limited offer: The stated APY includes a temporary 0.30% APY boost for new customers. Only people who never had a Forbright Bank Growth Savings or Growth CD account can get the boost. The account must be opened online, and a one-time balance of $1,000 must be reached by 08/31/2026. The boost ends on 12/31/2026, and a lower APY applies after that. Existing customers get the standard APY. See terms at Forbright Bank. | 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 Forbright Bank vs. Newtek Bank
Executive Summary
Newtek Bank offers a standout Personal High Yield Savings account with an APY of 4.20%, which is significantly higher than Forbright Bank's top product, the Growth Savings account at 3.85%. Newtek's account is online-only, requires a minimum deposit of $10,000, and has no direct deposit requirements or balance caps, making it a simpler option for savers. In contrast, Forbright Bank's Growth Savings account includes a temporary APY boost for new customers but must be opened online and requires a one-time balance of $1,000 to qualify for the higher rate. Overall, Newtek Bank presents a more attractive option for those seeking higher returns without additional complexities.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Forbright Bank?
- Physical branch access (Locations in the Washington D.C. area (Maryland and Virginia))
- Higher rated iOS app (4.8 vs 4.5)
- Higher rated Android app (4.7 vs 3.9)
- Offers 4 different high-yield savings options
- Fast transfers via Zelle®
Why Newtek Bank?
- Higher potential APY (4.20% vs 3.46%-3.85%) 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 $385/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $963/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
Forbright BankForbright Bank 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 $35 more interest on a $10,000 balance than Forbright Bank's Growth 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
Forbright Bank vs. Newtek Bank Savings Calculator
You earn $35 more with Newtek Bank than Forbright 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.
Forbright Bank
Growth Savings
Savings Breakdown
- Interest Earned+$385.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,385.00
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 $380 a year in interest.
Both Forbright Bank and Newtek Bank advertise far more than that typical branch-bank rate.
| Feature | Forbright Bank | Newtek Bank |
|---|---|---|
| APY | 3.85% Observed: 9/11/2026 Stable over 90 days | 4.20% Observed: 9/11/2026 Stable over 90 days |
| Product Name | Growth Savings | Personal High Yield Savings |
| Minimum Deposit | $0 | $100 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | 4 (MD) | 1 (FL) |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Branch accounts only; Growth Savings online does NOT support. | Not Supported |
| BBB Rating | A+ | A+ |
| Important Notes | Limited offer: The stated APY includes a temporary 0.30% APY boost for new customers. Only people who never had a Forbright Bank Growth Savings or Growth CD account can get the boost. The account must be opened online, and a one-time balance of $1,000 must be reached by 08/31/2026. The boost ends on 12/31/2026, and a lower APY applies after that. Existing customers get the standard APY. See terms at Forbright Bank. | 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 Forbright 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 | Forbright Bank | Newtek Bank | |||
|---|---|---|---|---|---|
| Growth Savings | Bright Business Savings | Bright Savings | Sprout Savings | Personal High Yield Savings | |
Current APY | 3.85% | 3.46% | 3.46% | 3.46% | 4.20% |
Trend | Stable | Stable | Stable | Stable | Stable |
Speed of change | -0.03 | 0.00 | -0.04 | -0.04 | -0.01 |
Days Since Change | 8 | 148 | 148 | 148 | 218 |
12-Month High | 4.25% | 3.46% | 3.90% | 3.90% | 4.35% |
12-Month Low | 3.85% | 3.45% | 3.45% | 3.45% | 4.20% |
Changes per month | 0.33 | 0.08 | 0.25 | 0.25 | 0.08 |
Steadiness | 0.026 | 0.001 | 0.029 | 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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More Comparisons
Compare Forbright Bank's APY of 3.85% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Forbright Bank vs Ally Bank | 3.00% | $0 |
| Forbright Bank vs American Express | 3.00% | $0 |
| Forbright Bank vs Axos Bank | 4.21% | $0 |
| Forbright Bank vs Barclays | 3.65% | $0 |
| Forbright Bank vs Capital One | 3.50% | $0 |
| Forbright Bank vs Chime | 3.75% | $0 |
| Forbright Bank vs CIT Bank | 3.75% | $100 |
| Forbright Bank vs EverBank | 3.90% | $0 |
| Forbright Bank vs Marcus by Goldman Sachs | 3.40% | $0 |
| Forbright Bank vs Openbank | 3.80% | $500 |
| Forbright Bank vs Pibank | 4.10% | $0 |
| Forbright Bank vs SoFi Bank | 4.00% | $0 |
| Forbright Bank vs Synchrony Bank | 3.30% | $0 |
| Forbright Bank vs Varo Bank | 3.75% | $0 |
| Forbright Bank vs Wealthfront | 3.95% | $0 |