Happen Bank vs. Newtek Bank
Happen Bank's LevelUp Savings 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 $20 more than Happen Bank annually ($420 vs $400).
Choose Happen Bank if you're an Android user, or choose Newtek Bank if getting the best rate matters most.
| Metric | Happen BankLevelUp Savings Sep 5, 2026 | Newtek BankPersonal High Yield Savings Sep 5, 2026 |
|---|---|---|
| APY | 4.00% | 4.20% |
Earns in a year | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min. Deposit | $0 | $100 |
Snapshot view. Rates subject to change. | ||
Terms | The advertised "LevelUp Rate" APY is only available if you deposit $250+ into the account each month. Otherwise the "Standard Rate" applies. | 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 AppDaily CompoundingStable Rate | 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 Happen Bank vs. Newtek Bank
Executive Summary
Newtek Bank offers a competitive Personal High Yield Savings account with an APY of 4.20%, which is higher than Happen Bank's LevelUp Savings account at 4.00%. Newtek's account has no direct deposit requirement and is designed for simplicity, making it an attractive option for savers. However, new applicants for Newtek's account are currently on a waitlist, as new applications have been paused. Happen Bank's LevelUp Savings requires a monthly deposit of $250 to earn the advertised APY, but it is available nationally and has a strong mobile app experience. Overall, Newtek Bank is the winner based on the higher APY.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Happen Bank?
- Higher rated iOS app (4.8 vs 4.5)
- Higher rated Android app (4.6 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 $400/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $1000/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
Happen BankHappen Bank offers an iOS app rated 4.8 (vs. 4.5) and Android app rated 4.6 (vs. 3.9)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $20 more interest on a $10,000 balance than Happen Bank's LevelUp 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
Happen Bank vs. Newtek Bank Savings Calculator
You earn $20 more with Newtek Bank than Happen 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.
Happen Bank
LevelUp Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
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 $395 a year in interest.
Both Happen Bank and Newtek Bank advertise far more than that typical branch-bank rate.
| Feature | Happen Bank | Newtek Bank |
|---|---|---|
| APY | 4.00% Observed: 9/5/2026 Stable over 90 days | 4.20% Observed: 9/5/2026 Stable over 90 days |
| Product Name | LevelUp 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 | 3 (CA, MA, UT) | 1 (FL) |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Not Supported |
| BBB Rating | A+ | A+ |
| Important Notes | The advertised "LevelUp Rate" APY is only available if you deposit $250+ into the account each month. Otherwise the "Standard Rate" applies. | 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 Happen 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 | Happen Bank | Newtek Bank |
|---|---|---|
| LevelUp Savings | Personal High Yield Savings | |
Current APY | 4.00% | 4.20% |
Trend | Stable | Stable |
Speed of change | -0.04 | -0.01 |
Days Since Change | 267 | 212 |
12-Month High | 4.20% | 4.35% |
12-Month Low | 4.00% | 4.20% |
Changes per month | 0.08 | 0.08 |
Steadiness | 0.023 | 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 362-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 Happen Bank's APY of 4.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Happen Bank vs Ally Bank | 3.00% | $0 |
| Happen Bank vs American Express | 3.00% | $0 |
| Happen Bank vs Axos Bank | 4.21% | $0 |
| Happen Bank vs Barclays | 3.65% | $0 |
| Happen Bank vs Capital One | 3.50% | $0 |
| Happen Bank vs Chime | 3.75% | $0 |
| Happen Bank vs CIT Bank | 3.75% | $100 |
| Happen Bank vs EverBank | 3.90% | $0 |
| Happen Bank vs Marcus by Goldman Sachs | 3.40% | $0 |
| Happen Bank vs Openbank | 3.80% | $500 |
| Happen Bank vs Pibank | 4.10% | $0 |
| Happen Bank vs SoFi Bank | 4.00% | $0 |
| Happen Bank vs Synchrony Bank | 3.30% | $0 |
| Happen Bank vs Varo Bank | 3.75% | $0 |
| Happen Bank vs Wealthfront | 3.95% | $0 |