Newtek Bank vs. Peak Bank
Newtek Bank's Personal High Yield Savings advertises 4.20% APY.
Peak Bank's Envision High Yield Savings advertises 4.27% APY. The 4.27% applies to balances up to $499,999.99. A larger balance earns 3.40% on the whole amount.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
On a $10,000 balance, Peak Bank's Envision High Yield Savings earns about $7 more in a year than Newtek Bank's Personal High Yield Savings: $427 against $420.
The Newtek Bank and Peak Bank savings accounts are very similar. Choose Newtek Bank if you want a no-strings-attached account, or choose Peak Bank if you're an Android user.
| Metric | Newtek BankPersonal High Yield Savings Oct 5, 2026 | Peak BankEnvision High Yield Savings Oct 5, 2026 |
|---|---|---|
| APY | 4.20% | 4.27%On balances up to $499,999.99 · 3.40% above |
Earns in a year | $5,000+$210 $10,000+$420 $25,000+$1,050 | $5,000+$213 $10,000+$427 $25,000+$1,067 |
Min. Deposit | $100 | $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. | The advertised APY is for new accounts only. There is a limit of one Envision High Yield Savings account per customer. Opening funds are subject to a five business day hold. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppDaily CompoundingStable Rate | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often |
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 Newtek Bank vs. Peak Bank
Why Newtek Bank?
- No checking account or direct deposit required
Why Peak Bank?
- Higher rated Android app (4.6 vs 3.9)
Key Feature Differences
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
Peak BankPeak 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, Peak Bank's Envision High Yield Savings pays $7 more interest on a $10,000 balance than Newtek Bank's Personal High Yield 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
Newtek Bank vs. Peak Bank Savings Calculator
You earn $7 more with Peak Bank than Newtek 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.
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
Peak Bank
Envision High Yield Savings
Savings Breakdown
- Interest Earned+$427.00(4.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,427.00
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 $415 a year in interest.
Both Newtek Bank and Peak Bank advertise far more than that typical branch-bank rate.
| Feature | Newtek Bank | Peak Bank |
|---|---|---|
| APY | 4.20% Observed: 10/5/2026 Stable over 90 days | 4.27% Range: 3.40% - 4.27% Observed: 10/5/2026 0.26%90-day change |
| Product Name | Personal High Yield Savings | Envision High Yield Savings |
| Minimum Deposit | $100 | $100 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branches | None | None |
| Physical Branches | 1 (FL) | Not reported |
| 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 | Newtek Bank has paused new applications for this account. New customers can only join a waitlist. The advertised APY applies to existing accounts. | The advertised APY is for new accounts only. There is a limit of one Envision High Yield Savings account per customer. Opening funds are subject to a five business day hold. |
| Next Steps | Visit SiteVerify at Newtek Bank Non-sponsored link to official site | Visit SiteVerify at Peak Bank Non-sponsored link to official site |
What each bank pays on deposits
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
Newtek Bank
The two figures answer different questions, so they sit side by side and are not combined.
In Q2 2026, Newtek Bank paid a higher average rate on savings and money market deposits than 100% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
Each figure is that bank's own charter-level average across its whole deposit book, so the two are shown one after the other and are not a ranking.
Peak Bank
The two figures answer different questions, so they sit side by side and are not combined. The 4.27% applies to balances up to $499,999.99. A larger balance earns 3.40% on the whole amount.
In Q2 2026, Idaho First Bank paid a higher average rate on savings and money market deposits than 98% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older savings balances at the rates of earlier years, money market balances that were priced in a different rate environment, and business accounts. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
CD rates, term by term
Newtek Bank lists CDs on Banksparency at 6, 9, 12, 18, 24, 36, 48 and 60 months. Peak Bank lists CDs at 12, 24 and 36 months. Each row below is one term, with the best rate each bank advertises for it.
| Term | Newtek Bank APY | Peak Bank APY | FDIC average (Sep 2026) |
|---|---|---|---|
| 12 months | 4.10% APY$2,500 minimum | 3.69% APY$500 minimum | 1.73% |
| 6 months | 4.00% APY$2,500 minimum | Not listed here | 1.41% |
| 9 months | 4.00% APY$2,500 minimum | Not listed here | |
| 18 months | 3.90% APY$2,500 minimum | Not listed here | |
| 24 months | 3.80% APY$2,500 minimum | 3.34% APY$500 minimum | 1.61% |
| 36 months | 3.80% APY$2,500 minimum | 3.14% APY$500 minimum | 1.36% |
| 48 months | 2.00% APY$2,500 minimum | Not listed here | 1.28% |
| 60 months | 2.00% APY$2,500 minimum | Not listed here | 1.38% |
Compare Savings Rates Over Time
Historical Performance
| Metric | Newtek Bank | Peak Bank |
|---|---|---|
| Personal High Yield Savings | Envision High Yield Savings | |
Current APY | 4.20% | 4.27% |
Trend | Stable | Stable |
Speed of change | -0.01 | -0.02 |
Days Since Change | 242 | 3 |
12-Month High | 4.35% | 4.27% |
12-Month Low | 4.20% | 3.82% |
Changes per month | 0.08 | 0.58 |
Steadiness | 0.005 | 0.024 |
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 Newtek Bank's APY of 4.20% with other banks
Compare Peak Bank's APY of 4.27% with other banks
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|---|---|---|
| Peak Bank vs Ally Bank | 3.10% | $0 |
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| Peak Bank vs Capital One | 3.10% | $0 |
| Peak Bank vs Chime | 3.75% | $0 |
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| Peak Bank vs Marcus by Goldman Sachs | 3.50% | $0 |
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| Peak Bank vs Pibank | 4.25% | $0 |
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