Newtek Bank vs. SoFi Bank
Newtek Bank's Personal High Yield Savings pays 4.20% APY while SoFi Bank's SoFi Savings pays 3.80% APY.
Note: SoFi Bank's SoFi Savings 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 $75 more than SoFi Bank annually ($420 vs $345).
Choose Newtek Bank if getting the best rate matters most, or you want a no-strings-attached account. Choose SoFi Bank if you want Zelle for quick transfers.
Important Considerations
SoFi Bank's SoFi Savings pays its top rate only if you also open a checking account with SoFi Bank, while Newtek Bank's Personal High Yield Savings stands alone.
| Metric | Newtek BankPersonal High Yield Savings Sep 3, 2026 | SoFi BankSoFi Savings Sep 3, 2026 |
|---|---|---|
| APY | 4.20% | 3.10% - 3.80% |
Earns in a year | $5,000+$210 $10,000+$420 $25,000+$1,050 | $5,000+$173 $10,000+$345 $25,000+$863 |
Min. Deposit | $100 | $0 |
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. | Limited offer: The stated APY includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with an interest-bearing checking account. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppDaily CompoundingStable Rate | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedDirect Deposit ReqChecking BundleDaily 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. SoFi Bank
Executive Summary
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.20%, which is higher than SoFi Bank's best rate of 3.80% for its savings account. Newtek's account does not require direct deposit or any bundling, making it a straightforward option for savers. However, new applications for this account are paused, and potential customers can only join a waitlist. In contrast, SoFi's savings account requires eligible direct deposits or qualifying deposits to earn the higher APY, with a minimum deposit of $0 and a bundled checking account. Overall, Newtek Bank is the winner based on the provided data.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Newtek Bank?
- Higher potential APY (4.20% vs 3.80%) on all balances
- No checking account or direct deposit required
Why SoFi Bank?
- Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- Fast transfers via Zelle®
Key Feature Differences
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $420 vs $345/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $863/yr).
Better for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.20% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $75 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Newtek Bank's standard rate still yields a higher 1-year return.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Newtek Bank vs. SoFi Bank Savings Calculator
You earn $75.1 more with Newtek Bank than SoFi 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
SoFi Bank
SoFi Savings
Savings Breakdown
- Interest Earned+$344.90(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,344.90
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 $340 a year in interest.
Both Newtek Bank and SoFi Bank advertise far more than that typical branch-bank rate.
| Feature | Newtek Bank | SoFi Bank |
|---|---|---|
| APY | 4.20% Observed: 9/3/2026 Stable over 90 days | 3.80% Range: 3.10% - 3.80% Observed: 9/3/2026 Stable over 90 days |
| Product Name | Personal High Yield Savings | SoFi Savings |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | $0.01 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | 1 (FL) | 4 (CA, UT) |
| Direct Deposit Req. | None | Required |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Native support added in 2024 for banking members. |
| 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. | Limited offer: The stated APY includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with an interest-bearing checking account. |
| Next Steps | Visit SiteVerify at Newtek Bank Non-sponsored link to official site | Visit SiteVerify at SoFi Bank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | Newtek Bank | SoFi Bank |
|---|---|---|
| Personal High Yield Savings | SoFi Savings | |
Current APY | 4.20% | 3.80% |
Trend | Stable | Stable |
Speed of change | -0.01 | -0.09 |
Days Since Change | 210 | 98 |
12-Month High | 4.35% | 4.50% |
12-Month Low | 4.20% | 3.80% |
Changes per month | 0.08 | 0.33 |
Steadiness | 0.004 | 0.052 |
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 363-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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