Newtek Bank vs. Synchrony Bank
Newtek Bank's Personal High Yield Savings pays 4.20% APY while Synchrony Bank's High Yield Savings pays 3.30% 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 $90 more than Synchrony Bank annually ($420 vs $330).
Choose Newtek Bank if getting the best rate matters most, or choose Synchrony Bank if you're an Android user.
| Metric | Newtek BankPersonal High Yield Savings Sep 11, 2026 | Synchrony BankHigh Yield Savings Sep 11, 2026 |
|---|---|---|
| APY | 4.20% | 3.30% |
Earns in a year | $5,000+$210 $10,000+$420 $25,000+$1,050 | $5,000+$165 $10,000+$330 $25,000+$825 |
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. | - |
| Features | FDIC InsuredLow MinimumsGreat iOS AppDaily CompoundingStable Rate | FDIC InsuredNo 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. Synchrony Bank
Executive Summary
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.20%, making it the standout option compared to Synchrony Bank's High Yield Savings account, which provides a lower APY of 3.30%. Newtek's account does not require direct deposit and has no maintenance fees, although new applications are paused, and only existing customers can access the advertised rate. In contrast, Synchrony Bank's account is available to new customers and features a user-friendly mobile app, rated highly on both iOS and Android. Overall, Newtek Bank's higher APY positions it as the winner in this comparison.
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 3.30%) on all balances
- No checking account or direct deposit required
Why Synchrony Bank?
- Higher rated iOS app (4.8 vs 4.5)
- Higher rated Android app (4.6 vs 3.9)
Key Feature Differences
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $420 vs $330/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $825/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
Synchrony BankSynchrony 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 $90 more interest on a $10,000 balance than Synchrony Bank's 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. Synchrony Bank Savings Calculator
You earn $90 more with Newtek Bank than Synchrony 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
Synchrony Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$330.00(3.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,330.00
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 $325 a year in interest.
Both Newtek Bank and Synchrony Bank advertise far more than that typical branch-bank rate.
| Feature | Newtek Bank | Synchrony Bank |
|---|---|---|
| APY | 4.20% Observed: 9/11/2026 Stable over 90 days | 3.30% Observed: 9/11/2026 0.10%90-day change |
| Product Name | Personal High Yield Savings | High Yield 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) | 2 (FL, UT) |
| 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+ | Not Rated |
| 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. | - |
| Next Steps | Visit SiteVerify at Newtek Bank Non-sponsored link to official site | Visit SiteVerify at Synchrony Bank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | Newtek Bank | Synchrony Bank |
|---|---|---|
| Personal High Yield Savings | High Yield Savings | |
Current APY | 4.20% | 3.30% |
Trend | Stable | Stable |
Speed of change | -0.01 | -0.05 |
Days Since Change | 218 | 85 |
12-Month High | 4.35% | 3.80% |
12-Month Low | 4.20% | 3.30% |
Changes per month | 0.08 | 0.33 |
Steadiness | 0.004 | 0.028 |
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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