Newtek Bank vs. Wells Fargo
Newtek Bank's Personal High Yield Savings pays 4.20% APY while Wells Fargo's Platinum Savings pays 0.05% APY.
Note: Wells Fargo's Platinum 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 $415 more than Wells Fargo annually ($420 vs $5).
Choose Newtek Bank if getting the best rate matters most, you want a no-strings-attached account, or BBB rating matters to you. Choose Wells Fargo if you value in-person banking, you're an Android user, or you want Zelle for quick transfers.
Important Considerations
Wells Fargo's Platinum Savings pays its top rate only if you also open a checking account with Wells Fargo, while Newtek Bank's Personal High Yield Savings stands alone.
| Metric | Newtek BankPersonal High Yield Savings Sep 4, 2026 | Wells FargoPlatinum Savings Sep 4, 2026 |
|---|---|---|
| APY | 4.20% | 0.05% |
Earns in a year | $5,000+$210 $10,000+$420 $25,000+$1,050 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min. Deposit | $100 | $25 |
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. | This is a tiered savings account where rates vary based on the balance. The highest rates require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppDaily CompoundingStable Rate | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Comparison Analysis
Comparing Newtek Bank vs. Wells Fargo
Executive Summary
Newtek Bank offers a standout Personal High Yield Savings account with an impressive APY of 4.20%, significantly higher than Wells Fargo's Way2Save Savings account, which only yields 0.01%. Newtek's account requires a minimum deposit of $10,000 and is currently available only to existing customers, as new applications are paused. In contrast, Wells Fargo provides a more accessible savings option with lower minimum deposit requirements, but the returns are substantially lower. Additionally, Wells Fargo's Platinum Savings account offers a slightly higher APY of 0.05% but requires linking to a checking account. Overall, Newtek Bank's offering is superior for those looking for higher returns.
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 0.01%-0.05%) on all balances
- No checking account or direct deposit required
Why Wells Fargo?
- Physical branch access (Wells Fargo offers branches and ATMs in 36 states and Washington, D.C.)
- Higher rated iOS app (4.9 vs 4.5)
- Higher rated Android app (4.8 vs 3.9)
- Offers 2 different high-yield savings options
- Fast transfers via Zelle® (up to $3,500 a day)
Key Feature Differences
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $420 vs $5/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $13/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
Wells FargoWells Fargo offers an iOS app rated 4.9 (vs. 4.5) and Android app rated 4.8 (vs. 3.9)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $415 more interest on a $10,000 balance than Wells Fargo's Platinum 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. Wells Fargo Savings Calculator
You earn $415 more with Newtek Bank than Wells Fargo 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
Wells Fargo
Platinum Savings
Savings Breakdown
- Interest Earned+$5.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,005.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Newtek Bank | Wells Fargo |
|---|---|---|
| APY | 4.20% Observed: 9/4/2026 Stable over 90 days | 0.05% Observed: 9/4/2026 Stable over 90 days |
| Product Name | Personal High Yield Savings | Platinum Savings |
| Minimum Deposit | $100 | $25 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | Yes |
| Account Type | Online Only | Online & Branches |
| Physical Branches | 1 (FL) | 4,184 (AK, AL, AR, AZ, CA, CO, CT, DC (+32 more)) |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| BBB Rating | A+ | D- |
| 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. | This is a tiered savings account where rates vary based on the balance. The highest rates require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Next Steps | Visit SiteVerify at Newtek Bank Non-sponsored link to official site | Visit SiteVerify at Wells Fargo Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | Newtek Bank | Wells Fargo | |
|---|---|---|---|
| Personal High Yield Savings | Platinum Savings | Way2Save Savings | |
Current APY | 4.20% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Speed of change | -0.01 | -0.42 | 0.00 |
Days Since Change | 211 | 322 | 361 |
12-Month High | 4.35% | 2.51% | 0.01% |
12-Month Low | 4.20% | 0.05% | 0.01% |
Changes per month | 0.08 | 0.25 | 0.00 |
Steadiness | 0.004 | 1.776 | 0.000 |
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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Compare Newtek Bank's APY of 4.20% with other banks
Compare Wells Fargo's APY of 0.05% with other banks
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|---|---|---|
| Wells Fargo vs Ally Bank | 3.00% | $0 |
| Wells Fargo vs American Express | 3.00% | $0 |
| Wells Fargo vs Axos Bank | 4.21% | $0 |
| Wells Fargo vs Barclays | 3.65% | $0 |
| Wells Fargo vs Capital One | 3.50% | $0 |
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| Wells Fargo vs CIT Bank | 3.75% | $100 |
| Wells Fargo vs EverBank | 3.90% | $0 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.40% | $0 |
| Wells Fargo vs Openbank | 3.80% | $500 |
| Wells Fargo vs Pibank | 4.10% | $0 |
| Wells Fargo vs SoFi Bank | 4.00% | $0 |
| Wells Fargo vs Synchrony Bank | 3.30% | $0 |
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