Is Newtek Bank Legit? Safety, Rates and What to Know
Newtek Bank is an FDIC insured national bank owned by NewtekOne, a Nasdaq listed company. Here is how your deposits are insured, what its savings and CDs pay and what to know.
Newtek Bank Personal High Yield Savings Account4.20% Top APYas of Oct 27, 2026Learn more Read reviewHow we make money: Some links on this page may earn us a commission. That never affects our scores or the order of our picks, which follow our published methodology. Advertiser disclosure
Yes. Newtek Bank, N.A. is an FDIC insured national bank in Miami, Florida (FDIC certificate 18734), owned by NewtekOne, Inc., which trades on Nasdaq as NEWT. Deposits are insured up to $250,000 per depositor, per ownership category. Its Personal High Yield Savings account pays 4.20% APY with $100 to open and no monthly fee (rate accurate as of Oct 27, 2026).
Newtek is better known to small business owners than to savers, so its personal savings rate can look like it came out of nowhere. The bank itself has been around since 1963 under other names. Here is who stands behind it and what to know before you open an account.
Who is Newtek Bank?
Newtek Bank was the National Bank of New York City until Jan 6, 2023, when Newtek Business Services completed its acquisition of the bank, renamed it Newtek Bank, N.A. and converted itself into a financial holding company, now NewtekOne. FDIC records trace the bank back to Flushing National Bank, established April 1, 1963. Newtek describes the bank as “built for business”: most of its products are business checking, business money market and lending, with one personal savings account and personal CDs.
| Fact | Newtek Bank |
|---|---|
| Legal name | Newtek Bank, National Association |
| FDIC certificate | 18734 (active) |
| Main office | Miami, Florida |
| Total assets | About $2.5 billion (Jun 30, 2026) |
| Deposits | About $2.2 billion (Jun 30, 2026) |
| Regulator | Office of the Comptroller of the Currency |
| Parent company | NewtekOne, Inc. (Nasdaq: NEWT) |
From the FDIC BankFind database, checked Oct 19, 2026.
Is my money FDIC insured at Newtek Bank?
Yes, up to $250,000 per depositor, per ownership category. Newtek is a much smaller bank than EverBank or Capital One, but FDIC coverage works the same way at any insured bank, whatever its size. Keep your total at Newtek in each ownership category at or under $250,000, including any CDs. See how to insure more than $250,000 and what happens if your bank fails.
What does Newtek Bank pay?
| Account | APY |
|---|---|
| Personal High Yield Savings | 4.20% |
| 6 month CD | 4.30% |
| 9 month CD | 4.30% |
| 12 month CD | 4.10% |
| 18 month CD | 3.90% |
| 24 month CD | 3.80% |
| 36 month CD | 3.80% |
| 48 month CD | 2.00% |
| 60 month CD | 2.00% |
Consumer rates from Newtek Bank’s rates disclosure, accurate as of Oct 19, 2026. Savings needs $100 to open; CDs need $2,500 and allow up to $250,000 per account. Rates are variable for savings; a CD rate is fixed once you open it.
On $10,000, 4.20% works out to about $420 in a year if the rate stays the same. Newtek’s 6 and 9 month CDs are competitive; its 4 and 5 year CDs pay far less than the leaders on our best CD rates page.
What to watch for
- Six withdrawals per statement cycle. Newtek allows up to six withdrawals or transfers from savings per statement cycle.
- One savings account per person. You can open one Personal High Yield Savings account, but as many CDs as you like.
- No debit card on savings. Newtek’s debit card comes with Business Checking. You fund and withdraw from savings through a linked account at another bank, which you must connect when you open.
- Business first. Newtek’s site and support are built mainly around business customers, so expect fewer personal banking features than at a full service online bank.
How to check you are dealing with the real Newtek Bank
- Type newtekbank.com into your browser rather than following links in texts or emails.
- Search FDIC BankFind for certificate 18734 and confirm the name Newtek Bank, National Association.
- Never share a password or one time code with someone who contacts you.
How it compares
Newtek’s 4.20% matches EverBank Performance Savings at 4.20%, which needs $0 to open instead of $100, and sits just under Peak Bank Envision at 4.27%. See every account on our best high yield savings accounts page and the best FDIC insured savings accounts.
Our verdict
Newtek Bank is legitimate: an FDIC insured national bank owned by a Nasdaq listed company, with roots back to 1963. Its personal savings account pays one of the higher standard rates we track with no monthly fee. The trade offs are a bare bones personal banking experience, a six withdrawal limit and a business focus. Read our full Newtek Bank High Yield Savings review.
Frequently asked questions
Is Newtek Bank a real bank?
Yes. Newtek Bank, N.A. is an FDIC insured national bank in Miami, Florida (FDIC certificate 18734), owned by NewtekOne, Inc. (Nasdaq: NEWT).
Is Newtek Bank FDIC insured?
Yes, up to $250,000 per depositor, per ownership category.
Was Newtek Bank called something else?
Yes. It was the National Bank of New York City until January 6, 2023, when Newtek acquired it and renamed it Newtek Bank, N.A.
What is Newtek Bank’s savings rate?
The Personal High Yield Savings account pays 4.20% APY with $100 to open, as of Oct 27, 2026.
How many withdrawals does Newtek allow from savings?
Up to six withdrawals or transfers per statement cycle.
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