How 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
Newtek Bank Personal High Yield Savings Account Review
Our take: One of the highest rates we track with no monthly rules and no monthly fee. Withdrawals are limited to six per statement cycle.
Pros
- 4.20% APY with no monthly rules
- No monthly fee and no minimum balance
- Open online in a few minutes
Cons
- $100 minimum to open
- Limit of six withdrawals or transfers per statement cycle
- Smaller bank with a lower rated Android app
Key facts
- APY
- 4.20%
- Requirements
- None
- Minimum to open
- $100
- Minimum to earn APY
- None ($0.01 to earn interest)
- Monthly fee
- No monthly fee
- ATM access
- None, transfers only
- Current offer
- None right now
- Insurance
- FDIC insured through Newtek Bank, N.A. up to $250,000 per depositor, per ownership category
- FDIC certificate
- 18734 (Newtek Bank, N.A., Miami, FL)
- Who can open
- Personal accounts opened online.
- Mobile app
- Newtek Mobile Banking app: 4.5 on the App Store, 3.9 on Google Play (Oct 19, 2026)
- Customer service
- 888 681 7238
Source: Newtek Bank website, checked Oct 27, 2026. Insurance details from the FDIC BankFind database.
Newtek Bank Personal High Yield Savings pays 4.20% APY with a $100 opening deposit, no minimum balance and no monthly fee. There are no direct deposit or monthly rules. Newtek Bank, N.A. is an FDIC insured national bank in Miami, Florida (FDIC certificate 18734). Rate accurate as of Oct 27, 2026, checked on Oct 27, 2026.
Newtek Bank savings rate and terms today
| Feature | Details |
|---|---|
| APY | 4.20% |
| Minimum to open | $100 |
| Minimum balance | None ($0.01 to earn interest) |
| Monthly fee | None |
| Withdrawals | Up to 6 per statement cycle |
From Newtek Bank’s current deposit rates page, which shows the date and time the rates were last updated.
Our take
Newtek pays one of the highest standard rates we track and asks for nothing each month: no direct deposit, no monthly deposit and no monthly fee.
The trade offs are a $100 opening deposit, a limit of six withdrawals or transfers per statement cycle, and a smaller bank whose Android app rates lower than most we review.
What you need to open it
- Apply online at Newtek Bank
- An opening deposit of at least $100
Fees
Newtek says there are no monthly fees on its consumer High Yield Savings accounts.
How you move money
You manage the account online and in the Newtek Mobile Banking app. Newtek allows up to six withdrawals or transfers per statement cycle, including preauthorized, automatic and telephone transfers.
Is Newtek Bank safe?
Yes. Newtek Bank, N.A. is FDIC certificate 18734, which we confirmed as active in the FDIC BankFind database, with about $2.5 billion in assets as of June 30, 2026. Deposits are insured up to $250,000 per depositor, per ownership category.
Who it is best for
- Savers who want a top rate with no monthly rules
- People who rarely move money out of savings
Who should look elsewhere
- People who need more than six withdrawals a month
- Anyone who wants to start with less than $100; compare Pibank Savings
Is Newtek Bank safe?
Yes. Newtek Bank, N.A. is FDIC insured (certificate 18734) and owned by NewtekOne (Nasdaq: NEWT). See Is Newtek Bank legit? for its history, CD rates and what to know.
How we rated it
It earns top marks on rate and fees. It loses points on access because of the six transfer limit, on minimums for the $100 opening deposit, and on app ratings.
How Newtek Bank compares
| Account | Rating | APY | Min to open | ATM card |
|---|---|---|---|---|
| Elevault High Yield Savings | 4.6 | 4.34% | $0 | No |
| EverBank Performance Savings Account | 4.6 | 4.20% | $0 | No |
| Happen Bank LevelUp Savings | 4.6 | 4.20% | $0 | Yes |
| Bread Savings High Yield Savings Account | 4.6 | 4.05% | $100 | No |
| Peak Bank Envision High Yield Savings | 4.5 | 4.27% | $100 | No |
| Newtek Bank Personal High Yield Savings Account | 4.5 | 4.20% | $100 | No |
| Openbank High Yield Savings Account | 4.5 | 4.00% | $500 | No |
| E*TRADE Premium Savings | 4.5 | 3.75% | $0 | No |
| Axos ONE Savings | 4.4 | 4.21% | $0 | Yes |
| Always.bank High Yield Savings Account | 4.4 | 4.10% | $0 | No |
| Barclays Tiered Savings | 4.4 | 3.50% | $0 | No |
| Capital One 360 Performance Savings | 4.4 | 3.20% | $0 | No |
| Valley Direct High Yield Savings | 4.3 | 3.30% | $1,000 | No |
| Ally Bank Savings Account | 4.3 | 3.20% | $0 | No |
| American Express High Yield Savings Account | 4.3 | 3.20% | $0 | No |
| Pibank Savings | 4.2 | 4.40% | $0 | No |
| Western Alliance Bank High Yield Savings Premier | 4.2 | 3.80% | $500 | No |
| Ivy Bank High Yield Savings Account | 4.1 | 4.00% | $2,500 | No |
| SoFi Checking and Savings | 4.1 | 3.30% | $0 | Yes |
| Alto Online Savings (BMO) | 4.0 | 3.00% | $0 | No |
Newtek Bank savings FAQ
What is the Newtek Bank savings rate?
4.20% APY as of Oct 27, 2026. The rate is variable.
Is Newtek Bank a real bank?
Yes. Newtek Bank, N.A. is an FDIC insured national bank in Miami, Florida (FDIC certificate 18734) and the bank subsidiary of NewtekOne, Inc.
Is there a minimum deposit?
Yes. You need $100 to open. There is no minimum balance after that, and $0.01 earns interest.
Are there withdrawal limits?
Yes. Newtek allows up to six withdrawals or transfers per statement cycle on its High Yield Savings account.
Ready to open Newtek Bank Personal High Yield Savings Account?
Rates as of Oct 27, 2026. Confirm the current rate and terms on the provider’s site before you apply.