Newtek Bank Review: Exciting APYs, but Few Account Options
Review
Updated
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Newtek Bank's online bank accounts have strong APYs and no monthly fees. However, since it doesn't offer a personal checking account, accessing your money could be a hassle, especially since it doesn't provide debit or ATM cards on its savings account.
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Newtek Bank has one very compelling high-yield savings account -- the Personal High Yield Savings.
This account earns 4.55% APY, has no monthly service fee, and requires no minimum balance, neither to open the account nor to maintain the savings rate. A free savings account like this is an easy way to snag a high APY, especially if, as Newtek Bank claims, you can open it in two minutes or less.
One downside is that Newtek Bank doesn't offer a personal checking account, so it could be a hassle to move money to and from this account. It also doesn't come with a debit card, so the only way to access money would be to transfer it to an external account. If you want quick access to your money, then, this might not be the right option for you.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 5, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Newtek Bank offers seven CD terms running from six to 60 months. Its best CD rate is currently on its 6-month CD, though its 12-month CD and 18-month CD have attractive rates for their respective terms. The minimum opening deposit is $2,500, which is a little steeper than other banks. Like other CD providers, Newtek Bank will impose an early withdrawal penalty for liquidating a CD before maturity.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.50%
|
Term:
10 Months
|
Min. Deposit:
$2,500
|
Open Account for
On Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
Unfortunately, Newtek Bank does not offer a personal checking account. However, it has a pretty attractive business checking account -- the Business First Checking.
This account has no monthly service fee, earns interest on balances, and comes with unlimited transactions. It also comes with a debit card with which you can pull money out of eligible ATMs. Finally, it can connect seamlessly with Newtek Advantage -- a dashboard that showcases your financial accounts, keeps business documents organized, and tracks website growth, along with other features for your business.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
Newtek Bank's Business Money Market Account has no monthly fee, earns a competitive APY, and has no monthly minimums to maintain. However, unlike other top money market accounts, this one doesn't come with a debit card, nor does it have check-writing privileges. Its APY is also uncompetitive compared with those offered by other banks.
Yes, Newtek Bank is a member of the FDIC, which insures up to $250,000 per depositor, per bank, per account ownership category.
Newtek Bank reviews on third-party sites are mostly negative. The few positive reviews praise the company's high APYs and seem generally content with the customer service. Negative reviews report unresponsiveness, lack of communication, difficulty accessing large amounts of money, clunky processes, and unexplained rejections.
To reach Newtek Bank's customer service, you can call, email, or connect via chat. Customer service hours are 8 a.m. to 8 p.m. EDT for personal banking services and 9 a.m. to 6 p.m. EDT for business banking. These hours apply to both phone and live chat. You can also video chat with a representative from the bank during these hours.
Newtek Bank's mobile app provides basic banking app functions. You can check all your Newtek Bank accounts in one place, deposit checks on mobile, and transfer money to and from external accounts. Unlike other banking apps, however, you can't add external accounts to a dashboard to get a wider perspective on your finances, nor does it currently leverage AI technology to help you analyze your finances.
Newtek Bank doesn't offer relationship benefits, such as increased APYs when you open and link various bank accounts. Instead, the bank offers generous APYs and no monthly account fees upfront. If you're interested in getting benefits for being a loyal client, you might want to consider big national banks that provide relationship benefits, like Wells Fargo.
Since Newtek Bank is foremost a bank for businesses, it doesn't have all account types for personal clients (most notably missing is a checking account). If you're looking for something Newtek Bank doesn't offer, here are a couple alternative banks with more account types.
Quontic Bank is an online bank with an impressive suite of high-APY, no-fee accounts. In the past, its CDs have ranked frequently among the best CD rates on the market, while its high-yield savings account can compete with Newtek Bank. It also offers two checking accounts, one of which comes with a debit card that earns rewards -- a rare perk in the debit card industry.
EverBank (formerly TIAA) is another online bank that offers generous savings rates on CDs and savings accounts. The bank offers a full suite of CD terms, making it easy to build a long CD ladder, and its savings account has no fees and branch access if you live near an EverBank (aka, in Florida). It also has plenty of personal and business checking accounts, some of which earn interest.
This bank may be a good option for you if:
Yes, Newtek Bank is a safe institution with which to bank. Newtek Bank has FDIC insurance which protects up to $250,000 per depositor, per account in the event of a bank failure. The bank has also been around since 1963 and recently acquired the National Bank of New York City, thus bolstering its deposits.
No, it currently does not offer debit cards for deposit accounts. While the bank offers debit cards for business checking account holders, it has not announced plans to offer them for personal savings accounts.
Yes. The bank's standard transfer limit is $25,000. To transfer larger amounts, you'll need to contact the bank to see if the transfer can be done. Newtek Bank's Personal High Yield Savings account is also limited to six withdrawals per monthly statement cycle.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
