A division of NewtekOne, Newtek Bank, National Association (Newtek Bank N.A.), is an online-only bank that offers banking services to help individuals and businesses multiply their savings. It doesn’t offer personal checking accounts, money market accounts (MMAs), or other banking services like most banks, but you’ll earn higher annual percentage yields (APYs) than many banks offer on their savings accounts and certificates of deposit (CDs).
All rates and fees are current as of July 2, 2024, and are subject to change.
Newtek Bank rates and products
Newtek offers its customers a high-yield savings account and multiple CD options. These accounts have no monthly fees, helping you save even more. Unfortunately, these are the only options for personal banking and a business entity is required to open other types of accounts.
Savings accounts
Newtek’s 5.25% APY makes it one of the best high-yield savings accounts. You can open one without making any deposits and withdraw up to six times for free during each statement cycle. However, you won’t earn interest on your savings account if your account balance is less than a penny at the end of the month.
Newtek Bank savings rates compared to current top rates*
While Newtek is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:
View this interactive chart on Fortune.com
Certificates of deposit
Newtek currently allows you to choose from seven CD terms with high rates. These CDs allow you to set aside money and lock in an APY rate of up to 5.55%. You can create a CD for as low as $2,500 and as high as $250,000. Unfortunately, you can’t withdraw your money before maturity unless you’re ready to bear the early withdrawal penalty.
View this interactive chart on Fortune.com
Other services Newtek offers
While limited personal accounts are available, Newtek Bank offers services like the Newtek Bank Advantage to help businesses manage their finances and improve their bottom line. The bank also offers business checking and savings accounts with zero opening deposits, zero monthly fees, and up to 3.50% APY.
Online banking
Newtek is an online bank, so expect a complete banking experience regardless of location. Newtek Bank’s online platform allows you to set up an account, transfer and withdraw funds, and monitor your account activities from your device.
Compare Newtek Bank alternatives
 Newtek Bank |
 Ally Bank |
 SoFi Bank |
|---|---|---|
| Checking APY | Checking APY | Checking APY |
| N/A | Up to 0.25% | 0.50% |
| Savings APY | Savings APY | Savings APY |
| 5.25% | 4.20% | Up to 4.50%* |
| Top CD APY | Top CD APY | Top CD APY |
| 5.35% | 4.50% | N/A |
| Monthly maintenance fee | Monthly maintenance fee | Monthly maintenance fee |
| $0 | $0 | $0 |
| View offer | View offer | View offer |
Is Newtek Bank a real bank?
Yes. Newtek Bank is insured by the Federal Deposit Insurance Corp. (FDIC), telling you it’s nationally chartered and legitimate.
What is the transfer limit for Newtek Bank?
Newtek Bank allows up to six withdrawals from your N.A. savings account, and you can withdraw as much as $25,000 each time. To withdraw beyond the stipulated withdrawal limit, call 718-358-4400.
Is Newtek Bank a real bank?
Yes. Newtek Bank is insured by the Federal Deposit Insurance Corp. (FDIC), telling you it’s nationally chartered and legitimate.
Is Newtek Bank secure?
Newtek Bank, N.A., uses advanced security layers and encryption technology to keep your money and information safe. It’s also a member of the FDIC, so your deposits up to $250,000 are insured in case of a bank failure.
What is the transfer limit for Newtek Bank?
Newtek Bank allows up to six withdrawals from your N.A. savings account, and you can withdraw as much as $25,000 each time. To withdraw beyond the stipulated withdrawal limit, call 718-358-4400.
Is Newtek Bank a real bank?
Yes. Newtek Bank is insured by the Federal Deposit Insurance Corp. (FDIC), telling you it’s nationally chartered and legitimate.
*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% 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 Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Is Newtek Bank right for you?
Newtek Bank is an online bank with zero fees and high-yield savings and CD accounts, making it a good option for those who want to make more money with their money. Being an online bank also makes it suitable for those who want to manage their accounts from anywhere. However, if you prefer a bank with physical branches or want to keep all your accounts in one place, it’s better to consider another bank with more banking products and services.
Frequently asked questions
Is Newtek Bank secure?
Newtek Bank, N.A., uses advanced security layers and encryption technology to keep your money and information safe. It’s also a member of the FDIC, so your deposits up to $250,000 are insured in case of a bank failure.
What is the transfer limit for Newtek Bank?
Newtek Bank allows up to six withdrawals from your N.A. savings account, and you can withdraw as much as $25,000 each time. To withdraw beyond the stipulated withdrawal limit, call 718-358-4400.
Is Newtek Bank a real bank?
Yes. Newtek Bank is insured by the Federal Deposit Insurance Corp. (FDIC), telling you it’s nationally chartered and legitimate.
