Updated: Mar 09, 2024

Newtek Bank Personal High Yield Savings Account 2024 Review

Newtek Bank's high-yield savings account pays an impressive rate with no minimum balance requirements. There are no monthly fees and no hidden fees of any kind, making it an attractive option for s...
Editor's Rating
Today's Rates
Super boost your savings with highest rates.
Savings Accounts up to:
5.35% APY

Newtek Bank's high-yield savings account pays an impressive rate with no minimum balance requirements. There are no monthly fees and no hidden fees of any kind, making it an attractive option for savers who are ready to grow their money. 

Our Verdict

If you're looking for a competitive APY, the Newtek Bank Personal High Yield Savings account is worth a look. Similar to other online savings accounts, the rate you could earn is well above the national average. 

You might choose Newtek Bank for your savings needs if you:

  • Are just getting started with saving
  • Don't want to pay a monthly fee or any hidden fees to save
  • Prefer an online savings account vs. traditional savings
  • Don't need ATM access to your money

Newtek offers a seamless account opening experience and it takes just a few minutes to complete.

Newtek Bank Personal High Yield Savings Account Pros & Cons

  • Outstanding APY that's among the highest of any online savings account
  • Open an account with $0 and no ongoing minimum balance requirements
  • No monthly fees or hidden fees of any kind
  • No ATM or debit card access

Find the Best Savings Account Rates - Compare Now

Unlock exclusive savings rates and gain access to top-tier banking benefits.


Compared to Other Online Savings Accounts

Fruitful High Yield Savings Account

Fruitful is another savings option that features high yields with no minimum balance requirements and no account fees. You can make unlimited transfers to and from your savings account and deposits are FDIC-insured. It takes just a couple of minutes to open your account and make your first deposit, with both individual and joint accounts offered. 

Read our full Fruitful High Yield Savings Account review.

Upgrade Premier Savings Account

Upgrade's Premier Savings account offers an APY that's close to what you'll get with Newtek Bank. However, you'll need to maintain a $1,000 minimum balance to secure the best rate for your savings. There are no monthly fees and your deposits are FDIC-insured, plus you have multiple ways to add money to your account. 

Read our full Upgrade Premier Savings account review.

Rising Bank High Yield Savings Account

Rising Bank's High Yield Savings account is another great option for earning a higher rate if you have at least $1,000 to deposit. There are no monthly fees and you'll have convenient access to both online and mobile banking. Rising Bank's customer service is highly rated, which is reassuring should you need help with your savings account. 

Read our full Rising Bank High Yield Savings Account review.

SoFi Checking and Savings Account 

If you're looking for a checking account to go with your savings account, you can get them both in one place with SoFi. The APY you'll earn on savings balances is slightly below what the other banks mentioned here offer, but you can get access to plenty of great features. For example, you can earn up to $300 when you enroll in direct deposit and earn up to 15% cash back at selected merchants. 

Read our full SoFi Checking and Savings account review.

Interest Rates

The best high-yield savings accounts combine high rates with low fees. So how does Newtek Bank measure up?

Compared to other banking options, Newtek Bank's Personal High Yield Savings account pays one of the highest rates you'll find. And you don't need to meet a steep minimum balance requirement to earn it either. 

That's a plus if you're opening a savings account for the first time and don't have a lot of money to deposit yet. 

Newtek doesn't tier rates either; you'll earn the same APY regardless of balance. You just need at least $0.01 in your account to earn interest. 

Here are a few tips for comparing savings account rates:

  • Check the minimum deposit and minimum balance requirements to see how much you'll need to keep in your account to earn interest.
  • Review the rate schedule to see how rates are applied based on your balance and how often interest compounds. 
  • Look out for rate caps that can limit how much interest you earn once you reach a certain balance. 

If you're not sure how much you'll keep in savings, you might be better off choosing a bank that applies the same rate to all balances. 

On the other hand, you might prefer a bank that tiers rates if you can earn more interest with a higher balance. That assumes, of course, that you'll be able to maintain the minimum balance requirement to qualify for a higher rate. 

Also, note that some banks may cap your rate once your balance hits a certain limit. So, you might earn a 5.00% APY up to the first $5,000 you save, then earn 2.75% on the rest of your balance. 

If you're not reading the fine print you could end up costing yourself interest earnings without even realizing it. 


Compared to traditional banks, online banks tend to be fee-friendly. Newtek Bank is no exception. 

Newtek Bank does not charge any service fees on its savings account. That said, you may have fewer services compared to a savings account from a bigger bank--this could be to your benefit by keeping you focused on saving.

ATM Access

Some banks offer an ATM card or debit card with savings accounts. Newtek Bank does not, so you won't be able to withdraw cash from savings on the go. 

Should you choose a savings account that offers ATM access? Maybe you'll need to be able to make cash withdrawals occasionally. 

Here's a tip for choosing savings accounts that offer an ATM card: look for a bank that offers ATM fee refunds.

That can give you more options on where you withdraw cash if your bank will pay back any foreign ATM fees you're charged. 

Keep in mind that banks don't have the same policies for ATM fee rebates. Some banks refund all foreign ATM fees, while others might refund up to a certain dollar amount or number of withdrawal transactions per month. 

Account Management

Newtek Bank's high-yield savings account is an online account, so there are no branches. Instead, you can manage your money through online or mobile banking. 

You can deposit money into savings in one of two ways:

  • ACH transfer from a linked bank account
  • Wire transfer

The standard transfer limit is $25,000. Newtek Bank doesn't specify any monthly transaction limits on its website. 

You're limited to six outgoing transfers from your savings account per month. 

FDIC Insurance

FDIC insurance is designed to protect you in case your bank fails. While that happens infrequently, it's good to know that your deposits are covered in a worst-case scenario. 

Newtek Bank deposits are FDIC-insured. The current coverage limit is $250,000 per depositor per account ownership type. FDIC insurance covers you per bank. 

What to Look for in a Savings Account

One big question to consider is where you want to open a savings account. Should you bank online or stick with a traditional bank? Or, should you skip the bank and check out a credit union instead?

Once you've decided where you want to save, the next step is comparing accounts. If you need help with what to look for, here's a handy checklist you can follow. 

  • Interest rate and APY
  • Minimum opening deposit requirements
  • Minimum balance requirements to earn interest or avoid a fee
  • Monthly service fees, if any
  • Ways to waive the monthly service fee if one is charged
  • Other fees, such as excess withdrawal fees or wire transfer fees
  • Online and mobile banking features
  • ATM or debit card access
  • Branch banking access
  • Savings features and money management tools
  • Deposit and withdrawal limits
  • Overdraft protection
  • Customer service and reputation
  • Overall user experience

It's usually a good idea to compare savings accounts at online banks first. Why? Because rates tend to be higher. 

After checking out online savings accounts, you can look at the rates traditional banks and credit unions are offering to find the best place to save. 

Frequently Asked Questions

Is Newtek Bank the best option for savers?  

Newtek Bank could be attractive for savers who want to earn an impressive APY with no banking fees. You can also take advantage of generous transfer limits when you need to deposit or withdraw funds. The biggest drawback with this account may be the lack of ATM access, though that's something you don't always get with a savings account anyway. 

What other accounts does Newtek Bank offer? 

Aside from savings accounts, Newtek Bank offers high-yield CDs as mentioned. CD rates are solid, though you'll need to meet a higher minimum deposit requirement to earn the advertised APY. Newtek also offers business checking accounts and business savings accounts.  

How many Newtek Bank accounts can you have? 

You're limited to opening just one personal high-yield savings account with Newtek Bank. But you can have as many CD accounts as you want. You'll just need to be able to meet the minimum deposit requirements to open a CD.