Newtek Bank
#9 in Savings Account · Rated 4.4
Newtek Bank Personal High Yield Savings
Newtek Bank, N.A. is a technology-driven digital bank that offers a personal high-yield savings option with a very competitive APY (4.35% as a showcased rate on its HYSA). There are no monthly charges, and deposits are FDIC insured up to the standard $250,000 per depositor. Newtek Bank focuses on a frictionless digital experience for individuals, with a strong emphasis on transparency and security. The bank is part of NewtekOne, a public company, and has been expanding its deposit base since acquisition in 2023, with a growing national footprint alongside its business banking services.
Features
- 4.35% APY on Personal High Yield Savings
- Zero monthly fees
- FDIC insured
- Digital account opening and management
Pros
- Very high yield; straightforward digital experience
- No fees for personal savings
Cons
- Relatively new brand in consumer banking; limited physical presence