Newtek Bank Review 2026: Savings and CDs
- +1
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Newtek Bank is an online bank, headquartered in Miami, that features high rates and minimal fees on its consumer savings account and certificates of deposit. In 2026, Newtek won NerdWallet’s annual award for best savings account.
CD terms have a standard range from six months to five years, and there’s a minimum deposit of $2,500, which is somewhat higher than the typical minimum of $1,000 at other online banks. Short-term CD rates, such as 4.00% APY for one year, tend to be more competitive than long-term CD rates. (Compare yields with NerdWallet’s best CD rates.)
Newtek Bank focuses on businesses more than consumers, but consumer accounts can be opened without business accounts and are available nationwide (and are FDIC-insured). Checking accounts and check deposits (via mobile app) are only available to business customers. For more on business offerings, see our review of Newtek merchant solutions.
Note: Our ratings and review only cover consumer accounts.
Editor's note (Feb. 3, 2026): Due to "overwhelming demand" for its Personal High Yield Savings product, Newtek Bank says that it is currently not accepting new applications. Interested customers can join a waitlist via the bank's website. Other Newtek products are still available. Check back for additional updates.
» COMPARE: Check out NerdWallet's best high-yield savings accounts
No monthly fees.
Competitive rates on savings account and some CDs.
24/7 customer service by phone.
No checking account offered (for consumers).
No branch access.
No cash or mobile check deposit.
Product reviews
Savings
Editor's note (Feb. 3, 2026): Due to "overwhelming demand" for its Personal High Yield Savings product, Newtek Bank says that it is currently not accepting new applications. Interested customers can join a waitlist via the bank's website. Other Newtek products are still available. Check back for additional updates.
The high-yield savings account earns an annual percentage yield of 4.20%% for balances of $0.01 and up (you will need at least $100 to open an account). There are also no monthly fees.
Funding an account requires an external bank account, and the bank doesn’t have same-day transfers, such as through a partnership with Zelle.
Newtek Bank Personal High Yield Savings
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.