Newtek Bank is an online-only division of NewtekOne, offering banking services to help individuals and businesses multiply their funds with generous earning rates for savings and certificates of deposit.
This bank doesn’t offer personal checking accounts, money market accounts, or other banking services you’ll commonly find with other banks—but you’ll earn higher APYs (annual percentage yields) than you would with many competitors. Here’s what you need to know about Newtek Bank and the interest you can earn by saving with them.
All rates and fees are current as of Nov. 6, 2025, and are subject to change.
Newtek Bank at a glance
Newtek Bank
| Savings accounts | No monthly maintenance fees |
| CDs | $2,500 minimum opening deposit |
| Business checking accounts | No monthly maintenance fees |
| Business money market account | No monthly maintenance fees |
at MoneyLion
- Year Founded: 1963
- Company Headquarters: Miami, FL
- CEO: Barry Sloane
Who is Newtek Bank good for?
Newtek Bank is suitable for those who want to earn a high APY through a savings account. Newtek offers one of the best high-yield savings accounts—and some solid CDs—with return rates that trounce many other banks. It also charges no monthly fees, meaning you won’t have to worry about maintenance charges eating into your earnings.
On the other hand, the bank offers additional services for business owners—from a business checking account to an MMA to various loans and lines of credit. Business owners are well served by Newtek Bank.
Who shouldn’t use Newtek Bank?
Newtek lacks several consumer banking products. If you want a checking account or MMA, for example, this bank won’t do. As its savings account doesn’t come with an ATM card and you can only make up to six transactions per monthly statement cycle, accessing your money isn’t the easiest. You’ll have to make a transfer to another financial institution. All to say, you should think of Newtek Bank more as a separate high-APY island for your excess funds.
Also, Newtek is online-only, making it a poor choice for those who prefer an in-person banking experience.
Pros
- No minimum opening deposit or minimum balance requirement
- No monthly service fees
- High-APY savings account
Cons
- No physical locations
- No personal checking account
- Only six free withdrawals are allowed on its savings account per monthly cycle
Newtek Bank rates and products
Again, Newtek offers its customers a high-yield savings account and multiple CD options. Unfortunately, these are the only options for personal banking. A business entity is required to open other types of accounts, namely, business checking, money market accounts, and loans.
Savings accounts
With a 4.35% APY, Newtek Bank’s Personal High-Yield Savings competes with the best interest-bearing accounts in the business. And because there’s no minimum deposit or monthly maintenance fee, it’s accessible to virtually all would-be savers.
Bank details checked Nov. 4, 2025.
Certificates of deposit
Newtek offers two types of CDs: standard and business. Each comes in eight term lengths to choose from. You can open a CD with as little as $2,500 and as high as $250,000.
These rates are slightly below Newtek’s High-Yield Savings option. But the magic of a CD is that you can lock in your rates for an extended period of time—something you can’t do with a savings account, which is susceptible to market fluctuation.
The tradeoff is that you can’t withdraw your money from a CD before the account matures without paying an early withdrawal penalty.
Newtek Bank Consumer CD rates
Newtek Bank Business CD rates
Bank details checked Nov. 4, 2025.
Business First Checking
Newtek’s Business First Checking account is fee-free and interest-bearing. You’ll earn 1.00% APY for any balance (there is no minimum to open). It even boasts free ACH/wire transfers.
Bank details checked Nov. 4, 2025.
Business Money Market Account
The bank’s Business Money market Account is, as you’d expect, a hybrid checking and savings account. It gives you notably higher APY but with more ways to utilize your money, including by check or debit card.
Bank details checked Nov. 4, 2025.
Other services Newtek offers
In addition to its personal and business deposit offerings, Newtek Bank also provides business lending options. For example, you can open a term loan of up to $15 million with terms between five and 25 years; you can open a revolving line of credit for up to $5 million.
Online banking
Newtek is an online bank with everything you’ll need to maintain your account remotely (remember, Newtek doesn’t have physical branches). Expect a complete online banking experience, with normal functionality including transfers, withdrawals, bill pay (for eligible accounts), etc.
The Newtek Bank platform and customer support
You can reach Newtek Bank customer service at 888-681-7238 or email at digitalbanking@newtekone.com. It doesn’t list its customer service hours for consumer accounts, but it specifies that business accounts receive 24/7 support.
Newtek Bank also offers an app that ranks highly on both Google Play (4.2 stars) and the Apple App Store (4.5 stars).
Is Newtek Bank secure?
Newtek Bank specifies that it keeps personal information safe with various computer safeguards and secured files and buildings.
It’s also FDIC-insured up to $250,000 per account holder per ownership category.
Newtek Bank user reviews
Online reviews are often unimpressive when it comes to banks. Reviews are often motivated by frustration. That makes Newtek Bank’s 4.6 star rating on Trustpilot all the more impressive.
Users appreciate Newtek’s excellent customer service and ease of account management. Users on forums like Reddit also praise similar features, including easy setup and seamless transfers.
On the other hand, users complained about clerical errors and unreliable and slow tech problems.
Compare Newtek Bank to alternatives
If you’re comfortable with an online bank but aren’t sure Newtek is what you’re looking for, Ally and SoFi are two popular options worth a look.
Newtek Bank |  SoFi® Member FDIC |  Ally Bank |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 4.35% | Get up to 3.30%.1 Get a 0.70% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.2 | 3.30% |
| Top checking APY | Top checking APY | Top checking APY |
| 1.00% (business) | 0.50% | 0.10% to 0.25% |
| Top CD APY | Top CD APY | Top CD APY |
| 4.10% | N/A | 3.50% |
| Learn more | Learn more | Learn more |
| View offer at MoneyLion | View offer at SoFi | View offer at MoneyLion |
Bank details checked Nov. 4, 2025.
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 their money work for them and earn interest at generous rates. It also caters well to business owners, offering both checking and MMA options.
But being an online bank makes it unsuitable for those who prefer a bank with physical branches. It also falls short for those who want a consumer checking and savings account under one roof.
Frequently asked questions
What types of accounts does Newtek Bank offer?
Newtek Bank offers consumer high-yield savings accounts and CDs. It also offers business checking, MMAs, and CDs.
What is the transfer limit for Newtek Bank?
Newtek Bank allows up to six withdrawals and as much as $10,000 each day.
Is Newtek Bank FDIC-insured?
Yes, Newtek Bank is FDIC-insured up to $250,000 per account holder per ownership category.
What CD terms does Newtek Bank offer?
Between both consumer and business CD options, Newtek Bank offers terms of 3, 6, 9, 12, 18, 24, 36, 48, and 60 months.
Does Newtek Bank charge monthly fees?
Newtek Bank does not charge monthly fees for any of its deposit accounts.
SoFi disclaimer
1:
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
2: 0.70% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
