A division of NewtekOne, Newtek Bank National Association (Newtek Bank NA) is an online bank that offers banking services to help individuals and businesses grow their savings. It doesn’t offer personal checking accounts, money market accounts (MMA), or other banking services like most banks, but you will earn a higher annual percentage yield (APY) than many banks offer on their savings accounts and certificates of deposit (CDs). ). ).
All rates and fees are correct as of April 22, 2024 and are subject to change.
Newtech Bank
| Savings accounts: | Earn up to 5.25% per annum |
| Certificates of Deposit (CD): | Earn up to 5.55% per annum |
Newtek Bank rates and products
Newtek offers its customers a high-yield savings account and several CD options. These accounts have no monthly fees, helping you save even more. Unfortunately, these are the only personal banking options and businesses will need to open other types of accounts.
Savings accounts
Newtek’s 5.25% annual rate makes it one of the best high-yield savings accounts. You can open it without making any deposits and withdraw money 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 with this list of competitors:
Certificates of deposit
Newtek currently allows you to choose from seven high-stakes CD terms. These CDs allow you to put money aside and lock in an APY rate of up to 5.55%. You can create a CD for as little as $2,500 and up to $250,000. Unfortunately, you won’t be able to withdraw your money early unless you’re willing to incur an early withdrawal penalty.
Other services that Newtek offers
While limited personal accounts are available, Newtek Bank offers services such as 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% APR.
Online banking
Newtek is an online bank, so expect full banking services regardless of location. Newtek Bank’s online platform allows you to create an account, transfer and withdraw funds, and track account activity from your device.
Compare Newtek Bank Alternatives
Is Newtech 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 on their money. Being an online bank, it is also suitable for those who want to manage their accounts from anywhere in the world. However, if you prefer a bank with physical branches or want to keep all your accounts in one place, it may be better to consider another bank with more banking products and services.
FAQ
Is Newtech Bank safe?
Newtek Bank North Carolina uses advanced levels of security and encryption technology to keep your money and information safe. It is also a member of the FDIC, so your deposits up to $250,000 are insured in the event of a bank failure.
What is the transfer limit for Newtek Bank?
Newtek Bank allows up to six withdrawals from your North American savings account, and you can withdraw up to $25,000 each time. To withdraw funds above your limit, call 718-358-4400.
Is Newtech Bank a real bank?
Yes. Newtek Bank is insured by the Federal Deposit Insurance Corporation (FDIC), making it nationally recognized and legal.