A division of NewtekOne, Newtek Financial institution, Nationwide Affiliation (Newtek Financial institution N.A.), is an online-only financial institution that provides banking providers to assist people and companies multiply their financial savings. It doesn’t supply private checking accounts, cash market accounts (MMAs), or different banking providers like most banks, however you’ll earn larger annual percentage yields (APYs) than many banks supply on their financial savings accounts and certificates of deposit (CDs).
All charges and costs are present as of April 22, 2024, and are topic to vary.
Newtek Bank
| Financial savings accounts: | Earn as much as 5.25% APY |
| Certificates of deposit (CDs): | Earn as much as 5.55% APY |
Newtek Financial institution charges and merchandise
Newtek affords its clients a high-yield savings account and a number of CD choices. These accounts haven’t any month-to-month charges, serving to you save much more. Sadly, these are the one choices for private banking and a enterprise entity is required to open different forms of accounts.
Financial savings accounts
Newtek’s 5.25% APY makes it one of many best high-yield savings accounts. You may open one with out making any deposits and withdraw as much as six occasions free of charge throughout every assertion cycle. Nonetheless, you gained’t earn curiosity in your financial savings account in case your account stability is lower than a penny on the finish of the month.
Newtek Financial institution financial savings charges in comparison with present high charges*
Whereas Newtek is a superb possibility, some establishments supply larger rates of interest. Evaluate the charges above to this listing of opponents:
Certificates of deposit
Newtek at present means that you can select from seven CD terms with high rates. These CDs assist you to put aside cash and lock in an APY price of as much as 5.55%. You may create a CD for as little as $2,500 and as excessive as $250,000. Sadly, you possibly can’t withdraw your cash earlier than maturity until you’re able to bear the early withdrawal penalty.
Different providers Newtek affords
Whereas restricted private accounts can be found, Newtek Financial institution affords providers just like the Newtek Financial institution Benefit to assist companies handle their funds and enhance their backside line. The financial institution additionally affords enterprise checking and financial savings accounts with zero opening deposits, zero month-to-month charges, and as much as 3.50% APY.
On-line banking
Newtek is an online bank, so anticipate a whole banking expertise no matter location. Newtek Financial institution’s on-line platform means that you can arrange an account, switch and withdraw funds, and monitor your account actions out of your gadget.
Evaluate Newtek Financial institution alternate options
Is Newtek Financial institution best for you?
Newtek Financial institution is an internet financial institution with zero charges and high-yield financial savings and CD accounts, making it a very good possibility for many who need to make more cash with their cash. Being an internet financial institution additionally makes it appropriate for many who need to handle their accounts from wherever. Nonetheless, when you choose a financial institution with bodily branches or need to maintain all of your accounts in a single place, it’s higher to contemplate one other financial institution with extra banking services and products.
Often requested questions
Is Newtek Financial institution safe?
Newtek Financial institution, N.A., makes use of superior safety layers and encryption expertise to maintain your cash and data secure. It’s additionally a member of the FDIC, so your deposits as much as $250,000 are insured in case of a bank failure.
What’s the switch restrict for Newtek Financial institution?
Newtek Financial institution permits as much as six withdrawals out of your N.A. financial savings account, and you’ll withdraw as a lot as $25,000 every time. To withdraw past the stipulated withdrawal restrict, name 718-358-4400.
Is Newtek Financial institution an actual financial institution?
Sure. Newtek Financial institution is insured by the Federal Deposit Insurance Corp. (FDIC), telling you it’s nationally chartered and legit.
