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Newtek Bank review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Newtek Bank pays 4.2% on a variable easy-access account with a monthly fee of $0, so it suits savers who want their money reachable while it still earns. It is a US bank that has traded since 1963, and deposits sit under FDIC up to USD 250,000.

Key facts

Best for
Savers who want easy access to their money without a term and without a monthly charge.
Headline rate
4.2%↗
Rate type
Variable↗
Minimum deposit
$100↗
Deposit protection
FDIC up to USD 250,000↗
Access terms
Up to six (6) withdrawals or transfers per statement cycle↗
Monthly fee
$0↗
Account kind
Easy access↗
Legal entity
Newtek Bank, National Association↗
Headquarters
United States↗
Founded
1963↗
Support channels
Phone, Email, Help-centre↗
Pricing model
No monthly fee
Official website
newtekbank.com

Facts checked September 26, 2026, 6 sources

Pros and cons

Pros

  • A 4.2% variable rate on an easy access account, well above the 3% median in savings listings
  • The monthly fee is $0, so holding costs nothing after the entry balance
  • Deposits are covered at FDIC up to USD 250,000 by an FDIC member bank, FDIC cert 18734
  • A minimum deposit of $100 keeps the starting point low

Cons

  • Withdrawals are capped: Up to six (6) withdrawals or transfers per statement cycle
  • A variable rate can move, so the return is not locked in
  • Support runs on phone, email and help centre only, with no live chat listed
Newtek Bank

Ready to try Newtek Bank?

Scored 9.3 / 10 by SumCue.

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Who it suits

  • Savers who want an easy access account that still pays 4.2%
  • Anyone building a cash buffer that has to stay available, within Up to six (6) withdrawals or transfers per statement cycle
  • US savers who want a bank run from the US under FDIC up to USD 250,000

Who should look elsewhere

  • Readers who want a fixed deal: bunq pays 3.01% and Wise pays 3.29%
  • Anyone who moves money more often than a statement cycle allows, since Up to six (6) withdrawals or transfers per statement cycle

How Newtek Bank compares

Where Newtek Bank is available

Available
United States
Licence in United States
FDIC (FDIC cert 18734), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does it cost to hold a Newtek Bank savings account?+

The monthly fee is $0 and the account carries no monthly charge, so holding costs nothing beyond the $100 entry balance. That matters more for a small pot than the 4.2% rate, which is variable and can change.

Is my money protected?+

Deposits are covered at FDIC up to USD 250,000, and the bank operates under the FDIC cert 18734 licence as Newtek Bank, National Association. It is headquartered in the US, so the cover sits with the US scheme rather than a UK or European one.

How much can I withdraw from the account?+

Access is limited to Up to six (6) withdrawals or transfers per statement cycle. The account is easy access, so money is reachable during the cycle, but anyone who needs more movements than that allowance will want a different kind of account.

What is the minimum deposit?+

You need $100 to open the account, a small starting balance for a savings pot. With a monthly fee of $0, that entry cost is not offset by an account charge, and the rate applies to whatever balance you hold.

Is the rate fixed or variable?+

The rate is variable, which means the 4.2% can move rather than being locked for a term. For comparison, bunq lists 3.01% and Wise 3.29%, so the headline figure is worth checking again as rates move.

How do I get help?+

Support runs on phone, email and help centre, so phone, email and the help centre are the routes in. For a US bank, having a phone line listed is useful, and live chat does not appear among the channels offered.

How long has the bank been around?+

Newtek Bank has traded since 1963 and is a US bank headquartered in the US, running as Newtek Bank, National Association. It is an FDIC member under FDIC cert 18734, and deposit cover runs to FDIC up to USD 250,000.

Is this an easy-access account?+

It is an easy access account, so the money stays reachable with Up to six (6) withdrawals or transfers per statement cycle as the limit. Easy-access accounts make up 75.2% of savings listings here, and this one pairs that flexibility with a 4.2% rate.

Sources

  • banks.data.fdic.gov/bankfind-suite/bankfind/details/18734 checked September 26, 2026

    Backs: Deposit protection, Headquarters, Legal entity, Licences

    “CERT=18734; NAME=Newtek Bank, National Association; WEBADDR=www.newtekbank.com; ACTIVE=1”

  • newtekbank.com checked September 26, 2026

    Backs: Founded

    “Newtek Bank: Business First Banking Since 1963”

  • newtekbank.com/contact checked September 26, 2026

    Backs: Support channels

    “Get the help you need, whenever you need it. 888-681-7238 [email protected]”

  • newtekbank.com/faq checked September 26, 2026

    Backs: Account kind, Pricing model

    “There are no minimums for Business Checking, Business Savings, or Consumer High Yield Savings.”

  • newtekbank.com/personal/high-yield-savings checked September 26, 2026

    Backs: Monthly fee

    “No Monthly Fees - Monthly service fees are a thing of the past.”

  • newtekbank.com/rates-disclosure checked September 26, 2026

    Backs: Access terms, Headline rate, Minimum deposit, Rate type

    “Up to six (6) withdrawals or transfers per statement cycle are permitted for High Yield Savings and Business Money Market accounts, including preauthorized, automatic, and telephone transfers.”

Compiled from 6 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Term.

Newtek Bank

Newtek Bank

Savers who want easy access to their money without a term and without a monthly charge.

9.3/10See alternatives