Newtek Bank

Overview / Commentary
1111 Brickell Avenue, Suite 135
Miami, FL 33131

Newtek Bank is the 1,403rd largest bank in the nation. It was established in 1963 and as of December of 2023, it had grown to 316 employees. Newtek Bank has an A+ health rating.

Related Posts

Newtek Bank Nudges 6-Month CD APY To Near Rate-Leading Level - 2/15/2024

Newtek Bank (internet bank) recently edged its 6-month CD APY to a near rate-leading level. $2.5k minimum deposit, with a maximum $250k deposit.

Newtek Bank Significantly Boosts 24-Month CD Rate - 10/13/2023

Newtek Bank (internet bank) has added 160 bps to its 24-month CD, resulting in a near rate-leading APY. $2.5k minimum/$250k maximum deposit.

24 Month CD @ 5.6%/ Variable 24 Month CD 5.66% - 10/11/2023

24 month CD @ 5.6%. Variable 24 month CD 5.66% The Annual Percentage Yield (APY) of 5.66% is effective and accurate as of 10/01/23. Rates subject to change. This is a variable rate account and the rate may change after the account is opened. Minimum balance to open the account and obtain the advertised APY is $50,000.

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What's Not To Like?

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I recently became aware that Newtek Bank was offering a 5% HYSA. I applied, and was approved in two days. Emails regarding the process were prompt and informative. Upon approval, money was ACHed from my external account with no problem. The website runs smoothly, and seems well thought out.

Good Experience So Far

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Opening the high yield savings account took just five minutes. You can open this account with as little as a penny. Customer Service Representatives were easy to get a hold of when I applied (may have changed with more people applying). There are no fees and no minimum balance requirement.

The ACH transfer limits compare reasonably to most banks. Transfers initiated from Newtek are limited to $25,000 a day (couldn't find any mention of a monthly amount limit). Only six withdrawals a month are permitted. Using Newtek, the ACH transfer speed was same day or next. It won't be a hub account because of the withdrawal restriction and daily cap, but the ACH transfer speed is good.

I was told by a Customer Service Representative that ACH transfers are restricted to six a month whether withdrawals or deposits, but I've made twelve deposits and two withdrawals without a problem. The account agreement says, "You may make six (6) transfers from a savings account to another account or to third parties by preauthorized or automatic, telephone, or computer transfer per monthly statement cycle. If you exceed the transfer limitations set forth above, your account shall be subject to closure."

The account shows the interest accrued with each passing day. If you close the account before the interest is credited each month, you won't get that accrued interest (close the account once the interest is received and transferred out even if it means drawing the balance down to only a dollar until that day).

# Of Linked Accounts

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robinmuller | May 27, 2023 Been with them for 3 month or so and have several external accounts linked for ACH transfers. They are also on the faster side compared to others, but every time there is a holiday (like this upcoming Monday) it shifts the earliest transfer date to Wed or Thu instead of Tue.
So, originating transfers need to be scheduled? days ahead?
Re; linked accounts.
I'm curious. I was told Newtek only allows one external linked account? I'm curious how you have several linked accounts. Is there away to get around their one linked account limit? Thanks

Unreliable And Untrustworthy

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At 5.25% interest rate, I opened an online savings account and funded it with $248K only to realize that this bank only allowed one external account to be linked. I called the bank the next day to stop the funding and close the account and was told OK. They said the funds has been funded and will return back to my originating bank account in 3 days. I waited for 21 days and there was no sight of my $248K being returned nor it was making any interest because the account was not opened after all. I called the bank many times and the manager Christine Saraste refused to return my calls, not even once. Either she was in a meeting or at lunch. Really???? I finally reached out to my bank to reverse the ACH and got all my $248K back.

My advise ---- dont trust this bank and dont trust the manager Chistine Saraste.



Health Grade Components

FDIC Certificate #18734
Year Established1963
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD5.7%
Return on Equity - YTD34.4%
Annual Interest Income$34.3MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$660.9MM$208MM
LoansQ4 2023vs Q4 2022$401.9MM$164.6MM
DepositsQ4 2023vs Q4 2022$519.1MM$141.6MM
Equity CapitalQ4 2023vs Q4 2022$101.5MM$37.7MM
Loan Loss AllowanceQ4 2023vs Q4 2022$12.5MM$2.6MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$5.2MM$3.4MM
Real Estate OwnedQ4 2023vs Q4 2022$0$0

Rates for Newtek Bank are currently being reviewed.


Newtek Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 1111 Brickell Avenue, Suite 135 - Miami, FL 33131

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