Newtek Bank


Overview / Commentary
888-681-7238
1111 Brickell Avenue, Suite 135
Miami, FL 33131

Written by Jessica Merritt | Edited by Rebecca Stropoli | Published on 2/14/2025

Newtek Bank, headquartered in Miami, is an online-only financial institution specializing in business banking. Business accounts offered at Newtek are a checking and money market account, as well as certificates of Deposit (CDs). As a personal banking customer, you can open a high-yield savings account (HYSA)and certificates of deposit (CDs); checking accounts aren’t available.

Newtek Bank’s HYSA offers a competitive 4.55% annual percentage yield (APY) with no minimum deposit or monthly service fees. Personal CD terms range from six to 60 months, and you can earn up to 4.25% APY with a six- or 12-month CD account.

Business CDs range from three-month to 60-month terms, and you can get a 4.25% APY with a three- or six-month account. All CD accounts have a minimum $2,500 deposit requirement.

Business checking accounts have no service charges, overdraft fees or minimum balance requirements and offer unlimited transactions and free ACH and wire transfers. The business money market account has a 3.50% APY and has no minimum deposit requirements, service charges or monthly fees.

Customers can use Newtek Bank’s online and mobile banking to manage accounts digitally, including viewing transactions and initiating transfers. However, mobile check deposits are available only for business accounts. Customer support is available by phone, live chat or email.

Live support is available at 888-681-7238 from 8 a.m. to 8 p.m. Eastern time Monday through Friday.

Pros and cons of Newtek Bank


Pros:
• Earns a competitive APY on HYSA
• Requires no minimum deposit on savings accounts
• Charges no fees for business accounts

Cons:
• Provides limited product range for personal accounts
• Expects minimum deposit of $2,500 for CD accounts
• Offers mobile check deposits only for business accounts

Great Customer Service

Posted by: |

I needed to wire some money from Newtek Bank to another bank to pay for a bill that was due in a day. Because of various reasons I wasn’t properly set up to wire the funds immediately. Fortunately Agent Katie Houston with her patience and skills was able to shepherd me through the process to get the funds wired to my bank in time.

Great Service

Wow!....I am so impressed with Marcia Luke...she went out of her way to explain and make everything easier for me to understand....She is very professional and patient....I cannot express all my gratitude to Marcie....life would be so much better with people like her.....thanks again Marcie....it was a great experience....will probably talk to you again....Philippe mommaerts

They Resolved It

Posted by: |

After filing a formal complain about one of the employees, a manager stepped in to resolve and is commited to finishing. We had an SBA aplicaiton and after doing the time to submit we never hrasrd anything, only to find out the deadline had passed. I was frustrated because the rep had not communicatd that. As long as they resolve from here I am happy.

Unreliable And Untrustworthy

Posted by: |

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.

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Health

Health Grade Components

Overall
FDIC Certificate #18734
Year Established1963
Employees379
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.96%
Return on Equity - YTD18.22%
Annual Interest Income$24.5MM
Assets and Liabilities
AssetsQ1 2025vs Q1 2024$1.25B$714.1MM
LoansQ1 2025vs Q1 2024$897.4MM$483.8MM
DepositsQ1 2025vs Q1 2024$1.07B$565.3MM
Equity CapitalQ1 2025vs Q1 2024$135.7MM$105.4MM
Loan Loss AllowanceQ1 2025vs Q1 2024$38.6MM$16.1MM
Unbacked Noncurrent LoansQ1 2025vs Q1 2024$14.2MM$7.2MM
Real Estate OwnedQ1 2025vs Q1 2024$1.5MM$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Newtek Bank; we are a rate comparison website and cannot provide official rates or promotions.

Newtek Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.35%$0-Personal High Yield Savings

Newtek Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.50%$0-Business Money Market

Newtek Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%$0-Business Checking

Newtek Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.50%$2.5k$250k6 Month CD Special
4.45%$2.5k$250k9 Month CD Special
4.25%$2.5k$250k12 Month CD
4.25%$2.5k$250kBusiness 3 Month CD
4.25%$2.5k$250kBusiness 6 Month CD
4.20%$2.5k$250k18 Month CD
4.20%$2.5k$250k24 Month CD
4.15%$2.5k$250kBusiness 12 Month CD
4.00%$2.5k$250kBusiness 18 Month CD
3.90%$2.5k$250k36 Month CD
3.75%$2.5k$250kBusiness 24 Month CD
3.50%$2.5k$250kBusiness 36 Month CD
2.00%$2.5k$250k48 Month CD
2.00%$2.5k$250k60 Month CD
1.00%$2.5k$250kBusiness 48 Month CD
1.00%$2.5k$250kBusiness 60 Month CD
Locations

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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.