Newtek Bank is the 1,113th largest bank in the nation. It was established in 1963 and as of September of 2024, it had grown to 358 employees. Newtek Bank has an A health rating.
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11/27 - Newtek Bank Savings APY Drops To 4.90%
10/21 - 6-Month CD Limited Time Rate 5.25% APY
2/15 - Newtek Bank Nudges 6-Month CD APY To Near Rate-Leading Level
10/11 - 24 Month CD @ 5.6%/ Variable 24 Month CD 5.66%
8/11 - Newtek Raises Rate On Consumer High Yield Savings To 5.25%
7/28 - Newtek Rising To 5.15
5/17 - Newtek Personal High Yield Savings (5% APY) Hits The Switch On Waiting List
5/1 - Newtek Bank Personal High Yield Savings Joins the 5% Club
Great Online Customer Service
I opened an account with Newtek several years ago and recently came back because they offer one of the best - if not the best - yields on HYS accounts. My original account had been closed so I had to open a new one. I still had my online access so I used the secure email feature to communicate with Customer Service. All my dealings so far have been with a very professional and efficient CSR named Katie. She helped me get the new account setup, add my wife as a joint account holder, and explained how transfers and external accounts work.
I was also considering another bank with an almost identical yield but found the customer service experience with Newtek far exceeded the other bank. I need to have quick and efficient access to customer service and Newtek delivered on this. Coupled with their high yield, I believe I am in the right place to keep my valuable savings.
Good Rates (Currently) And Great Employees
I recently called Newtek to move funds out of a matured CD. The customer rep was very helpful and presented all the options (including moving the funds to another bank). Later that day, another person called me to make sure that I knew my CD had matured and had taken action to move or reinvest the funds. This is so unlike other banks.
Opened 6 Month CD. Money Were Funded. The Opened CD Is No Longer Listed On The Website.
I have opened the CD on 10/21/24. On the morning of 10/25/24 Money showed up in the account. Account was listed on website. Logged in on the evening of 10/25/24 and account is no longer listed on the website. There is no customer service on
weekends.in the transfers section of mobile application the initial funding is shown as processed.
Found phone of business support of the Newtekone. The representative suggested it is technical glitch, She Created a ticket. She was not able to see my account..The issue will not be resolved during weekend, since they a closed. it is very concerning.
Update: They resolved the issue on 10/26/2024. They have sent the secured message through bank on Saturday. I've updated the rating.
Newtek - Bank Account Setup Painful
I attempted to setup an account at Newtek for two days. The verification process was painful and required way to much required proof documentation. Drivers lic (ok), SS Card (ok), Utility bil (ok) but provide all 3 credit reports AND UNLOCK THEM - Heck NO!. Called 888 number and dropped to leave a message after 15 minutes 3 Times.
Beware of these folks.
Data as of Q3 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 18734 |
| Year Established | 1963 |
| Employees | 358 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 6.05% |
| Return on Equity - YTD | 42.52% |
| Annual Interest Income | $48.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $914.3MM$576.9MM |
| Loans | Q3 2024vs Q3 2023 | $633.4MM$322MM |
| Deposits | Q3 2024vs Q3 2023 | $745.7MM$444.3MM |
| Equity Capital | Q3 2024vs Q3 2023 | $120.5MM$92MM |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $26MM$8.2MM |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $7.2MM$5.3MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $0$0 |