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
NOTEWORTHY IMPROVEMENT
I have been opening CDs at Newtek for some time: it is not so easy to add a joint owner (one addition took 10-days). There is one banker named Tanya who added my joint owner overnight. She promised to do it fast - an got it done by the very next morning. She even sent me a msg to let me know all actions were completed. I really appreciate her work and the fast service. The rates are great.
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
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
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.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 18734 |
| Year Established | 1963 |
| Employees | 379 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.96% |
| Return on Equity - YTD | 18.22% |
| Annual Interest Income | $24.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $1.25B$714.1MM |
| Loans | Q1 2025vs Q1 2024 | $897.4MM$483.8MM |
| Deposits | Q1 2025vs Q1 2024 | $1.07B$565.3MM |
| Equity Capital | Q1 2025vs Q1 2024 | $135.7MM$105.4MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $38.6MM$16.1MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $14.2MM$7.2MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $1.5MM$0 |