Newtek Bank is the 1,210th largest bank in the nation. It was established in 1963 and as of June of 2024, it had grown to 354 employees. Newtek Bank has an A health rating.
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5/1 - Newtek Bank Personal High Yield Savings Joins the 5% Club
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.
What's Not To Like?
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.
# Of Linked Accounts
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.
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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
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 Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 18734 |
| Year Established | 1963 |
| Employees | 354 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 5.97% |
| Return on Equity - YTD | 40.72% |
| Annual Interest Income | $30.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $818.7MM$568.2MM |
| Loans | Q2 2024vs Q2 2023 | $542.6MM$255.3MM |
| Deposits | Q2 2024vs Q2 2023 | $663.7MM$447.4MM |
| Equity Capital | Q2 2024vs Q2 2023 | $112.9MM$84.6MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $21.1MM$4.8MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $7.8MM$3.4MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |