Newtek Bank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Newtek Bank suits savers in the US who want an easy-access account kept free of monthly charges and covered by the FDIC. Access is limited to Up to six (6) withdrawals or transfers per statement cycle, which suits money you plan to leave in place.
Key facts
- Best for
- A US easy-access account with no monthly charge and FDIC cover.
- Headline rate
- 4.2%↗
- Rate type
- Variable↗
- Minimum deposit
- $100↗
- Deposit protection
- FDIC up to USD 250,000↗
- Access terms
- Up to six (6) withdrawals or transfers per statement cycle↗
- Monthly fee
- $0↗
- Account kind
- Easy access↗
- Legal entity
- Newtek Bank, National Association↗
- Headquarters
- United States↗
- Founded
- 1963↗
- Support channels
- Phone, Email, Help-centre↗
- Pricing model
- No monthly fee
- Official website
- newtekbank.com
Facts checked September 26, 2026, 6 sources
Pros and cons
Pros
- Newtek Bank, National Association holds FDIC cert 18734, and deposit protection stands at FDIC up to USD 250,000.
- The easy-access account runs on a no monthly fee model, with a monthly fee of $0.
- Contact runs on phone, email and help centre, so help is available by phone, by email and through the help centre.
Cons
- Access is limited to Up to six (6) withdrawals or transfers per statement cycle, so the account is a poor home for day to day spending.
- A minimum deposit of $100 is needed to open, well above the site median of €0.11.
- The rate is variable, so the headline figure can move rather than being set for a term.
Who it suits
- US savers who want easy access to a balance and no monthly account charge.
- People who value a bank with history, operating since 1963.
- Anyone content to keep savings in a single market.
Who should look elsewhere
- PayPal Colombia, if you would rather hold savings in a payments account, since it lists 3.3%.
- AXI Card Tarjeta y Credito, which lists 21.59% on card terms rather than deposit savings.
- Plazo ES, if 24.19% is the rate you are shopping for, though it sits in the card category.
How Newtek Bank compares
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9.3 vs 8.0
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9.3 vs 9.0
Where Newtek Bank is available
- Available
- United States
- Licence in United States
- FDIC (FDIC cert 18734), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep money in a Newtek Bank account?+
The easy-access account runs on a no monthly fee model and the monthly fee is $0. The money you actually pay is the entry amount: a minimum deposit of $100 is needed to open the account in the first place.
Is my money protected, and who regulates the bank?+
Newtek Bank, National Association holds FDIC cert 18734, and deposit protection stands at FDIC up to USD 250,000. The named regulator is the FDIC in the US, so the balance sits with a deposit-taking bank rather than a payments wallet.
How many withdrawals or transfers can I make?+
Access is limited to Up to six (6) withdrawals or transfers per statement cycle. That cap suits anyone treating the account as a savings balance they touch from time to time, and it is worth weighing before you plan to run day to day bills through it.
Is the rate fixed or variable?+
The rate is variable, with a headline rate of 4.2% set out in the rates disclosure. A variable rate can rise or fall, so the figure on offer at one moment is not locked for a set term.
What kind of account is this?+
It is an easy access account, so you are not tied to a notice period or a fixed term. Money moves in and out within the stated access limits, and the headline rate of 4.2% applies while the balance sits in the account.
How much do I need to open the account?+
The minimum deposit is $100, above the site median of €0.11. Someone starting with a small sum may prefer a provider with a lower entry amount, while anyone parking a larger sum will clear the threshold comfortably.
How do I contact the bank for help?+
Support runs on phone, email and help centre, which covers phone, email and a help centre. A live chat window is not among the listed channels, so if you prefer typing to an agent directly, the help centre is the route to plan around.
Can I open the account from outside the US?+
The bank is headquartered in the United States and its legal entity is Newtek Bank, National Association, with a single market focus. Anyone resident elsewhere would need a savings option in their own currency and a deposit protection scheme they already recognise.
Sources
- banks.data.fdic.gov/bankfind-suite/bankfind/details/18734 checked September 26, 2026
Backs: Deposit protection, Headquarters, Legal entity, Licences
“CERT=18734; NAME=Newtek Bank, National Association; WEBADDR=www.newtekbank.com; ACTIVE=1”
- newtekbank.com checked September 26, 2026
Backs: Founded
“Newtek Bank: Business First Banking Since 1963”
- newtekbank.com/contact checked September 26, 2026
Backs: Support channels
“Get the help you need, whenever you need it. 888-681-7238 [email protected]”
- newtekbank.com/faq checked September 26, 2026
Backs: Account kind, Pricing model
“There are no minimums for Business Checking, Business Savings, or Consumer High Yield Savings.”
- newtekbank.com/personal/high-yield-savings checked September 26, 2026
Backs: Monthly fee
“No Monthly Fees - Monthly service fees are a thing of the past.”
- newtekbank.com/rates-disclosure checked September 26, 2026
Backs: Access terms, Headline rate, Minimum deposit, Rate type
“Up to six (6) withdrawals or transfers per statement cycle are permitted for High Yield Savings and Business Money Market accounts, including preauthorized, automatic, and telephone transfers.”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Term.