Newtek Bank

Newtek Bank, a business-focused digital bank

Newtek Bank, N.A. is a digital banking institution focused on the business segment. It is the banking subsidiary of NewtekOne, Inc., a company listed on NASDAQ under the symbol NEWT which, together with its bank and non-bank subsidiaries, offers financial and business solutions under the Newtek brand. The institution presents itself as an FDIC member and emphasizes that it operates directly, without intermediaries, unlike other digital banks.

Business banking products

The business offering includes checking accounts designed specifically for businesses, with a required minimum balance of $5,000, no service charges, overdrafts, minimum balances, or hidden fees. The account earns 1.00% APY and allows unlimited transactions at no additional cost, plus free ACH and wire transfers. Account holders receive free VISA debit cards and access to more than 40,000 ATMs in the MoneyPass network nationwide.

The business catalog is completed by a Business Money Market account that, according to published data, offers 3.50% APY, with no service charges or monthly fees, and various types of business certificates of deposit (CDs), including a 6-month CD at 4.00% APY. The institution indicates that there are more than seven types of business CDs to choose from.

Business financing

In the lending section, Newtek Bank offers business financing of up to $15 million, with fully amortizing terms of between 10 and 25 years, low monthly payments, and no balloon payments at maturity or standard covenants. The prequalification process is presented as fast, in less than five minutes and with no impact on the applicant's credit score.

Complementary services and business advantages

The offering includes a zero-cost merchant account through Newtek Payments, as well as tools for tracking website analytics and online growth, reviewing balances and financial statements, storing and organizing business documents, viewing payment processing data —including chargebacks, refunds, and debit and credit purchases— and the ability to manage payroll right from the dashboard.

Personal banking

For individuals, the bank offers a high-yield savings account at 4.20% APY and a 12-month CD at 4.10% APY. The institution notes that the personal savings account is temporarily on a waitlist due to exceptional demand, while maintaining service to its existing savings customers. It also offers personal certificates of deposit.

Security and digital operations

Newtek Bank emphasizes that deposits are insured by the FDIC up to the maximum amount allowed by law, currently $250,000 per depositor and ownership category. Operations incorporate two-factor authentication and encryption of personal information. The mobile app allows you to open an account and deposit checks from your phone, although mobile deposits are available only for business accounts.

Customer service and relationship

The bank offers support through specialists and features customer testimonials on its website that mention the value for money of its rates and the ease of opening an account. The institution presents itself as a bank you deal with directly, not through third parties, and groups its activity under the registered slogan "The Bank You Can Trust".