Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
2.00% - 4.60%(Verified 06/21/2024)
Minimum Opening Deposit
Starting at $2,500
Certificate Term
- 1 month
- 3 months
- 6 months
- 9 months
- 12 months
- 13 months
- 15 months
- 18 months
- 2 years
- 3 years
- 4 years
- 5 years
Newtek Bank CD Accounts Review
Newtek Bank CD Accounts are offered by Newtek, a financial services company founded in 1998 and based in Lake Success, NY. newtek cd are available in 50 states and Washington, DC.
Key Takeaways
- Only one CD type available. newtek cd only offers traditional CD accounts.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.60%, which is much higher than the national average for a CD account.
- High minimum deposit. You must deposit a minimum of $2,500, which is high compared to most CD accounts.
- Wide selection of CD terms. newtek cd allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.
Pros & Cons of Newtek Bank CD Accounts
| Pros | Cons |
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Newtek Bank CD Accounts FAQ
Are CD from Newtek federally insured?
No, your Newtek CD accounts are not insured by a federal insurance agency. This means that if Newtek were to fall into financial difficulties, your deposits are not covered by a government-backed insurance fund like the FDIC or NCUSIF.
What types of CDs does Newtek offer?
newtek cd provides the following types of CDs.- Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.
What rates does Newtek offer on its CDs?
newtek cd offers an APY starting at 2.00% and ranging up to 4.60%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding. This is higher than the typical interest rate for online-only checking accounts, which is around 1% APY.
What terms does newtek cd offer?
Newtek offers CD terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Month APY | 4.60% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12-Month APY | 4.60% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 2.00% - 4.60% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6-Month APY | 4.60% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2-Year APY | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Year APY | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4-Year APY | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5-Year APY | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 15-month APY | 4.60% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 18-Month APY | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9-Month APY | 4.60% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 13-Month APY | 4.60% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a CD account with Newtek?
newtek cd require a minimum deposit of $2,500 to open an account.
What is the grace period for newtek cd?
newtek cd does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new CD rates probably won’t be the same as the original.
What types of fees, such as early withdrawal penalties, does Newtek charge?
Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.
Newtek charges an early withdrawal fee.
Newtek does charge any of the fees we track.
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