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NewBank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
NewBank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

NewBank first started operating in 2006 with headquarters located in Flushing, New York. It has assets of $349 million and $297 million in deposits, classifying it as a small bank. NewBank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 4.2 out of 5 stars, NewBank should be solidly in contention for your choice of bank. NewBank has a full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs and IRAs. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, NewBank's most basic checking account does not carry a monthly maintenance fee. Banks that offer free checking and a high savings APY are your best bet for accruing the highest income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.4
SmartAsset Average: 3.5

NewBank features a savings rate of 0.30%, which is poor compared to other U.S. banks. Its one-year CD has a rate of 2.75%, while its highest-yielding money market account has a rate of 0.75%. Given NewBank's below average savings rate, you should think about looking at the competition to open savings accounts.

How NewBank's Savings Rates Compare

NewBank Savings 0.30 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

NewBank has typically extremely low fees compared to other U.S. banks. With no monthly fee, NewBank is perfect for people who want a basic checking account. NewBank does not reimburse out-of-network ATM charges, which means you'll be required to search for a NewBank ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

NewBank is a brick-and-mortar bank, with five total bank locations in New Jersey and New York. With mobile and web apps, NewBank makes mobile banking convenient, even on the go. NewBank's mobile app allows you to manage your finances by monitoring account balances, transferring money and accessing support representatives. NewBank receives an excellent consumer satisfaction rating based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

NewBank ranks as a small bank with $349 million in assets and $297 million in deposits. Its Texas Ratio is 4.23%, signifying a negligible possibility of failure. Additionally, NewBank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.23%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare NewBank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $300
Checking Account 0.2% APY $100
Certificates of Deposit
  • 12 Month: 2.75% APY
  • 24 Month: 2.45% APY
$1000 for all terms
Money Market Accounts 0.35% APY 0.75% APY $10000 $15000

NewBank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. NewBank does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. NewBank's CD rates are fair in comparison to other U.S. banks.

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Find a NewBank Near Me

NewBank has five locations in the U.S.

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