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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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 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.
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.
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
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.Back to Overview
Compare NewBank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.3% APY||$300|
|Checking Account||0.2% APY||$100|
|Certificates of Deposit|| ||$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.Back to Overview
Find a NewBank Near Me
NewBank has five locations in the U.S.Back to Overview