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NewBank Review

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NewBank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

NewBank started in 2006 with headquarters in Flushing, New York. NewBank has $349 million in assets and deposits totaling $297 million, which makes it a small bank. NewBank lacks premium access to support representatives, 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 apps. With a commendable 4.2 stars out of 5, NewBank is a solid contender in your bank search. NewBank has a complete suite of banking products, which include 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 standard checking account does not have a monthly fee. Using an institution with free checking and a high interest rate savings account is the best option for accruing the highest income on your deposits alongside easy access to your money.

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

With a savings rate of 0.30%, NewBank ranks poorly as compared against the national average. NewBank's one-year CD has a rate of 2.75%, while its highest-yielding money market account has a rate of 0.75%. Given its below average savings rate, you should think about taking a look at other banks for 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 charges customers extremely low fees in comparison to the national average. With no monthly fee, NewBank is ideal for those who want a basic checking account. NewBank unfortunately does not refund out-of-network ATM charges, which means you will have to search for a NewBank ATM or accept the withdrawal fee.

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 branches in New Jersey and New York. It also offers access to mobile and web apps for easy access and banking on the go. You can access NewBank's mobile app to manage your finances by reviewing monthly statements, sending and receiving money and accessing customer service. NewBank receives a superb consumer satisfaction score due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 is currently a small bank and owns $349 million in assets and deposits totaling $297 million. It has an excellent Texas Ratio of 4.23%, denoting that the bank is in excellent financial condition and improbable to fail. 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: 2.25% APY
$10000 for all terms
Money Market Account 0.35% APY $2000

NewBank offers several deposit products like 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 taking a look elsewhere 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 across the U.S.

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