Newtek BankReviews of newtekbank.com

Worst bank! Do not put your money with them. They have rude customer service people. Also the bank will make you jump through hoops just to open an account. Do not waste your time. They think that just because they offer a higher rate of interest means people will put their money with them. Avoid this useless bank. It is really a waste of time trying to open an account with them. Conclusion: A useless bank. An absolute waste of time with this low IQ bank that practices the worst kind of CYA culture. Avoid it like the plague! Zero Stars!

NewTek froze my $25,000 with no explanation and no weekend support I deposited $25,000 of my own money into a new NewTek Bank account. On Friday, October 2, I initiated a wire transfer with a bank representative on the phone — every step was done with their staff. That same day I also paid my bills by ACH. Hours later, my account was placed "under review" and I lost all online access to view my accounts. A representative confirmed my money is still there but could not tell me why the review was triggered or when it would be lifted. I was told a "weekend team" would handle it. When I called on Saturday, October 3, there was no fraud or risk department available — just one frontline representative with no access to any details, who could only repeat that someone would call me Monday. I verified my identity, confirmed every transaction was mine, and the representative documented all of it. A day later I still have no access to my own money and no answers. They are the worst bank I have ever dealt with. The moment I have access to my money, I am taking everything out, closing this account, and staying with Chase business banking.

Im not sure how Newtek Bank has mostly reviews. Everything about trying to open a high-yield bank account with them has been tedious and troublesome. Their website is not user friendly, and trying to transfer funds into the account to actually make use of the higher return rate is nearly impossible. Apparently you can only have ONE linked bank account? And changing it, requires petitioning with a "bank verification letter"? What on earth? If they make you transferring money INTO your account this difficult, I cant imagine how hard getting your money back out would be. Transfers take a very long time as it is when they are giving them your money. And, again, you can only do this from ONE source without needing to jump through a ridiculous number of hoops. I opened a account with SoFi as well, that has a better rate and is not a headache to deal with. Will just be using that account instead. Their website is also more user-friendly and informative. Update: Now that I am trying to close out my Newtek account, it is ALSO a horrible process. Need to wait a week to even schedule a transfer out of my existing funds? To them start the process of closing the account? Huge waste of time

Mistake ever setting up an account and cannot wait until transaction posts so I can transfer out and close. Horrible website, zero helpful responses, wouldn't recommend even to an enemy

The offering looks great, but the platform and team are garbage. There’s no option when opening the account to add your spouse. When I requested instructions on how to add her through the app, no one replied. I called and they said they would send two Docusign’s. The one they sent my wife can’t be filled out, just get an error when we try. Tried calling back and they say “you’ll have to use the portal.” Terrible customer service, incompetent and understaffed. Moving my money out as soon as it lands. Update September 30 - no reply from customer service despite sending 3 messages through their portal.

I opened a High Yield Savings Account with NewTek Bank because of the rate, it was better than most, I really should have called and asked if I can do everything online myself. Long story short, the initial opening of the account was great, but if you want to add someone like a co-owner and beneficiary you have to email them through the portal and wait for someone to get back to you, it took 3 or 4 days to get a response, you wait for the response, you wait for them to send the information, you wait for them to approve the co-owner, you wait for them to approve the co-owner for online access, I am still waiting for everything to get done I signed up on 9/15/2026 it's 9/24/2026 and I am waiting now for them to approve online access for the co-owner, it is like pulling teeth, if I would've know that they were that back in time where the banking experience isn't totally online, I would not have applied, but hey if you like waiting this is the bank for you.

If I could give 0 stars, I would. I have never worked with a more inflexible and outmoded institution. Despite being an online only bank, Newtek's website is absolutely hamstrung as it does not contain an internal search. So things that should be simple like wiring funds, are onerous. This is compounded by Newtek's customer service, which is only slightly better than AI bots.

I went to their website to open an account. Before the account is ever opened they require the log-in credentials for my funding bank, which I refused. I told them I would initiate a wire transfer once the account was opened, but that is not allowed. As I have no legal relationship with them prior to having an account, any problems with my funding bank would be problematic. I told them I would go elsewhere. Newtek responded that they were there if I had questions. I had already talked with their chat people who said there was no other way to fund the account. We had a relative who had a large sum of money stolen because he added someone to his account. With no legal relationship established with Newtek bank at the time of asking for my other bank's credentials, the situation is similar to me giving them the money. A very difficult situation to rectify should a rogue employee get greedy. It is suggested they change their policies to setting up the account first so a legal relationship exists, before addressing the funding actions.