BankNewport Review: Highly-Rated Mobile App
Written by
Rudri Patel
Edited by
Melanie Grafil
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Earn a high APY with a 7-month CD.
BankNewport offers three checking accounts with a $25 minimum deposit. Its basic checking has no maintenance fees. BankNewport offers a promotional CD with competitive rates, savings and money market accounts and business banking options.
BankNewport is a conventional brick-and-mortar bank located in Rhode Island. The bank has 2.68 billion in assets and serves approximately 48,800 customers. BankNewport has a range of financial products, and its digital app is ranked highly.
BankNewport Checking Accounts
There are three checking accounts offered at BankNewport. BN Checking, BN Plus Checking, and BN Premium Checking all require a $25 minimum deposit. BN Checking is the basic account that requires no monthly maintenance fee but has a debit card, access to online and mobile banking, and online bill pay. BN Plus Checking can earn debit card rewards; for example, you can earn $0.10 back on all purchases of $20 and up to $30 per month when you shop with your Visa Debit card. BN Premium Checking is an interest-earning account.
- BN Plus Checking and BN Premium Checking will not charge non-BankNewport ATM fees.
- BN Plus Checking has a $10 monthly maintenance fee, but it can be waived if you establish direct deposit and enroll in online banking with digital documents or maintain combined average daily deposit balances of $5,000 or more each monthly statement cycle.
- BN Premium Checking has a $25 monthly maintenance charge, unless your average daily balance is $25,000.
- Two monthly maintenance fees are waived on BN Plus Checking and Premium Checking.
- With BN Plus Checking and BN Premium Checking, you can receive mortgage discounts on closing costs and home equity line of credit rate reductions.
- BN Premium Checking earns interest as long as the balance is at $2,000.
Best For
Banking in Rhode Island
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
Flexible Accounts With Unique Perks
BankNewport’s checking options range from a no-fee basic account to premium accounts offering cash-back rewards, interest earnings and mortgage discounts, though higher balances are required to waive fees.
Fees
$0 to $25
APY
N/A
Min Opening
$25
Pros
- BN Checking has no maintenance fees.
- BN Plus Checking offers cash-back rewards.
- BN Plus and Premium Checking offers mortgage deposits.
- Monthly maintenance fees are waived twice for BN Plus Checking and Premium Checking.
Cons
- Monthly maintenance fees are $10 and $25 for BN Plus Checking and Premium Checking, respectively.
- Limited geographical reach
- High balance requirement for BN Premium Checking to qualify for waiver
Quick Take
BankNewport offers a basic checking account that requires only a $25 monthly deposit and no maintenance fee. BN Plus and Premium checking have maintenance fees but offer unique perks like a reduction in mortgage closing costs and home equity line of credit rate reductions.
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BankNewport Savings Accounts
There is one savings account available at BankNewport. The Statement Savings account has a $100 minimum opening deposit and unlimited access to your funds with a debit card. The APY is 0.05% for all balances.
- The minimum deposit to open is $100
- No monthly maintenance fee of $3 if you keep at least $100 in the account
- You can earn APY if you keep at least $100 in the account
- Interest rate is variable
- The monthly maintenance fee is waived for those under the age 18 and over 62
- FDIC-insured
Best For
Banking in Rhode Island
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
Savings With Low Fees
BankNewport’s savings account is easy to open with a low $100 minimum deposit and minimal fees, but its APY is relatively low compared to other options.
Fees
$3, waivable
APY
Min Opening
$100
Pros
- Low minimum deposit
- Low maintenance fee and required minimum to waive fee is low
- Savings account comes with debit card access
Cons
- Relatively low APY
- Limited geographical locations
- Transaction limits
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BankNewport CD Accounts
BankNewport offers a promotional CD with an APY of for 7 months and an opening deposit of $1,000. To enroll in a promotional CD product, you are required to enroll in a BankNewport Personal Checking Account. “New money” must be used for CDs, which means funds less than 30 days old. Available CD terms include 12-, 16- and 24 months. Non-promotional CD APYs range from to .
- Minimum of $1,000 for deposit
- Non-promotional terms are 12, 16 and 24 months
- APYs range from to
- To be eligible for a Premium Gold CD, at the time of the opening, you must have a BN Premium Checking Account
Best For
Banking in Rhode Island
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
Competitive CD Rates
BankNewport CDs offer high APYs and flexible terms, providing strong returns for those who can meet the $1,000 minimum deposit and keep funds locked until the term matures.
Fees
No monthly service fee
APY
Up to
Min Opening
$1,000
Pros
- Competitive APY rates
- Flexible terms
- FDIC-insured
Cons
- A $1,000 minimum deposit may be too high for some.
- Limited term lengths may not suit those who are looking for longer terms.
- Early withdrawal penalties
Quick Take
BankNewport offers competitive rates for CDs. Many of the rates are higher than the national average. It will yield a good return for those who can afford the $1,000 minimum deposit, provided you don’t have to withdraw funds before the CD matures.
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BankNewport Money Market Accounts
Money Market Savings and Premium Money Market are BankNewport’s two money market accounts. The minimum deposit to open both accounts is $2,500. The daily minimum balance is $2,500; if you fall below that amount, you will be charged a monthly maintenance fee. There is a tiered interest rate structure.
- You must have a BN Premium Checking Account to open a Premium Checking Money Market Account
- APYs on Money Market Savings Accounts range from to
- APYs on Premium Money Market Accounts range from to
- Unlimited ATM usage
- Check writing capabilities
Best For
Banking in Rhode Island
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
Tiered Interest Rates
BankNewport’s money market accounts offer flexible access and higher APYs for larger balances, but the $2,500 minimum deposit and high balance requirements may not suit everyone.
Fees
$10 monthly, waivable
APY
Up to
Min Opening
$2,500
Pros
- Flexible access to funds
- Higher balances earn higher rates
- FDIC-insured
Cons
- Minimum deposit may be too high for some
- Limited physical locations
- You only receive high APY if you have higher balances
Quick Take
Higher balances are rewarded with BankNewport’s two money market accounts, but the $2,500 minimum deposit may be too high for some. You will benefit from the tiered interest rate structure if you can meet the minimum deposit requirement and maintain a high balance.
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Banking Experience
BankNewport is an accessible bank for those who live in Rhode Island. The goal is to have a strong community presence and offer a full line of financial products, including checking, savings, money market accounts, and CDs. There is also a business banking account, which includes checking and savings accounts and business credit and debit cards.
BankNewport takes its community giving seriously. In 2023, BankNewport awarded $1.6 million through charitable grants, contributions, community event sponsorships, and donations to organizations throughout Rhode Island. Over 400 organizations were impacted, and over 10,000 hours of community service were performed.
Customer Service
To contact customer service, call 401-845-2265 or 877-709-2265 Monday through Friday from 8 a.m. to 6 p.m. and Saturday from 9 a.m. to 1 p.m. You can also talk to a banker for a specific area. Those phone numbers are accessible on the website.
The Better Business Bureau gives Bank Newport an A+ rating.
Digital Banking
BankNewport uses Zelle and has mobile and digital banking services. Their mobile app is highly rated, with a 4.8 out of a 5-star rating in the Apple Store and Google Play.
How Does BankNewport Compare?
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $25
$5 to $35 waivable monthly fee
No monthly service fee
APY
APY
APY
N/A
Up to
Min Opening
Min Opening
Min Opening
$25
$25
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$3, waivable
Up to $12 monthly service fee – can be waived
No monthly service fee
APY
APY
APY
Up to for Platinum Savings accounts
Min Opening
Min Opening
Min Opening
$100
$25
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
Early withdrawal penalty may apply
No monthly service fee
APY
APY
APY
Up to
Up to
to
Min Opening
Min Opening
Min Opening
$1,000
$2,500 to $5,000
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$10 monthly, waivable
$10, waivable
$12 monthly — can be waived
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$2,500
$100
$1,000
BankNewport vs. Wells Fargo
Wells Fargo has a national presence with almost 11,000 ATMs across the country. Wells Fargo also has more than 5,600+ locations. Currently, Wells Fargo is offering a $300 bonus for customers who sign up for a checking account for the first time.
In contrast, BankNewport has 19 banks across Rhode Island. BankNewport offers several checking accounts but no promotional offer for its checking accounts. If you’re looking for a bank with more accessibility from state to state and a bonus to sign up for a checking account, Wells Fargo will work better for you. If you’re in Rhode Island, BankNewport is likely a more suitable fit.
BankNewport vs. CIT Bank
CIT Bank is an online institution offering products similar to BankNewport’s. CIT Bank, however, offers a higher APY of on its Platinum Savings Account. BankNewport offers a much lower rate. However, BankNewport offers a higher rate on CDs, while CIT Bank’s CD rates are lower.
Choose BankNewport if you prefer a personal connection and a higher rate on CDs. If you don’t need to walk into a branch to conduct your banking business, CIT Bank offers competitive rates on most of its products and 24/7 accessibility with its online platform.
BankNewport vs. Capital One
Capital One excels at offering no minimum deposit and no monthly maintenance fee checking. The bank also offers competitive rates on short-term CDs, with a 12-month CD earning APY. Capital One also has 70,000 ATMs across the country.
In contrast, BankNewport’s checking accounts require a $25 minimum opening deposit. Although the CD rate is more competitive on the promotional CD, BankNewport has limited access to branches and ATMs.
Final Take
BankNewport is a solid choice for those who live in Rhode Island. It offers checking accounts accessible for most with its $25 minimum deposit requirement. Other products are available, including savings and money market accounts and CDs. Account holders may want to capitalize on the promotional rate offered on the CDs. Also, BankNewport offers business banking services for those who wish to house professional accounts where they conduct personal banking business.
BankNewport FAQ
- What is BankNewport’s daily withdrawal limit?
- BankNewport daily withdrawal limit is not available on the website. Contact customer service or visit a branch to learn about BankNewport’s daily withdrawal limit.
- What is BankNewport’s overdraft fee?
- BankNewport has a $35 overdraft fee.
- Does BankNewport have Zelle?
- Yes, BankNewport uses Zelle as a part of its digital platform.
- Is BankNewport a good bank?
- Funds at BankNewport are FDIC insured for $250,000 per category per depositor.
- What is the swift code for BankNewport?
- BNNPUS32XXX
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 20, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 20, 2024. To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
