Woodforest National Bank review: Low minimum opening deposits on accounts, but mediocre app ratings
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page. Overall bank ratingPros and consWoodforest National Bank Savings Account Annual Percentage Yield (APY) 0.03% to 0.05% APY Minimum Deposit Amount $25 Woodforest National Bank Savings Account Annual Percentage Yield (APY) 0.03% to 0.05% APY Minimum Deposit Amount $25 On Woodforest National Bank's website Woodforest National Bank Savings Account from Woodforest National BankOn Woodforest National Bank's website Deposit DetailsAnnual Percentage Yield (APY) 0.03% to 0.05% APY Minimum Deposit Amount $25 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. $25 minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. Possible to waive the minimum balance fee Dash iconA dash. It often indicates an interaction to shrink a section. Low interest rate Dash iconA dash. It often indicates an interaction to shrink a section. $3 minimum balance fee Dash iconA dash. It often indicates an interaction to shrink a section. $2 excessive withdrawal fee HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
To waive the $3 minimum balance fee, you'll need to keep at least $200 in your Woodforest National Bank Savings Account daily. If you make more than three withdrawals per month, you'll also have to pay a $2 excessive withdrawal fee for each transaction after. Many banks allow six monthly withdrawals. CheckingWoodforest National Bank Woodforest Checking Account Annual Percentage Yield (APY) None Minimum Deposit Amount $25 Woodforest National Bank Woodforest Checking Account Annual Percentage Yield (APY) None Minimum Deposit Amount $25 On Woodforest National Bank's website Woodforest National Bank Woodforest Checking Account from Woodforest National BankOn Woodforest National Bank's website Deposit DetailsAnnual Percentage Yield (APY) None Minimum Deposit Amount $25 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. $25 minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. Possible to waive the monthly maintenance fee Check mark iconA check mark. It indicates a confirmation of your intended interaction. Overdraft protection Dash iconA dash. It often indicates an interaction to shrink a section. $6.95 monthly maintenance fee Dash iconA dash. It often indicates an interaction to shrink a section. $2.50 out-of-network ATM withdrawal fee Dash iconA dash. It often indicates an interaction to shrink a section. $32 overdraft fee Dash iconA dash. It often indicates an interaction to shrink a section. $5 overdraft transfer fee HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
The Woodforest Checking Account may be worthwhile if you keep at least $100 in your account daily or make at least one direct deposit each month. By meeting one of these requirements, you'll waive the monthly maintenance fee. If you'd prefer to open a fee-free checking account, consider going over our best checking accounts guide. CDWoodforest National Bank Certificate of Deposit Annual Percentage Yield (APY) 0.05% APY to 0.30% APY Minimum Deposit Amount $500 Woodforest National Bank Certificate of Deposit Annual Percentage Yield (APY) 0.05% APY to 0.30% APY Minimum Deposit Amount $500 On Woodforest National Bank's website Woodforest National Bank Certificate of Deposit from Woodforest National BankOn Woodforest National Bank's website Deposit DetailsAnnual Percentage Yield (APY) 0.05% APY to 0.30% APY Minimum Deposit Amount $500 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. $500 minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. Higher interest rate than some brick-and-mortar banks Dash iconA dash. It often indicates an interaction to shrink a section. Lower interest rate than online banks Dash iconA dash. It often indicates an interaction to shrink a section. Contact your nearest bank for early withdrawal bank Dash iconA dash. It often indicates an interaction to shrink a section. Standard term options HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
The Woodforest National Bank Certificate of Deposit has a low minimum opening deposit. While the interest rate is higher than what you'll earn with many other brick-and-mortar banks, you'll earn a more competitive rate at online banks. If you're looking for more term options or higher rates, check out our best CD rates guide. Money market accountWoodforest National Bank Big Money Market Account Annual Percentage Yield (APY) 0.05% APY Minimum Deposit Amount $25 Woodforest National Bank Big Money Market Account Annual Percentage Yield (APY) 0.05% APY Minimum Deposit Amount $25 On Woodforest National Bank's website Woodforest National Bank Big Money Market Account from Woodforest National BankOn Woodforest National Bank's website Deposit DetailsAnnual Percentage Yield (APY) 0.05% APY
Minimum Deposit Amount $25 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. $25 minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. Possible to waive minimum balance fee Check mark iconA check mark. It indicates a confirmation of your intended interaction. Debit card included Check mark iconA check mark. It indicates a confirmation of your intended interaction. Check writing included Dash iconA dash. It often indicates an interaction to shrink a section. Low interest rate Dash iconA dash. It often indicates an interaction to shrink a section. $10 monthly minimum balance fee Dash iconA dash. It often indicates an interaction to shrink a section. $10 excessive withdrawal fee HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Woodforest's Woodforest National Bank Big Money Market Account could be a decent choice if you keep at least $1,000 in your account regularly — that way, you'll avoid the $10 monthly minimum balance fee. You'll also want to keep track of how many transactions you make. Otherwise, you might have to pay a $10 excessive withdrawal fee if you make more than six monthly withdrawals. How Woodforest National Bank worksWoodforest National Bank has over 760 branch locations in 17 states. You'll find a nearby branch if you live in:
You'll also have access to more than 300 ATMs through the Woodforest, Triton, and NCR ATM networks. Customer service is available over the phone Monday through Saturday from 8:00 a.m. to 5:00 p.m. CT. Woodforest National Bank's mobile app has 2.9 out of 5 stars in the Apple Store. In the Google Play Store, it received 3.5 out of 5 stars. Woodforest Bank is FDIC insured. If you open an individual bank account, up to $250,000 will be protected. Woodforest National Bank has an NR rating from the Better Business Bureau because the BBB does not have enough information to rate the bank yet. The BBB rates businesses according to how they typically interact with customers. A good BBB score doesn't necessarily ensure your relationship with the business will be perfect. To see if Woodforest National Bank may be suitable, talk to current customers or read online customer reviews. Woodforest National Bank hasn't been involved in any recent public scandals. How Woodforest National Bank comparesWe compared Woodforest National Bank to two other national banks: Citizens Bank and KeyBank. If you prefer a traditional banking experience, your choices between these three banks might depend on where you live. All three banks have locations in New York, Ohio, and Pennsylvania. You'll also want to compare different accounts to see which ones stand out the most to you. Citizens Bank and KeyBank offer the strongest checking account options. At KeyBank, you won't have to worry about monthly bank fees or making an initial deposit. Meanwhile, at Citizens Bank, you could get refunds on overdraft fees through Citizens Peace of Mind, a feature that comes with all of the bank's checking and money market accounts. It refunds overdraft fees if you restore your account balance before 10:00 p.m. ET the next business day. If you're looking to open a savings account, all three banks pay low interest rates. You may find better-fitting accounts through our high-yield savings account guide. However, if you're searching specifically for CDs, Woodforest might be worth exploring. It offers the best interest rates out of all three banks, and you'll only need $500 to open one.
Sophia Acevedo, CEPF Junior Banking Reporter Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team. Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020. You can reach out to her on Twitter at @sophieacvdo or send a quick email at . Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Read more Read less Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards. Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available. **Enrollment required. LoadingSomething is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. More... Can I open a Woodforest bank account online?It's easy to enroll in Woodforest Online Banking Services! Click the signup link below. You will be taken to the Enrollment page where you will be prompted to enter required information, including: Account Number.
What is Woodforest minimum balance?Monthly Maintenance Fee
$25.00 if balance falls below $10,000.00 any day in the statement period.
How much does it cost to open an account?How much is needed to open a checking account? The amount of money needed to open a checking account can vary by bank. At some banks, it may be as low as $1 or even $0; at others, you might need to deposit $25, $50, or more to get started.
Does Woodforest Bank have monthly fees?Woodforest Bank Advantage Business Checking
The account does charge a $20 monthly fee. However, you can waive it by maintaining a minimum daily balance of at least $10,000. Monthly fees and limits: $20 monthly fee, waived with $10,000 minimum daily balance.
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How much to open a woodforest bank account
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