Woodforest National Bank review: Low minimum opening deposits on accounts, but mediocre app ratings
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Overall bank rating
Pros and cons
Woodforest 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 Bank
On Woodforest National Bank's website
Deposit Details
Annual Percentage Yield (APY)
0.03% to 0.05% APY
Minimum Deposit Amount
$25
Pros & Cons
Chevron 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
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- 760 branch locations in 17 states
- Earn 0.03% APY on account balances under $10,000
- Earn 0.05% APY on account balance over $10,000
- To waive the $3 monthly minimum balance fee, maintain at least $200 in your account daily
- $2 excessive withdrawal fee on transactions when you exceed 3 withdrawals per month
- Interest compounded and deposited monthly
- Member FDIC
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.
Checking
Woodforest 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 Bank
On Woodforest National Bank's website
Deposit Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Pros & Cons
Chevron 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
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- 760 branch locations in 17 states
- Access to more than 300 ATMs through the Woodforest, Triton, and NCR ATM networks
- To waive the $6.95 monthly maintenance fee, keep at least $100 in your account daily OR make at least one direct deposit per month
- Two overdraft protection options: You may like your checking account to a savings account OR get a line of credit
- There's a $5 transfer fee if you use overdraft protection and have your checking account linked to a savings account
- Member FDIC
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.
CD
Woodforest 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 Bank
On Woodforest National Bank's website
Deposit Details
Annual Percentage Yield (APY)
0.05% APY to 0.30% APY
Minimum Deposit Amount
$500
Pros & Cons
Chevron 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
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- 760 branch locations in 17 states
- Terms range from 1 month to 5 years
- Early withdrawal penalties depend on the term and the amount deposited
- Interest compounded and deposited monthly
- Member FDIC
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 account
Woodforest 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 Bank
On Woodforest National Bank's website
Deposit Details
Annual Percentage Yield (APY)
0.05% APY
Minimum Deposit Amount
$25
Pros & Cons
Chevron 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
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- 760 branch locations in 17 states
- Access to more than 300 ATMs through the Woodforest, Triton, and NCR ATM networks
- To waive the $10 monthly minimum balance fee, maintain at least $1,000 in your account daily
- $10 excessive withdrawal fee on transactions when you exceed 6 withdrawals per month
- Interest compounded and deposited monthly
- Member FDIC
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 works
Woodforest National Bank has over 760 branch locations in 17 states. You'll find a nearby branch if you live in:
- Alabama
- Florida
- Georgia
- Illinois
- Indiana
- Kentucky
- Louisiana
- Maryland
- Mississippi
- New York
- North Carolina
- Ohio
- Pennsylvania
- South Carolina
- Texas
- Virginia
- West Virginia
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 compares
We 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 >>
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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.
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