- Under $10,000: 0.35% APY
- $10,000 and up: 0.50% APY
Woodforest’s standard savings account is extremely easy to qualify for and will allow you to begin earning interest in a low-fee environment. However, the highest rate you could possibly receive is a rather unimpressive 0.50% APY, and that’s only if you have $10,000 or more in your account. To get started, though, all you’ll need is a $25 deposit. It would be best to get over the $200 mark as quickly as possible, though, as doing so will cancel the $3 monthly service fee.
The Big Savings account is not a traditional savings option, as it’s more of a money market account (MMA). At most banks, MMAs require a high opening balance, but at Woodforest, you only have to invest $25 at the start. What’s troubling about it, though, is the $10 monthly fee that’s assessed to all accounts with less than $1,000 in them. In essence, then, if you have less than a grand to put into the account, it’s probably not worth it.
Compare Woodforest National Bank to Other Competitive Offers
Woodforest National Bank Choice Checking Account
- $10 fee that’s charged if your balance falls beneath $100 for one or more days
- $7.50 fee that’s charged if your balance falls beneath $750 for one or more days
- $3 monthly paper statement fee that’s waived if you sign up for eStatements
There are five checking account variations available through Woodforest: Woodforest Checking, Second Chance Checking®, Choice Checking, Sterling Advantage and Platinum Plus Checking. The Woodforest Checking account is the most standard account, as it provides multiple ways to avoid its $6.95 monthly service fee. In fact, as long as you make one direct deposit per statement cycle or don’t allow your account balance to fall beneath $100 at any point, the bank will waive it.
The Choice Checking account is the next logical step. This account earns interest at a 0.35% APY if your balance is over $1,000. There, account holders could face fees of $7.50 or $10. That heavily diminishes the upside of this account. In other words, you should probably avoid this if $1,000 is too much for you to deposit at this time.
For those with plenty of money to invest in a new account, the Platinum Plus Checking account is by far the best option at Woodforest. It offers one of the best deposit account interest rates at the bank at a 1.00% APY and comes with a free debit card, custom checks and free cashier’s checks and money orders. A $25 monthly service fee could be a dealbreaker for any customers with less than $10,000 in his or her account, though.
Woodforest Second Chance Checking® is essentially the bank account version of a secured credit card. More specifically, it’s perfect for anyone that may have had issues with overdraft and other fees when banking in the past. This account does not earn interest, but $25 is all that’s needed to open one. Understandably, this checking option is riddled with fees, such as a one-time $9 set up fee, and a $9.95 or $11.95 monthly service fee that’s dependent on if you make a monthly direct deposit or not.
If you’re looking for a new checking account and you’re over 55 years old, the Sterling Advantage account is made for you. It’s accompanied by no monthly fees, as well as custom checks, a debit card, money orders, cashier’s checks and notary services. The minimum to open is $25, and interest is earned everyday that your account balance is $1,000 or more.
Woodforest National Bank CDs
- 1-month: 0.20% APY
- 3-month: 3.00% APY
- 6-month: 3.35% APY
- 8-month special: 4.75% APY
- 1-year: 1.70% APY
- 13-month special: 4.25% APY
- 2-year: 1.55% APY
- 3-year: 1.40% APY
- 4-year: 1.30% APY
- 5-year: 1.35% APY
The CD offerings at Woodforest are plain and unfortunately have below average APYs associated with them. The terms available range anywhere from one month to five years, and regardless of what you choose, you must make a minimum investment of $500.
Your interest rate will increase the longer you’re willing to put your money away. The APY of the one-month CDs is pretty unspectacular, but it makes the 1.35% APY of the five-year CD look fantastic. In actuality, though, other banks beat that rate pretty handily when you compare CD rates.
Woodforest National Bank IRAs
- Rates are tiered by term length:
- 6-month: 1.40% APY
- 1-year: 1.70% APY
- 2-year: 1.55% APY
- 3-year: 1.40% APY
- 4-year: 1.30% APY
- 5-year: 1.35% APY
Woodforest only offers individual retirement accounts (IRAs) in CD form, making saving for retirement simple and reliable. However, what this does is severely limit your choice of accounts for your retirement funds, as money placed in a CD becomes untouchable the minute the term starts. One option many banks offer to correct this issue is to allow customers to select from an IRA CD and IRA money market account. Woodforest does not provide this service, though.
Where Can I Find Woodforest National Bank?
Woodforest National Bank owns branches in 17 states, including Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. In total, it has more than 788 locations.
Woodforest also uses a 24/7 phone line that you can call for any and all account information, as well as a live chat service on its website.
What Can You Do Online With Woodforest National Bank?
Online banking has become a staple of the banking industry, and Woodforest National Bank has kept right along with this market shift. Through this, you can check the balances of all your accounts at the bank, look over transaction histories and set up one-time and recurring transfers between accounts. Customers also have the ability to take care of a number of other administrative issues, such as ordering checks or a new debit card, requesting stop payments and signing up for automatic security and account alerts.
Want an easy way to keep track of your money? All eStatements available through your online banking account you can download directly into either Intuit® Quicken or Quickbooks. This service is optimized for both Windows and Mac.
Woodforest’s mobile app averages around 3.5 stars between its Apple and Android platforms, and it takes things a bit further than even the online banking website. You can deposit checks via the app, use the branch/ATM locator and send and receive money through the Western Union® Online Money Transfer program that has been integrated with Woodforest. You can even remotely “shut off” your debit card if you lose it.
How Do I Access My Money?
Your Woodforest National Bank debit card is the most direct way to utilize the funds in your account. You can swipe it at any number of eligible fee-free ATMs for cash, or you can use it as a direct form of payment like a credit card. The bank has paired with Apple, Samsung and Android Pay, making it so you can add your card to your virtual wallet.
Similar to Venmo and other money transfer programs, Western Union® allows you to send funds from a Woodforest account to a friend or anyone else’s account. This is built right into the Woodforest mobile app in an effort to simplify the entire process. If you’re looking to deposit money rather than withdraw it, the bank features mobile check deposit also within the app.
How Can I Save More Money With a Woodforest National Bank Account?
Typically speaking, the larger the bank, the worse the interest rates and the rule remains true with Woodforest. Unfortunately, even the highest tier checking and savings accounts and longest-term CDs fall into that trend. This makes it difficult for a Woodforest account to outearn those of some of its competitors.
Although you’ll definitely find better APYs at other banks throughout the states where Woodforest has branches, its monthly service fee structure is considerably lower than most. So although you might be missing out on some of the interest growth with this bank, you’ll more than likely be spending less on meaningless fees.
What’s the Process For Opening an Account With Woodforest National Bank?
Although many banks offer online, in-person and over-the-phone routes to opening a new account, Woodforest requires that you speak to an employee. That means that you must call or visit a branch to fill out an account application. Whatever way you choose, you’ll need to have some important information with you to verify your identity:
- Social Security number
- Date of birth
- Driver’s license
- Money necessary to cover the opening minimum, if necessary
What’s the Catch?
Unless you live in one of the 17 states where Woodforest National Bank has a branch, there’s really no reason to leave it on your list of considerations. As a reminder, these states include West Virginia, Alabama, Florida, Virginia, Texas, Georgia, Illinois, Indiana, South Carolina, Pennsylvania, Kentucky, Louisiana, Ohio, New York, Maryland, Mississippi and North Carolina.
If having a strong interest rate is a necessary requirement for you, or you’re looking to open an account that calls for a good APY, you might find Woodforest a bit lackluster. This is probably due to its size and need to cover its overhead costs. Any bank with around 788 branches is hardly ever near the top of the rates market.
Bottom Line
Woodforest National Bank has all the resources and benefits that make it a great combination between a national bank and a local bank. Its more than 788 branches in 17 states; a multitude of checking, savings, CD, IRA and MMA account offerings; and updated online banking technology can make it competitive with some of the biggest players in the banking industry. But because Woodforest handles less money, has fewer customers and charges lower costs, it has more of a “hometown” bank feel to it.
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