How long does it take to receive a new account bonus?

The Refer-a-Friend program at Woodforest offers you and a friend up to $25 as a bonus if your friend opens a new checking account and has it open for at least 35 days. You can expect to receive the bonus cash credited to you within 90 days, as long as all qualifying activities have been met. These include maintaining a positive account balance and having the minimum number of direct deposit and debit card transactions.

Can existing customers qualify for these promotions?

Yes. If you're an existing customer, you can receive the referral bonus. You can refer up to four friends each year and earn the bonus if all required activities have been completed.

What happens if I close my account early?

If you close your Woodforest Bank account before receiving the bonus or before fulfilling all requirements, you may lose out on the bonus. If your account is closed around the time you were expecting to receive the bonus, then it's possible it will not be deposited.

Are there any taxes on bank bonuses?

Yes, there are taxes on bank bonuses at Woodforest. They may be reported as income on either Form 1099-MISC or Form 1099-INT . Even if you aren't given a tax form, it's still your responsibility to report any bonuses earned when you file your taxes.

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Woodforest Bank Promotions: Best Offers and Bonuses

April 23, 2025

4 min Read

Written by Levi Leidy

Edited by Melanie Grafil

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GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

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Woodforest Bank is a community bank that offers personal and business banking services as well as wealth management services to customers in Alabama, Florida, Georgia, Kentucky, Louisiana, Illinois, Indiana, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia.

Woodforest occasionally offers promotions and other perks to attract new customers, just like most other banks. Keep reading to learn about Woodforest Bank’s offers and how you can earn some extra money by signing up for one of its products.

Woodforest Bank Promotions at a Glance

Woodforest Bank isn’t offering cash bonuses on new accounts. You can always check back in the future, as promotions and bonus offerings could update over time. In the meantime, here’s a look at the bank’s current offerings.

Account	Cash Value of Bonus	Expiration Date
Refer a Friend	$25	June 30, 2025

Current Woodforest Bank Promotions

The current Woodforest Bank promotions focus on a variety of products, including mortgages, savings accounts and identity theft protection. Here’s a closer look:

Woodforest Bank Refer a Friend Program

If you refer a friend to Woodforest National Bank, and they become a bank customer, you can earn up to $100 as a bonus. Here are the details.

Bonus value: Up to $100
Minimum deposit: $25 on a new checking account
Expiration date: June 30, 2025
How to claim: You must fill out a Refer a Friend form, which you can find on the bank’s website or at a branch. The friend must have a copy of your form and open a new account. Both you and your friend can earn $25. If you refer four friends, you can receive the maximum of up to $100 as a bonus.
When you‘ll get it: Within 90 business days after meeting the requirements.
Terms and conditions: Your friend must open a new checking account and it should remain open for at least 35 days, along with a positive balance. There must be a minimum of three qualifying deposits and a minimum of 15 qualifying debit card purchases. Once the requirements are met, you and your friend can receive a $20 referral reward. After 35 days and meeting all account activities, you and your friend can receive the additional $5 referral reward. If you refer four friends, you can receive up to $100.
Fees: Monthly maintenance fees on checking accounts range from $6.95 and up to $25, but can be waived by meeting minimum balance requirements.

Learn more about the Refer a Friend program here.

Woodforest National Bank Promotional CDs

Although Woodforest does not have new account opening bonuses beyond the Refer a Friend program, you can find promotional CDs right now that are offering generous APYs. You can earn interest if you decide to place some of your money into one of these accounts.

CD Term	APY
8-month CD
9-month CD
13-month CD

All CDs require a $500 minimum deposit. There are a wide range of other terms available, with as little as one month and up to five years. Even if you don’t prefer the term lengths above, you can still find a fairly decent APY with the 6-month CD, which is offering

How To Open a Woodforest Bank Account

To open a bank account with Woodforest, you’ll need to visit a local branch and provide the following:

Name and personal information
Government-issued photo ID such as a drivers license, state or military ID or passport
Social Security number
An opening deposit. You can fund the account using a debit card or by creating a bank transfer using your bank account number and routing number to transfer the funds.

How Can You Qualify for the Latest Woodforest Bank Promotions?

You’ll have to meet certain requirements to qualify for the latest Woodforest Bank promotions. The Quicken Loans bonuses require good enough credit to qualify for a home mortgage or refinance. To earn the highest savings account rate, you’ll need to deposit at least $250,000.

If the current Woodforest promotions don’t work for you, check back next month to see what the bank offers. GOBankingrates updates the best bank sign-up promotions and offers every month.

More About Woodforest

Melanie Grafil and Cynthia Bowman contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of April 23, 2025.

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.