Woodforest National Bank Review: In-Person Banking and Low Minimums
Written by
Rudri Patel
Edited by
Melanie Grafil
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Woodforest National Bank is best for customers who prefer in-person banking, comprehensive bank products, and low minimum deposits and balances.
Woodforest National Bank has 788 branches throughout 17 states. It has brick-and-mortar locations and provides comprehensive financial products, including checking, savings, money market and CDs. Monthly deposits and fees are generally low. The bank is a Gold Winner in the Best Banks in Alabama and in Mississippi rankings.
Woodforest National Bank Checking Account
Woodforest National Bank has six types of checking accounts. The Woodforest Checking account requires $25 to open, and there is a $6.95 minimum balance fee if you don’t have direct deposit set up or if the balance falls below $100. There’s also a Second Chance Checking account for those who’ve struggled with banking in the past. Also, the Sterling Advantage account is designed for seniors who are over 55 and earn some interest.Â
- A variety of checking account optionsÂ
- All accounts require a $25 minimum opening deposit
- Waivable monthly fees
- Monthly maintenance fees can be between $6.95 to $11.95
- The paper statement fee can be $3
Best For
Banking in Alabama
Banking in Mississippi
Mobile App
Credit Cards
Low Minimum Deposit
$25 Min. Deposit
Woodforest National Bank offers several checking accounts tailored to meet specific needs, including options for rebuilding banking history or for seniors. The deposit requirements are low and there are ways to waive the monthly service fee.
Fees
$6.95 to $11.95, waivable
APY
N/A
Min Opening
$0
Pros
- Variety of options
- A low minimum deposit fee
- FDIC insuredÂ
- Account option for seniors over 55
Cons
- Limited branch availabilityÂ
- Monthly maintenance fees
- Minimum balance requirementsÂ
Quick Take
Woodforest National Bank has checking accounts tailored to specific needs, i.e. those who are trying to build their banking history and seniors over 55. Woodforest has low minimum balance requirements, but customers will have to balance that with the potential of monthly maintenance fees on specific accounts.
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Woodforest Savings Account
Woodforest offers a savings account that has a minimum deposit of $25 and offers an APY between to . There is a $3 minimum balance requirement.Â
- Minimum deposit of $25
- FDIC insured
- Balances that are less than $10,000 earn a APY
- Balances that are more than $10,000 earn a APY
- $2 charge for excessive withdrawals
Best For
Banking in Alabama
Banking in Mississippi
Mobile App
Credit Cards
Low Minimum Deposit
Low $25 Minimum Deposit
Woodforest National Bank’s savings account offers a low $25 minimum deposit and $3 minimum balance, but its low APY and limited free withdrawals may not compete well with high-yield online savings accounts.
Fees
$2 excessive withdrawal charge
APY
Up to
Min Opening
$25
Pros
- Fee waiver opportunity
- A low minimum deposit makes it accessible to customers
- In-person transactions
Cons
- Low interest rate APY
- Limited free withdrawals
- Minimum balance requirementÂ
Quick Take
Woodforest National Bank’s savings account is accessible for savers with its $3 minimum balance and a low deposit. However, the low APY and the fees make other online high-yield savings accounts more appealing.
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Woodforest CD Accounts
Woodforest National Bank offers several CD options with varying terms. There is a minimum deposit of $500 for CDs.
- Varying term lengths from one month to five years
- Minimum opening deposit of $500
- Tiered interest rates based on term lengths
- Interest compounds dailyÂ
Best For
Banking in Alabama
Banking in Mississippi
Mobile App
Credit Cards
Low Minimum Deposit
Flexible Term Length Options
Woodforest National Bank offers CDs with flexible terms and tiered APYs, but lower rates compared to online banks and early withdrawal penalties may be less appealing to some.
Fees
No monthly service fee
APY
Up to
Min Opening
$500
Pros
- Flexible term options
- Varying APYs based on term
- Low minimum deposit
- FDIC-insured
Cons
- Interest rates are lower compared other online bank offerings
- Early penalty withdrawals
Quick Take
Woodforest National Bank has varying term lengths with various APYs, but CDs at other banks may be higher with a lower minimum deposit requirement.
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Woodforest Money Market Accounts
Woodforest National Bank offers the Big money market account, which requires a $25 deposit and has a APY. There’s a $10 minimum balance fee that can be waived.Â
- Debit card included
- Low minimum opening deposit
- Check writingÂ
- Interest compounded and deposited monthly
- Low interest rateÂ
Best For
Banking in Alabama
Banking in Mississippi
Mobile App
Credit Cards
Low Minimum Deposit
Check-Writing Privileges
Woodforest’s Big money market account offers debit card access and check-writing, but the APY is relatively low and there is a monthly fee.
Fees
$10 monthly,waivable with $1,000 balance
APY
Min Opening
$25
Pros
- Low minimum deposit of $25
- Access to ATMs with debit card
- FDIC-insured
- Fee waiver opportunity if you can keep a balance over $1,000
Cons
- Low APY
- Excessive withdrawal fee
- Monthly maintenance feeÂ
Quick Take
Woodforest National Bank’s Big money market account offers customers a minimum opening deposit of $25 and provides check-writing capabilities and a debit card for flexible access to funds. However, the account’s APY is relatively low at , and maintaining a daily balance below $1,000 incurs a $10 monthly fee.
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Woodforest National Bank Banking Experience
Woodforest National Bank offers a community-focused banking environment with over 700 branches located in 17 states. Customers can choose from various financial products and access more information online or through a customer service representative.Â
Woodforest National Bank has a 3.9 ranking on Google and a 3.2 ranking on Apple. Woodforest online banking and mobile app provide 24/7 access to all your accounts. You can view your accounts, conduct transfers and manage bill pay.Â
Some customers have complained to the Better Business Bureau regarding customer service and account management.Â
Customer Service
Woodforest National Bank’s customer service representatives are available Monday through Friday from 8 a.m. to 5 p..m. CST. Customers can contact the bank by telephone, mail or live chat on the bank’s website.Â
How Does Woodforest National Compare?
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$6.95 to $11.95, waivable
$0 to $25, many waivable
No monthly service fee
APY
APY
APY
N/A
for Key Select Checking
Min Opening
Min Opening
Min Opening
$0
$0 to $50
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$2 excessive withdrawal charge
$0
No monthly service fee
APY
APY
APY
Up to
Min Opening
Min Opening
Min Opening
$25
$10
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
N/A
No monthly service fee
APY
APY
APY
Up to
Up to
to
Min Opening
Min Opening
Min Opening
$500
$2,500
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$10 monthly,waivable with $1,000 balance
$20, waivable
No monthly service fee
APY
APY
APY
Up to
As high as
Min Opening
Min Opening
Min Opening
$25
$5,000
$1
Woodforest vs. KeyBank
Woodforest National Bank and KeyBank are both regional banks. Woodforest National Bank has over 700 branches across 17 states, while KeyBank has 1,000 banks in over 15 states. Woodforest offers a money market account that earns an APY of , while KeyBank’s money market rate can earn up to . Woodforest generally requires monthly fees (if you can’t waive them), while KeyBank doesn’t have maintenance fees. Both are regional banks, but KeyBank has a higher APY on its money market accounts compared to Woodforest.
Woodforest vs. Wells FargoÂ
Woodforest and Wells Fargo are both banks with brick-and-mortar stores. Wells Fargo has an extensive network of banks with 5,600 branches across the country, while Woodforest has 700 branches in 17 states. Wells Fargo offers a more comprehensive portfolio of products.Â
Woodforest vs. Capital OneÂ
Woodforest National Bank and Capital One offer similar products, including checking and savings accounts, loans, and online banking. Woodforest has 700 branches that are located within Walmart stores, while Capital One has more of a national presence with 755 branches and 2,000 ATMs. Capital One offers a CD with no minimum deposit requirement and competitive APYs, while Woodforest requires a $500 deposit for a CD.
Final TakeÂ
Woodforest National Bank is a regional bank that focuses on offering financial products through its network of 700 branches. The checking account options target people with various needs, like those rebuilding their financial standing with Second Chance checking or Sterling Advantage, which is for seniors over 55. Woodforest’s community focus and convenience are highlights, but the low interest rates on savings products and fees tied to balance requirements may be a drawback for some customers.Â
Woodforest National Bank FAQ
- How much money do you have to keep in your Woodforest account?
- Different accounts at Woodforest National Bank require specific minimum balances to avoid monthly fees. For instance, the everyday checking account, Woodforest Checking, needs a balance of at least $100, while the Choice Checking account requires a minimum balance of $750. For the Platinum Plus Checking account, maintaining a balance of $10,000 or more is necessary to avoid fees.
- How long does it take Woodforest to clear a check?
- The time it takes to clear a check depends on several factors — deposit timing, amount of deposit and account history. If you’ve had a banking relationship with Woodforest for at least 180 days, deposits are generally available the same business day; otherwise, you can expect to access the funds after one business day. Mobile deposits made before 8 p.m. CT will be available the next business day, while those made after 8 p.m. are available by the second business day. ATM deposits and checks are typically same-day if you’re a 180-day customer. Some transactions–like cash deposits, direct deposits, POS credits and wire transfers are available immediately regardless of the relationship length.
- Does Woodforest offer mobile banking?
- Yes. Woodforest offers mobile banking through its mobile app, which can be accessed on Android, iPhone or iPad.
- What is the daily withdrawal limit at Woodforest Bank?
- The withdrawal limit is $810 per account.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 2, 2024.Â
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. 2, 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.
