Newest Woodforest Promotions, Bonuses and Offers: June 2020

See what you can get from your Woodforest banking relationship.

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 banksKeep reading to learn about Woodforest Bank’s offers for June 2020 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 bonuses for its checking, savings or business accounts in June, but check back next month for updates on new offers. In the meantime, here’s a look at the current Woodforest Bank promotions:

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Best Woodforest Bank Promotions: June 2020
AccountCash Value of BonusExpiration Date
Quicken Loan Mortgage Closing Cost Credit Promotion$1,000June 30
Quicken Loan Mortgage New Mortgage or Refinance Promotion$500June 30
Emerald Elite Account Relationship Interest Rate PromotionVaries, depending on account balanceNone
IDNotify Identity Theft Protection Promotion$8 per monthNone

Related: Best Regional Banks of 2020

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Woodforest National bank promotions

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 Quicken Loan Mortgage Closing Cost Credit Promotion: $1,000 Cash Bonus

Quicken Loans is the largest mortgage provider in the country through its Rocket Mortgage division. It also rates as the highest mortgage lender in customer satisfaction in the J.D. Power Mortgage Satisfaction Study. 

If you bank with Woodforest, you’ll also receive $1,000 towards your closing costs for a Quicken Loan mortgage. Here are the details: 

  • Cash value: $1,000
  • Minimum deposit to qualify: N/A
  • Expiration date: June 30, 2020
  • How to get it: Have an account with Woodforest Bank and apply for a mortgage. You can apply online using the Woodforest Bank link to the Quicken Loans mortgage application, or you can call 877-947-6884.
  • When you’ll get it: At closing
  • Terms and conditions: You must be approved for the mortgage to qualify. No Woodforest coupon is required for the bonus.
  • Monthly fees: N/A
  • Promotion page: Woodforest Bank Quicken Loan mortgage closing cost credit bonus offer

Woodforest Bank Quicken Loan Mortgage New Mortgage or Refinance Promotion: $500 Cash Bonus

Applying for a Quicken Loan mortgage through Woodforest can also earn you another $500 cash bonus for a home purchase or refinance. This could come in handy to make renovations or host your first housewarming party.

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Here’s how to earn the cash: 

  • Cash value: $500
  • Minimum deposit to qualify: N/A
  • Expiration date: June 30, 2020
  • How to get it: Apply for a mortgage or refinance using the Woodforest link for the Quicken Loans mortgage application, or by calling 877-947-6884. Once you’re approved, the next step is to close on your home purchase or refinance.
  • When you’ll get it: Two to four weeks after closing
  • Terms and conditions: You must be approved for the mortgage or refinance to qualify. No Woodforest coupon is required for the bonus.
  • Monthly fees: N/A
  • Promotion page: Woodforest Bank Quicken Loan Mortgage bonus offer

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Woodforest Bank Emerald Elite Account Relationship Interest Rate Promotion: 0.20% to 0.50% APY 

If one of your main financial goals is to grow your savings, earning a higher annual percentage yield might produce more money than a one-time cash bonus. Woodforest customers who qualify for the Emerald Elite savings tier earn as much as 0.50% APY, compared to the standard 0.03% or 0.05% rate at many banks. 

Here’s how to qualify:

  • Interest rate: 0.20% to 0.50% APY
  • Minimum deposit to qualify: 
    • $0.01 or higher: 0.20% APY
    • $100,000 or higher: 0.35% APY
    • $250,000 or higher: 0.50% APY
  • Expiration date: None
  • How to get it: Visit a branch and open an Emerald Elite account. Woodforest will pay you the relationship rate according to your balance.
  • When you’ll get it: At the close of each month
  • Terms and conditions: You’ll need to open the account with a minimum of $25. 
  • Monthly fees: $25, but can be waived if you keep a daily balance of $10,000 or more
  • Promotion page: Woodforest Bank Emerald Elite Account relationship interest rate bonus offer

Woodforest IDNotify Identity Theft Protection Promotion: Save $8 per Month

Woodforest Bank customers have access to extended identity theft protection when they sign up for the IDNotify Deluxe plan, which provides credit monitoring and lost wallet services. If your identity is compromised, the company’s insurance kicks in to cover your costs.

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The coverage includes legal costs up to $125 per hour. It also covers related expenses you or a family member incurred because of the theft, including lost wages, the cost of having to refile applications or order replacement cards, the cost of credit freezes, and the cost of ordering affidavits or notary services.

This service normally costs $17.99 per month, but Woodforest customers only pay $9.99 per month. Here are the details:

  • Cash value: $8 per month
  • Minimum deposit to qualify: N/A
  • Expiration date: None
  • How to get it: Sign up through the online link for Woodforest Bank customers.
  • When you’ll get it: Once you sign up
  • Terms and conditions: The service is month to month and can be cancelled at any time.
  • Monthly fees: $9.99
  • Promotion page: Woodforest IDNotify Identity Theft Protection bonus offer

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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.

More About Woodforest Bank: Here’s Your Woodforest Routing Number

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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.

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Cynthia Bowman contributed to the reporting for this article.

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This content is not provided by Woodforest National Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Woodforest National Bank.

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About the Author

Levi is a writer and editor based in Los Angeles. With a background in both print and digital publications, he’s written primarily about military lifestyle and politics and is now transitioning to personal finance.