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The bottom line: You might find Woodforest National Bank appealing if you live on the East Coast and prefer traditional brick-and-mortar banking. Be mindful of potential bank fees and poor mobile app ratings, though.
Overall bank rating
Pros and cons
Savings
Woodforest National Bank Savings Account
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees
$3 monthly minimum balance fee
Annual Percentage Yield (APY)
0.35% to 0.50% (vary by location)
Minimum Deposit Amount
$25
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $25 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Possible to waive the minimum balance fee
- con icon Two crossed lines that form an 'X'. Low interest rate
- con icon Two crossed lines that form an 'X'. $3 minimum balance fee
- con icon Two crossed lines that form an 'X'. $2 excessive withdrawal fee
- 760 branch locations in 17 states
- Earn 0.35% APY on account balances under $10,000
- Earn 0.50% 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
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees
$6.95 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $25 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Possible to waive the monthly maintenance fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Overdraft protection
- con icon Two crossed lines that form an 'X'. $6.95 monthly maintenance fee
- con icon Two crossed lines that form an 'X'. $2.50 out-of-network ATM withdrawal fee
- con icon Two crossed lines that form an 'X'. $32 overdraft fee
- con icon Two crossed lines that form an 'X'. $5 overdraft transfer fee
- 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 CD
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
0.05% to 5.00%
Minimum Deposit Amount
$500
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $500 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Higher interest rate than some brick-and-mortar banks
- con icon Two crossed lines that form an 'X'. Lower interest rate than online banks
- con icon Two crossed lines that form an 'X'. Contact your nearest bank for early withdrawal bank
- con icon Two crossed lines that form an 'X'. Standard term 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 CD 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
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees
$10 monthly minimum balance fee
Annual Percentage Yield (APY)
0.35%
Minimum Deposit Amount
$25
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $25 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Possible to waive minimum balance fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Debit card included
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Check writing included
- con icon Two crossed lines that form an 'X'. Low interest rate
- con icon Two crossed lines that form an 'X'. $10 monthly minimum balance fee
- con icon Two crossed lines that form an 'X'. $10 excessive withdrawal fee
- 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.
Is Woodforest National Bank trustworthy?
Woodforest National Bank has an A+ rating from the Better Business Bureau. A strong BBB grade indicates that a company responds well to customer complaints, advertises honestly, and is transparent about business practices.
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
Banking Reporter
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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