With more than 788 branches across the 17 states, Wood forest National bank is the full-service and the largest “small bank” in the US.
It provides many checking accounts, saving accounts, certificate of deposit, sole money market account, and IRAs.
The theme of the bank is to provide an opportunity to the consumers with the least monthly deposit and monthly service fee.
However, its downside is that it does not deliver the best APYs and good interest rates.
Summary
| Bank | Woodforest National Bank |
| Rating | 4.2 |
| Saving rate | 0.45% |
| Monthly Fees | $3 |
| Savings Accounts Opening Fess | $25 |
| Website | Click Here |
Products Offered by the Woodforest National Bank
- You can open its checking accounts with a minimum deposit of $25 with either no monthly fee or a waivable fee. It also provides debit cards.
- Its savings accounts require $25 as the least account opening balance and feature a waivable monthly fee. Moreover, it provides competitive interest rates.
- To open CDs accounts, you need to have a minimum of $500 in your account. Its interest rates are tiered and depend upon the length, with a maximum rate of 0.45%. The term ranges from one month to 5 years.
- The opening balance of an Individual retirement account is $500, and it offers an interest rate of up to 0.45% with fixed terms from 6 months to 5 years.
Wood Forest National Bank features
Following are the Wood Forest National Bank features:
- You get business loans
- Enjoy merchant services
- Personal services are also available
Interest Rate Comparison
The interest rates offered by the Woodforest national bank are quite low, which is 0.03% but is also tiered in some of its accounts.
However, the National average interest rate is 0.25%.
Woodforest National Bank Savings Account
| Minimum Deposit | $25 |
| Fees | $3 monthly fee (waivable on maintaining a daily balance of $200). |
| Terms and Rates | 0.03% APY on account balance of $10,0000.05% APY on account balance of more than $10,000 |
- It is very easy to qualify for a savings account, and then you can earn your interest in a without fee or waivable fee environment. However, it doesn’t offer many attractive interest rates.
- A Woodforest National Bank savings account provides you an opportunity to access your account through online banking, mobile banking, and physical banking.
- A Savings account offers you FDIC insurance of the maximum amount that is allowed.
- Having $200 in your account waives off the monthly $3 fee.
Money Market Account
| Minimum Deposit | $25 |
| Fees | $10 monthly fee (waivable on maintaining a daily balance of $1,000). |
- Normally, in other banks, for opening a money market account, there is the requirement of a heavy minimum deposit balance. However, this provides you an opportunity to get started with $25.
- Moreover, you can even waive off your monthly fee of $10 if you maintain the account balance of $1,000.
- A Woodforest National Bank money market account provides you an opportunity to access your account through online banking, mobile banking, and physical banking.
- A Savings account offers you FDIC insurance of the maximum amount that is allowed.
Woodforest National Bank Checking Accounts
- Woodforest National Bank Checking accounts provides you an opportunity to access your account through online banking, mobile banking, and physical banking.
- Checking accounts offer you FDIC insurance of the maximum amount that is allowed.
Throughout the Wood forest, five checking account options include
- Woodforest Checking
- Second chance checking
- Choice checking
- Sterling advantage
- Platinum plus checking
Woodforest checking account
| Minimum Deposit | $25 |
| Fees | $ 6.95 monthly fee (waivable on maintaining a daily balance of $100). $ 7.50 (waivable on maintaining a daily balance of $750). $3 (waivable on signing up for eStatements). |
The most standard account waives off its monthly fee if you don’t allow your account balance to fall below $100.
The choice Checking Account
| Minimum Deposit | $25 |
| Fees | $10 monthly fee (waivable on maintaining a daily balance of $100). $ 7.50 (waivable on maintaining a daily balance of $750). $3 (waivable on signing up for eStatements). |
| Terms and Rates | 0.05% APY |
This is a logical step if you want to earn interest at the rate of 0.05%.
Platinum Plus Checking account
| Minimum Deposit | $25 |
| Fees | $25 monthly fee (waivable on maintaining a daily balance of $10,000). |
| Terms and Rates | 0.10% APY |
It is considered the best option to go for if you have quite a good investment as it allows you to earn at the rate of 0.10 APY.
Woodforest Second Chance Checking
| Minimum Deposit | $25 |
| Fees | $9 setup fee $9.95 0r $11.95 monthly fee (in case of monthly direct deposit) |
| Terms and Rates | 0.05% APY |
If you want to avoid overdraft issues and other relevant problems, this must be your go-to account option. However, its con is that you don’t earn interest.
Sterling advantage account
It is the best option for those above 55 years of age and is looking to open up a new checking account.
This is an amazing choice with no fee and the opportunity to earn interest after $1000 or more.
| Minimum Deposit | $25 |
| Fees | No fee |
Woodforest National Bank CDs
| Minimum Deposit | $500 |
| Fees | None |
| Terms and Rates | Rates are tiered by term length:1-month: 0.05% APY3-month: 0.05% APY6-month: 0.05% APY1-year: 0.15% APY2-year: 0.20% APY3-year: 0.25% APY4-year: 0.35% APY5-year: 0.45% APY |
- Woodforest National Bank CDs accounts provide you an opportunity to access your account through online banking, mobile banking, and physical banking.
- CD accounts offer you FDIC insurance of the maximum amount that is allowed.
- The more you put in your money, the higher your interest rates.
Woodforest National Bank IRAs
| Minimum Deposit | $500 |
| Fees | None |
| Terms and Rates | Rates are tiered by term length:1-month: 0.05% APY3-month: 0.05% APY6-month: 0.05% APY1-year: 0.15% APY2-year: 0.20% APY3-year: 0.25% APY4-year: 0.35% APY5-year: 0.45% APY |
- Wood Forest National Bank IRAs accounts provide you an opportunity to access your account through online banking, mobile banking, and physical banking.
- IRA accounts offer you FDIC insurance of the maximum amount that is allowed.
- IRAs are only offered in a CD form which makes it easy to do savings for retirement. However, you can not use your money from the CD account as they are untouchable; consumers can select IRA CD or IRA MMA to avoid this. But, Woodforest does not provide this service.
What differentiates Wood Forest National Bank from others?
Here are the details that differentiate Wood Forest National Bank from others:
- You get credit card mortgages
- A full-service bank that offers to check accounts
- It allows online banking that would help you to locate its nearby branches
Our experience with Wood Forest National Bank
My experience with Wood Forest National Bank has been great.
Their application has made my bank routine easier and more convenient for me.
As I had an account in another bank, it never worked for me whenever I tried their online bank.
So, I would suggest opening your account in Wood Forest National Bank.
Wood Forest National Bank Comparison:
Let’s compare Wood Forest National Bank with other similar services
You can open personal checking accounts in Wood Forest National Bank and apply for business loans for your new small business ventures.
Whereas you get the same services in Navy Federal Credit Union too. But you enjoy low fees on banking products, and if you apply for a loan at Navy Federal Credit Union.
Wood Forest National Bank vs. Capital One
You can have a checking account in Capital One to check what services they offer, and you can open your savings accounts.
You can have an MMA account because this bank offers this service.
If you compare it with Wood Forest National Bank, it doesn’t allow opening money accounts, but the rest of the services are quite similar.
Wood Forest National Bank vs. Wells Fargo.
If you are looking for commercial financial services, you need to approach Wells Fargo. You won’t be getting them from Wood Forest National Bank.
You get insurance, consumer financial services, and a mortgage from Wells Fargo.
Frequently Asked Questions
How Can I Access Woodforest National Bank?
Woodforest National bank has almost 788 branches in more than 17 states. Moreover, you can access your accounts online or mobile banking through live chat and 24/7 phone line service.
How Can I Access My Money In Woodforest National Bank?
Your debit card is the direct way to access and utilize your funds. You can directly pay through it like a credit card. Moreover, you can also download its app on your smartphone to access the digital wallet.
How To Open An Account In The Woodforest National Bank?
You can either directly visit any branch or can open your account over-the-phone route. To verify your identity, you need to tell important information like your social security number, date of birth, driving license, and the minimum opening amount you are willing to pay.
Amit Gupta is the creator of National Planning Cycles.
Amit specializes in debt relief, surveys, background checks, home security, and home warranty, assisting users navigate complicated decisions. After completing his high school certification, Amit has spent half a decade learning about digital marketing. Before forming National Planning Cycles, Amit managed the google play developer account of top financial unicorns.