Woodforest National Bank is one of the largest banks in the United States. It has over 650 branches and more than 2,000 ATMs scattered throughout 17 states.
The bank offers a variety of personal banking products, including savings accounts with different interest rates, fees, and annual percentage yields (APYs).
This article provides an overview of Woodforest’s savings account products, as well as information on how to open an account and obtain the best rate.
If you are looking for a high-yield savings account that has no monthly maintenance fees and pays a competitive interest rate, then Woodforest National Bank may be a good option for you.
The bank offers five different types of savings accounts, each with its own set of features and benefits.
How to Open a Woodforest Savings Account
Opening a Woodforest Savings Account is easy. You can either visit a local branch or go online. You’ll need to provide some personal information, including your Social Security number, and choose a funding method.
You can also set up direct deposit to have your paychecks deposited into your account automatically.
In summary, to open a Woodforest savings account, you will need the following documents and information:
- A valid government-issued ID (i.e. driver’s license, passport)
- Your Social Security number or Tax Identification number
- Minimum opening deposit of $50
Once you have gathered all of the required information and documents, you can visit your local Woodforest branch to open an account in person.
If you are unable to visit a branch in person, you can also open an account online by visiting the Woodforest website.
Woodforest Savings Account Minimum Balance
There is no minimum balance required to open a Woodforest Savings Account, but there are certain conditions that must be met in order to avoid a monthly maintenance fee.
For example, the average daily balance must be at least $500, or an average monthly balance of $2,000 must be maintained in order to avoid the monthly maintenance fee.
Woodforest Savings Account Interest Rates
Woodforest National Bank offers a variety of savings account products to its customers, each with different interest rates.
The money market account, for example, pays interest at a rate of 0.75% on balances of $2,500 and above. The basic savings account pays interest at a rate of 0.05% on all balances.
And the kids’ savings account pays interest at a rate of 0.50% on balances of $50 or more.
To find the best savings account for your needs, be sure to compare the interest rates offered by different banks.
You may also want to consider other features, such as minimum balance requirements and fees charged for overdrafts or monthly maintenance fees. Whatever bank you choose,
The interest rates for a Woodforest Savings Account vary based on the account balance. Accounts with a balance of under $10,000 earn 0.03% APY, while accounts with a balance over $10,000 earn 0.05% APY.
Woodforest Savings Account APY
The Woodforest Savings account APY is currently 0.05%. This account doesn’t have a lot of features, but it does offer a low minimum opening deposit of $25 and no monthly service fees.
So if you’re looking for a basic savings account with minimal issues, the Woodforest Savings account is a good option.
Woodforest Savings Account Fees
If you’re looking for a bank account that doesn’t charge a monthly service fee, Woodforest Savings Account is a great option.
You just need to make sure you maintain a balance of over $200 each day so as not to incur the $3 monthly service fee.
FAQs on Woodforest Bank Savings Account
Can you open a Savings account with Woodforest online?
Yes. You can open an account online and have immediate access to it. All you need is your Social Security number and date of birth.
You’ll also need to provide some basic contact information, including your name, address, and phone number.
Once you’ve opened the account, you can start adding money right away. And if you ever have any questions or need help with anything, Woodforest’s customer service team is happy to assist you.
Does Woodforest charge for a savings account?
Yes, Woodforest charges a monthly maintenance fee of $3.00 if your daily balance falls below $200.00.
However, there are several ways to waive the monthly fee, including having a direct deposit or ACH automatic payment into your account, maintaining a minimum average daily balance of $200, or being a student under the age of 23.
Woodforest savings account routing number
The routing number for Woodforest National Bank is 314972853. They have six other routing numbers – 081226829, 071926809, 053112592, 044115809, 031319058, and 113008465.
Ensure you use the relevant Woodforest National Bank routing numbers for the respective state or county.
READ MORE: Woodforest personal loan requirements.