Yes, you can open a Woodforest savings account online, but only if you already bank with them
Woodforest National Bank does allow online account opening for savings accounts, but with one hard requirement: you must already have a checking account with Woodforest. You cannot walk in cold and open a savings account through their website alone. If you have an existing Woodforest checking account, you can log into online banking and add a savings account without visiting a branch.
Woodforest is a community bank that operates primarily through Walmart locations and a smaller network of standalone branches. Their online banking platform lets current customers manage accounts, transfer money, and open new products from home. The process takes minutes once you're logged in, and the account is usually active the same day.
If you don't have a Woodforest checking account yet, you'll need to open one first—either online (if you have a Walmart near you) or in person at a branch or Walmart Money Center. Once that's set up, adding a savings account online becomes straightforward.
Key Takeaways
- Woodforest savings accounts can be opened online only through their website if you already have a Woodforest checking account.
- You will need your existing Woodforest online banking login, a valid ID, and your Social Security number to open a savings account online.
- If you don't have a Woodforest checking account, you must open one first, either online or at a Walmart Money Center or branch location.
- Online savings account opening takes a few minutes, and the account is typically active the same business day.
- Woodforest operates mainly through Walmart locations, so branch access depends on whether a Walmart Money Center is near you.
What you need to open a Woodforest savings account online
To open a savings account online through Woodforest, you need an active Woodforest checking account and access to your online banking login. Have your username and password ready before you start. You'll also need a valid government-issued ID and your Social Security number on hand, though you won't upload these—Woodforest will verify them against records they already have.
The process is faster if you know what type of savings account you want. Woodforest offers a standard savings account and sometimes promotional rates for new savings accounts, though rates and offers change. Check their website or call their customer service line before you start to see what's currently available.
You do not need to make a deposit to open the account online. Many banks require an initial deposit, but Woodforest typically does not. You can fund the account later through transfer, direct deposit, or in person at a Money Center.
Step-by-step process for opening online
Log into your Woodforest online banking account using your existing username and password. Look for a menu option labeled "Open an Account," "Add an Account," or "New Account"—the exact wording varies depending on whether you're using their website or mobile app. Click that option.
Select "Savings Account" from the account types offered. Woodforest will show you the terms, interest rate (if any), and monthly fees for the savings account. Read these carefully, especially the fee structure—some Woodforest accounts charge a monthly maintenance fee if you don't maintain a minimum balance. Once you confirm the details, proceed to the next screen.
Enter or confirm your personal information. Woodforest will pull your name, address, and other details from your existing checking account. Review everything for accuracy. If anything is wrong, correct it before moving forward. Then submit the application. The account opens immediately in most cases, and you'll see it in your online banking dashboard within minutes.
If you don't have a Woodforest checking account yet
You cannot open a Woodforest savings account online without first having a checking account with them. If you're starting from scratch, you have two routes: open a checking account online (if you have a Walmart nearby), or open one in person at a Walmart Money Center or Woodforest branch.
To open a Woodforest checking account online, visit their website and look for "Open an Account" or "New Customer." You'll need your Social Security number, a valid ID, and an initial deposit (usually $25 to $100, depending on the account type). The process takes about 10 minutes. Once approved, you'll receive your account number and can set up online banking immediately. After that, you can add a savings account online as described above.
If you prefer to open in person, find a Walmart Money Center or Woodforest branch near you using their branch locator on their website. Bring a valid ID and your Social Security number. A representative will walk you through opening a checking account, and you can ask about savings account options at the same time. Some Money Centers can open both accounts in one visit.
Woodforest account fees and minimum balances
Woodforest savings accounts typically charge a monthly maintenance fee if your balance falls below a certain threshold, often $300 to $500 depending on the specific account. If you maintain the minimum, the fee is waived. Interest rates on Woodforest savings accounts are generally low—often less than 0.01%—so the account is better suited for holding money safely than for earning interest.
Check the current fee schedule on Woodforest's website or ask when you open the account. Fees can change, and promotional accounts sometimes have different terms. If you're opening the account primarily to save money rather than earn interest, focus on whether you can comfortably maintain the minimum balance to avoid monthly charges.
Woodforest also charges fees for certain transactions, such as excessive withdrawals or transfers. Savings accounts typically allow six transfers or withdrawals per month before fees kick in—this is a federal rule that applies to most banks. After that, Woodforest may charge $1 to $5 per transaction, depending on the account.
How to access your account after opening it online
Once your savings account is open, you can manage it through Woodforest's website or mobile app using the same login you used to open it. You'll see your savings account listed alongside your checking account. From there, you can check your balance, transfer money between your accounts, set up automatic transfers, and view transaction history.
You can also access your account in person at any Walmart Money Center or Woodforest branch. Bring your ID and ask a representative to help you with deposits, withdrawals, or account questions. Not every Walmart has a Money Center, so use their branch locator to find one near you before you go.
If you need to close the account later, you can do so online through your banking dashboard or by calling Woodforest customer service. Make sure your balance is zero or transfer any remaining funds to your checking account first.
Frequently Asked Questions
Can I open a Woodforest savings account if I only have a checking account at another bank?
No. Woodforest requires you to have an existing Woodforest checking account before you can open a savings account with them, whether online or in person. You'll need to open a Woodforest checking account first, then add the savings account.
How long does it take for my Woodforest savings account to be active after I open it online?
Your account is typically active immediately after you submit the application online. You should see it in your online banking dashboard within minutes. You can begin using it right away, though deposits made late in the day may not post until the next business day.
What's the minimum deposit required to open a Woodforest savings account online?
Woodforest does not require an initial deposit to open a savings account online. You can open the account with a zero balance and fund it later through transfer from your checking account, direct deposit, or in person at a Money Center.
Can I open a Woodforest savings account on my phone?
Yes. Woodforest's mobile app allows you to open a savings account if you're already logged in with an existing checking account. The process is the same as on their website—just look for the "Open an Account" or "Add an Account" option in the app menu.
What happens if my savings account balance drops below the minimum?
Woodforest will charge a monthly maintenance fee, typically $3 to $5, depending on your account type. The fee is waived if you maintain the required minimum balance. Check your account terms to see the exact threshold and fee amount for your specific savings account.