Please beware of fraudulent / scam text messages, emails or phone calls regarding your debit card or bank account.
Always call the bank at 815-264-3201 or our debit card provider Shazam at 866-508-2693 to confirm.

Waterman Business

Business Money Market

Earn 3.56% APY on your savings

From $2,500 – $1 Million

Earn 3.56% APY

Get more for your money, earn more than 5x the national average.

24/7 Online Banking

With 24/7 online banking you can monitor your account and add additional funds at your convenience

Checks and Transfers

More options with your money. Write checks and transfer funds when you need it.

Limit of $1 Million per account.

Additional Features

Business Money Market

Waterman Bank is a member of the Federal Insurance Corporation (FDIC). The FDIC protects your Waterman Bank deposits up to $250,000 per depositor for each qualifying account ownership category. This means your money is 100% protected up to the FDIC limits. Learn more about FDIC coverage here.

Mobile check deposit is a quick and convenient way to deposit your paper checks remotely. Instead of taking a trip to the bank, take a picture of the front and back of the check using the Waterman Mobile app.

The Waterman Money Market account gives you the ability to request a checkbook, and flexibility to write checks when you need it.

Online banking is great but sometimes you need help from a live person, stop by one of our locations or give us a call over the phone, someone is standing by ready to help.

Learn More About Your New Account.

Read our disclosures about our Money Market Savings accounts here.

Let’s Start Something Great.

Why Business Money Market?

Grow your savings while you grow your business. The Waterman Business Money Market earns 3.56% APY.

No monthly service or minimum balance fees and additional features like mobile check deposit.

Our Process

Step 1
Gather your documentation
Step 2
Complete an application
Step 3
Personalized Service Call

Learn more about our process to open a new account at Waterman.

A Full-service bank at your fingertips.

Bank from Anywhere with Waterman Bank Mobile

  • Mobile Deposit
  • View Account History
  • Transfer Between Accounts
  • Set Account Alerts
  • Security and Convenience

Learn more about our
Waterman Bank Mobile App here.

See your savings potential.

Savings Calculator

Use this free Savings Calculator to see what potential savings you could have today. For further analysis and details into your specific savings plan, contact us to discuss options.

Savings Calculator


Most frequent questions and answers for Waterman Business Money Market

It’s a hybrid savings account that earns high interest on the balance amount in your account. This account gives you the flexibility to write checks, as well as deposit money earning higher than average interest. With the Waterman Money Market account, the more you save the more you’ll earn.

  • Submit a wire transfer
  • Request a telephone transfer
  • Use online banking to move money between Waterman Bank accounts
  • Transfer money between external accounts using Bill Pay

There are several ways to make a deposit:

  • Transfer money online between Waterman Bank accounts
  • Deposit a check with Waterman Bank Mobile app with mobile deposit
  • Sign up for direct deposit with your employer or for your Social Security deposits
  • Wire transfer
  • Send us a check by U.S. mail (Please don’t send cash)
  • Transfer money between external accounts using Bill Pay
  • Make an in-person cash or check deposit a Waterman branch

The main difference between how the Waterman High Yield Savings account and Waterman Money Market account is that a Waterman Money market account allows the option of writing checks from that account. The Waterman High Yield Savings account does not allow to you to write check from that account. There are also other differences such as balance requirements and how the different accounts earn interest. Please see our compare savings page for more information.

Yes, this money market savings account is FDIC-insured up to the allowable limits.

Yes, you can withdraw money from your Waterman Money Market account at a branch or online by transferring the money (see our “How do I transfer Money” FAQ). To withdraw funds using an ATM you’ll need to first transfer the money into a Waterman checking account

Federal law permits limiting certain types of withdrawals and transfers from savings accounts to a combined total of 6 per statement cycle. These limited transactions include things like Online and Mobile Banking transfers, transfers from your account to any of your accounts with us, or to a third party. 

Please see out Money Market account disclosure for detailed information.

Yes. You can assign individuals as Payable on Death beneficiaries, which means while you’re alive the beneficiaries won’t have access to anything in the account. There are certain situations where beneficiaries are handled differently, like when dealing with a Joint with Survivorship accounts or Trust accounts when the Trustee is controlling the funds for another party. Assigning beneficiaries can give you peace of mind and can result in increased FDIC coverage for your accounts up to the legal allowable limits. For additional questions or concerns, contact us at 815-264-3201 or

Waterman Bank is here to help.

At Waterman we believe in serving all the people in our communities, understanding your needs and finding the right solutions to meet them. Whether your goals are big or small we are only a phone call or email away, we’re here to help.