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Waterman Savings

High Yield Savings

Earn 2.11% APY*

Earn more interest and watch your money grow.

Access to your money 24/7

With 24/7 online and mobile banking and access to 37,000 fee-free ATM's, you'll always have access to your money.

Additional Features

Learn more about additional benefits for your savings account.

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.

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.

Whether paying their allowance, or contributing to their college fund, the Kid Savings account allows for automatic recurring transfers making it easy and convenient to help them reach their goals.

The choice is yours.

Why High Yield Savings?

Bank with a bank that values your money. The Waterman High Yield Savings account pays more interest and does not require a minimum balance to earn APY.

Your money grows safe and is easily accessible when you need it.

Our Process

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

Click here to learn more about opening a new account at Waterman Bank.

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.


Most frequent questions and answers for Waterman High Yield Savings

It’s a savings account that earns higher than average interest on the balance amount in your account. With the Waterman High Yield Savings account, you’ll earn one of the nation’s top savings rates on all balances, the more you save the more you’ll earn. Plus, this high-yield savings account is FDIC-insured up to the allowable limits.

  • 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

A Waterman High Yield Savings account is savings account that earns interest and allows you to access your money any time. A Waterman CD account is a savings account that also earns interest but when you deposit money there, you agree to keep it there for a specific amount of time, called a term. If you decided to withdrawal or transfer funds early before your term is over, you may incur a penalty. After you term is over with the Waterman CD account you can access your money and your earned interest without a penalty.

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

Yes, this high-yield savings account is FDIC-insured up to the allowable limits.

Yes, you can withdraw money from your Waterman High Yield Savings 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. 

There are no monthly maintenance or minimum balance charge on your account. There will be a monthly (charge or fee) of $3 if you opt out of e-statements or are requesting a paper statement instead of an e-statement. Please see out full fee schedule and disclosures for detailed information.

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.

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.

*APY – Annual Percentage Yield. Rates are subject to change without notice. Fees may reduce the earnings on the account. Limited to $1,000,000.00 per account type per household or controlled entity.