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Always call the bank at 815-264-3201 or our debit card provider Shazam at 866-508-2693 to confirm.

Waterman Savings

Kid Savings Account

Earn 2.11% APY on your kid’s savings

Start with only $50

Earn 2.11% APY

Teach your kids the value of savings at 5x the national average.

$0 Monthly Fees

No maintenance or minimum balance fees. Their money stays with them.

Online Banking

Kids can see their balance grow and parents can easily manage and transfer money.

Limit of $1 Million per account.

Interest On Your Savings

Earn 2.11%

$50 to open your account and that's it, no minimum, no balance requirements. Just watch your money grow.

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.

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.

Link your bank account to your Kid’s savings account and manage it all, with the Waterman Mobile app.

Learn More About Your New Account.

Read our disclosures about our Kid Savings account here.

The future is now.

Why Kid Savings?

Our Kid Savings account gives you an opportunity to teach your kids about the power of savings, while earning great rates.

Use online banking to watch their balances grow, and with features like mobile deposit, your kids can deposit those birthday and Holiday checks right from the kitchen table.

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 Potential Savings.

Savings Calculator

Use this free Savings Calculator to see what potential savings your 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 Kid's Savings Account

Its never to early to open a Waterman Kids Savings account. You can start saving when your child is just a baby. watch their money grow just as they do. Keep in mind a Kids Savings account is owned by one child under the age of 18 years old and one adult. If the child is under the age of 12 , then the adult must be the child’s parent or legal guardian.

Yes, opening a Kids Savings account is a great way for grandparents to help their grandkids save for the future and teach kids the value of saving. The child must be at least 12 years old, if the child is under the age of 12 then, the child’s parents or legal guardian must be the adult to open their account.

  • 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

A Kid’s Savings Account is opened as a joint account under the Kid’s name and an adult. A trust protects a designated amount of funds on behalf of the person who setup the trust typically without allowing them having access to the money for a specific period of time until the money goes to a beneficiary.

To open a Waterman Kids Savings account, you should have these things ready:

  • For you: name, date of birth, mailing address, email address, phone number, employment information, annual income, Social Security number, citizenship information
  • For your child: name, date of birth, birth certificate, mailing address, Social Security number
  • A deposit of $50 or more is also required

There are several ways to make a deposit:

  • Deposit a check with Waterman Bank Mobile app with mobile deposit
  • 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

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.