Waterman Savings
Kid Savings Account
Earn .50% APY* on your kid’s savings
Start with only $50
Waterman Savings
Earn .50% APY* on your kid’s savings
Start with only $50
Teach your kids the value of savings at 5x the national average.
No maintenance or minimum balance fees. Their money stays with them.
Kids can see their balance grow and parents can easily manage and transfer money.
$50 to open your account and that's it, no minimum, no balance requirements. Just watch your money grow.
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.
Read our disclosures about our Kid Savings account here.
The future is now.
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.
Learn more about our process to open a new account at Waterman.
A Full-service bank at your fingertips.
Learn more about our
Waterman Bank Mobile App here.
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.
This calculator easily answers the question "If I save "X" amount for "Y" months what will the value be at the end?"
The user enters the "Periodic Savings Amount" (amount saved or invested every month); the "Number of Months" and the "Annual Interest Rate" or the annual rate of return one expects to earn on their investments.
The calculator quickly creates a savings schedule and a set of charts that will help the user see the relationship between the amount invested and the return on the investment. The schedule can be copied and pasted to Excel, if desired.
The investment term is always expressed in months.
If you need a more advanced "Savings Calculator" - one that lets the user solve for the starting amount, the amount to invest, the interest rate, the term required to reach a goal or the future value; or if you would like to easily print the schedule; or if you need to pick a different investment frequency, then you may want to try the calculator located here: https:/financial-calculators.com/savings-calculator
All calculators will remember your choice. You may also change it at any time.
Clicking "Save changes" will cause the calculator to reload. Your edits will be lost.
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.
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:
There are several ways to make a deposit:
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 info@watermanbank.com.
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.
© 2022 Waterman Bank. Routing Number: 071916482 | Privacy Policy | Website Disclaimer | State of Illinois Community Reinvestment Notice | SiteMap
© 2022 Waterman Bank. Routing Number: 071916482 | Privacy Policy | Website Disclaimer | State of Illinois Community Reinvestment Notice | SiteMap