Waterman Bank savings, CD and money market rates
Waterman Bank advertises 3.82% APY on its High Yield Savings account. That is 3.44 percentage points above the national savings average of 0.38% (FDIC, Aug 2026).
Ranked #40 of 402 tracked savings rates by advertised APY. For a $10,000 balance it would rank #29. It was #38 three months ago. The advertised rate has not changed in the 28 weeks since Banksparency began tracking it.
Waterman Bank at a glance
| Savings | |
|---|---|
| Top savings APY | 3.82% · High Yield Savings |
| Minimum to open | $50 · High Yield Savings |
| Against the national average | 3.44 percentage points above the 0.38% FDIC savings average (Aug 2026) |
| CDs | |
| Top CD APY | 3.82% · 6 months · 6 Month |
| Minimum to open | $0 · 6 months CD |
| Against the national average | 2.41 percentage points above the 1.41% FDIC 6-month CD average (Aug 2026) |
| Money market | |
| Top money market APY | 3.82% · Money Market |
| Minimum to open | $2,500 · Money Market |
| Against the national average | 3.19 percentage points above the 0.63% FDIC money market average (Aug 2026) |
| FDIC certificate | 10878 · Waterman, IL |
|---|---|
| Website | www.watermanbank.com |
| Branches | 3 branches in IL |
| Availability | Available in IL |
Waterman Bank savings, CD and money market rates
Personal
Business
Rates are APY. The national savings average is 0.38% (FDIC, Aug 2026). The top tracked savings rate on Banksparency is 5.00%. Across 57 savings accounts from 55 banks in the Banksparency core savings index, the median advertised rate is 3.52%, and one account in ten advertises 4.01% or more. See the highest savings rates.
Waterman Bank CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| 6 months | 3.82% | $0 | 6 Month |
| 12 months | 3.25% | $0 | 12 Month |
| 18 months | 2.25% | $0 | 18 Month |
| 24 months | 1.25% | $0 | 24 Month |
| 30 months | 1.11% | $0 | 30 Month |
| 36 months | 1.01% | $0 | 36 Month |
| 48 months | 0.95% | $0 | 48 Month |
Interactive Tool
Calculate Savings for Waterman Bank
All calculations are based on APY.
Savings Breakdown
- Interest Earned+$1,494.10(9.6%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$15,494.10
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What Waterman Bank pays on deposits
FDIC call report data
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced all of its deposits over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
The two figures answer different questions, so they sit side by side and are not combined.
In Q1 2026, Waterman Bank paid a higher average rate than 87% of U.S. banks (all-bank median 2.27%).
- Waterman Bank, avg rate paid
- All-bank median
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers every account that earns interest: savings, interest checking, money market accounts, CDs, and personal and business accounts at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older balances at the rates of earlier years, everyday transaction balances, and CDs that were priced in a different rate environment. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rate paid on interest-bearing deposits, quarterly. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated.
So what is the catch?
| Product | APY | Min to open | Min to earn | Balance cap | Monthly fee | Requirements | Rate type | 12-mo trend |
|---|---|---|---|---|---|---|---|---|
| Personal | ||||||||
| High Yield Savings | 3.82% | $50 | $0 | None | not stated | not stated | One rate | |
| Kids Savings | 3.82% | $50 | $0 | None | not stated | not stated | One rate | |
| Christmas Club | 0.25% | $0 | $0 | None | not stated | not stated | One rate | |
| Money Market | 3.82% | $2,500 | $2,500 | None | not stated | not stated | One rate | |
| Business | ||||||||
| Business Money Market | 3.82% | $2,500 | $2,500 | None | not stated | not stated | One rate | |
| Business Savings | 3.82% | $50 | $0 | None | not stated | not stated | One rate | |
Rate type: one rate applies at every balance. A tiered rate changes with your balance. A promotional rate changes after the period shown. A balance cap is the largest balance the highest rate applies to.
The 12-month trend shows the highest advertised rate observed each day and includes promotional tiers where one applied.
CDs
| Product | Term | APY | Min to open | Early withdrawal fee | Compounding |
|---|---|---|---|---|---|
| 6 Month | 6 months | 3.82% | $0 | not stated | not stated |
| 12 Month | 12 months | 3.25% | $0 | not stated | not stated |
| 18 Month | 18 months | 2.25% | $0 | not stated | not stated |
| 24 Month | 24 months | 1.25% | $0 | not stated | not stated |
| 30 Month | 30 months | 1.11% | $0 | not stated | not stated |
| 36 Month | 36 months | 1.01% | $0 | not stated | not stated |
| 48 Month | 48 months | 0.95% | $0 | not stated | not stated |
Opening and using the account
| Availability | Available in IL |
|---|---|
| Footprint | 3 branches in IL |
| Eligibility | not stated |
How Waterman Bank behaves over time
Every observation of the advertised High Yield Savings rate in the last 12 months was 3.82% (observed through Sep 4, 2026). The series includes promotional tiers where one applied.
Waterman Bank has not changed its advertised savings rate in the 28 weeks since Banksparency began tracking it.
- High Yield Savings
- The same as 90 days ago.
- 6 months CD
- The same as 90 days ago.
- Money Market
- The same as 90 days ago.
- Rate last changed
- May 1, 2026(effective date)
$10,000 at the 3.82% APY Waterman Bank advertises on High Yield Savings grows to $10,382 in a year. Prices rose 3.4% in the year to July 2026 (Consumer Price Index (CPI)). After a year of prices rising at that pace, it buys as much as $10,045 does today. See how the federal funds rate shapes savings rates.
Waterman Bank CD rates over time
Who is Waterman Bank?
| Headquarters | Waterman, IL |
|---|---|
| Founded | 1908 |
| Scale | $172M assets · $143M deposits, $136M of it interest-bearing (Q1 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 10878 |
Financial detail is in What Waterman Bank pays on deposits above.
Common questions about Waterman Bank
Is Waterman Bank FDIC insured?
Yes. Waterman Bank is FDIC insured under certificate 10878, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at Waterman Bank?
Waterman Bank requires a minimum deposit of $50 to open its High Yield Savings account, as observed on Sep 4, 2026. Check the bank's current terms before you open an account.
Does Waterman Bank have branches?
Yes. Waterman Bank operates 3 branches according to FDIC branch records, in addition to its website and mobile apps.
Waterman Bank against its closest alternatives
| Bank | Savings APY | Rate paid (Q1 2026) | Min deposit | Branches |
|---|---|---|---|---|
| Waterman Bank | 3.82% | 3.08% | $50 | 3 branches in IL |
| High Plains Bank | 3.82% | 2.71% | $25 | 9 branches in CO |
| MutualOne Bank | 3.82% | 3.30% | $20,000 | 3 branches in MA |
| Openbank | 3.80% | 2.65% | $500 | not stated |
Alternatives are the three tracked banks whose highest savings APY is closest to Waterman Bank's.
Similar banks and rate hubs
Banks in the same rate band with the same product mix:
Rate hubs: today's highest savings rates, CD rates by term, and money market rates.