The Watertown Education Rewards Checking account is a best-in-market personal checking account that rewards both you and the Watertown Education Foundation (WEF). When you open an account, we’ll give $50 to you and $50 to the WEF. But that’s just part of the story.
^Each statement cycle the Watertown Education Rewards Checking is inactive, all ATM surcharges for that statement cycle will apply. To avoid a $25.00 monthly service charge, the checking account must be active. Watertown Education Rewards Checking is considered active with direct deposit(s) within each statement cycle or $2500 average daily balance or 5 debit card POS (pinned or signature) transactions that post and settle during the statement cycle or 5 third party cleared checks per monthly statement cycle or five online bill payments during the monthly statement cycle. .25% annual interest is calculated on the average monthly balance of all Watertown Education Rewards Checking accounts and paid semi-annually (June & December) to the Watertown Education Foundation (WEF). Customers will be notified semi-annually (June & December) of the amount donated on behalf of their account.
*For both you and the school to earn $50, you must sign up for direct deposit or apply for a debit card or enroll in online banking. The $50 will be credited to your Watertown Education Rewards Checking account and a $50 contribution will be made to the WEF within 90 days following the addition of direct deposit, a completed debit card application or enrollment in online banking. A $250.00 minimum deposit (new money only) required to open a Watertown Education Rewards Checking account.
**Dollar amount includes donations from Watertown Education Rewards Checking, Belmont Savings Bank, and the Belmont Savings Bank Foundation over the life of the account.