Waterstone Bank is a bank located out of Wauwatosa, Wisconsin. Waterstone Bank was founded in 1921 and currently owns and manages assets totaling over $2 billion. Waterstone Banks is a more traditional brick and mortar type bank and does not offer a lot of the convenience services that modern online banks offer. But they offer solid financial products that are backed by good rates and quality customer interaction. 

Waterstone bank offers traditional banking products such as checking accounts, savings accounts, loans, and more. Their CD rates are generally reviewed very highly and are noted for their generous APY rates.

Waterstone Bank starts with APY rates of 0.10% for a 5 month CD with a $1,000 balance. Rates for standard CDS range from 0.10% to 0.60%. All standard CDs have a $1,000 minimum deposit. In order to get APY on your certificate, you must keep the balance above the minimum deposit amount. 

Waterstone Bank currently offers 2 special certificates: An 11-month CD special and a 1-year purpose CD. The 11-month special has a maturation date of 11 months and a very high 0.85% interest rate. However, the 11-month special CD has a very high $5,000 minimum deposit. So, while this account has a very high APY rate, it has a high minimum deposit so it  will not be available to everyone. 

Additionally, all Waterstone Bank CDs have withdrawal penalties. These penalties vary based on the amount you withdraw, the total length of the agreed=upon time frame, and the total amount of the original certificate that has passed. Like most banks, the APYs on CDs are subject to change at any notice.

 In addition to these standard and special CDs, Waterstone Bank also offers fixed rate IRA certificates of deposit. These certificates start at 0.10% for 6 months and have a required $500 minimum deposit. The highest IRA certificate of deposit has a 0.60% APY and 5-year maturation time frame. 

There is also the 11-month IRA special which is the analog to the 11-month standard certificate of deposit. This special IRA certificate has a 0.75% APY and has a minimum deposit of $2,500. You must keep a minimum balance of $2,500 if you want to keep accruing APY. 

Overall, Waterstone offers some unique CDs with good, versatile rates and terms. Waterstone is not a very large bank all things considered and does not serve a very large area, but the products they offer are solid and reliable. The standard CDs have fairly competitive rates that are subject to change but there are also options for fixed-rate IRA CDs that have slightly lower base rates but more stability in growth. 

So, if you live in a serviced area, the Waterstone Bank might be a good choice to open a certificate of deposit. The rates are competitive and there is enough selection to meet the needs of most investors. Waterstone Bank also has low minimum account deposits which lowers the bar to entry.