Waldo State Bank – Here for You at Every Stage of Life
Whether starting your first job, getting ready to buy a home, or running a successful local business, Waldo State Bank (WSB) proudly offers personalized financial solutions to help you meet your goals. We have different accounts to help you save and grow your money from when you start saving to when you retire. Here is a quick overview of how we can help you every step of the way.
Saving for Your First Home
For many, buying a home is the largest purchase they will ever make. So, saving up for your first house can be a significant goal. Luckily, Waldo State Bank offers several personal savings solutions that can help.
Start with our regular personal savings account to save money from your paychecks and earn interest on your balance. Consider opening a money market investment account with WSB for more competitive rates. This account still gives you easy access to your money if needed but can help you meet your savings goals more quickly.
After buying your home, you will want a checking account with a debit card or checks to pay bills and make purchases.
Saving for Your Child's Education with Waldo State Bank's Scholastic CD
As a parent, one of the greatest gifts you can give your child is a solid financial foundation for their education. Currently, the average cost of attendance for an in-state public four-year institution is $27,146 per year, totaling $108,584. With the rising costs of tuition, books, and other educational expenses, it's essential to start saving early. Waldo State Bank is here to help with our Scholastic Certificate of Deposit (CD) – a flexible, child-friendly savings solution that grows with your child's needs.
The Scholastic CD is designed specifically for children 18 years and under, offering a safe and secure way to save for education-related expenses. Unlike traditional CDs, our Scholastic CD is lenient, allowing for penalty-free withdrawals when the funds are used for educational purposes. This means you can use the money for school supplies, extracurricular activities, or even tuition fees without worrying about losing any interest earned.
Let us help you learn how to get the most out of your CDs and help prepare for you child’s future.
Planning for Retirement
You might be surprised to learn that WSB offers a few investment accounts to help you save for retirement. Whether you prefer a traditional IRA for making tax-deductible contributions or a Roth IRA for tax-free withdrawals, you can open up either type of account with Waldo State Bank.
According to recent data from Northwestern Mutual, the average American will need roughly $1.46 million to retire comfortably. So, it's always a good idea to start saving, even if you can only make small contributions now.
Preparing for the Holidays
Even for short-term savings goals, like getting ready for the holiday gifting season, WSB has you covered. Our Christmas Club account is a low-risk investment opportunity to help grow your savings as you prepare for Christmas or any other special occasion. There's no minimum required to open an account, and payouts occur the first week of October.
Starting a Business
Our services extend beyond personal banking. We also offer checking and savings accounts for businesses! Our business banking solutions make it easier to monitor business spending, make payments, and grow savings with compounding interest.
Ready to Start Saving?
No matter your financial goals, Waldo State Bank offers the right solutions to help you prosper. From personal checking accounts to business banking solutions, we're proud to serve the local financial needs of Sheboygan County and beyond.
To get started, visit us or contact us on our website.
