Many banks offer CDARS:
Through the Certificate of Deposit Account Registry Service SM, or CDARS SM, one Bank offers you a safe, convenient opportunity to put your cash to work, plus the benefit of FDIC insurance protection of every dollar. And your personal financial information is protected.
Until now, investors only had a few ways to enjoy full FDIC insurance on deposits larger than $100,000, such as open and maintain accounts with multiple banks or invest with one bank by transferring ownership and registering accounts to the names of family members or corporate affiliates.
Built and rigorously tested by seasoned banking professionals and experienced technology architects, CDARS SM is a proven system that serves the needs of companies, organizations, individuals and nonprofits across the United States.
Through CDARS, large deposits may now be placed by your Bank into smaller-denomination CDs at multiple institutions. This service offers you
- Safety of FDIC insurance for large deposits. Because funds are placed in FDIC-insured CDs that are issued by Network members, your total deposits exceeding $100,000 are eligible for full FDIC coverage, up to
- CD interest. Rates may compare favorably with those of other high-quality, fixed-income investments.
- Management convenience. You may manage all of your CD investments through a single relationship.
- Security of working with a trusted, local source. Your transaction is managed by the people you know and trust at your Bank.
- Simplified record keeping. Your Bank will provide a consolidated 1099 that reports your taxable income.