CDARS is a safe, convenient service through which we can place your large CD deposits into smaller-denomination CDs at multiple institutions.
CDARS could be right for you if you:
- Have significant FDIC insurance needs.
- Want to simplify management of your CD accounts.
Safe
Deposits are held with other CDARS Network members, each an FDIC-insured institution, so deposits are eligible for FDIC insurance at each member bank.
Attractive
Rates on CDs may compare favorably with those of other high-quality, fixed-income investments, such as Treasury securities.
Convenient
You can manage all your CD investments through one relationship.
Confidential
Your CDs with other banks are identified only by a tracking number and your personal information remains confidential.
How CDARS works:
- Submit an order
We submit an order to request placement of your money. - CDs issued through the CDARS system
Your money is placed into CDs with denominations under $250,000, which are issued by other banks. You can identify banks where you do not wish your funds to be placed, and you can also review a list of banks where CDARS proposes to place your deposits. This allows you to ensure your entire deposit is fully insured. - Confirmation of deposit
When your CDs are issued, we will send you a notice confirming your deposit. - Interest paid directly to you
Interest is paid directly to you or a designated account - Monthly Statement
Each month, we send you a statement listing all the banks issuing the CDs, maturity dates, interest earned and other details. - Annual 1099 tax summary
At the end of each year, we send you a consolidated 1099 tax summary that reports your taxable interest income.
Please click on the CDARS website link at cdar/a> for further information.