Smart, Secure, and FDIC-Insured Savings Solutions
Protect Your Full Deposit with ICS® and CDARS®
When it comes to safeguarding large deposits, ICS® (Insured Cash Sweep®) and CDARS® (Certificate of Deposit Account Registry Service®) offer a smart, secure, and convenient solution. These services allow you to access multi-million-dollar FDIC insurance protection while working directly with a bank you know and trust—eliminating the hassle of managing multiple banking relationships.
Earn Interest While Keeping Your Money Safe
Put your cash reserves to work without sacrificing security. With ICS, you can earn interest through demand deposit accounts (via the ICS demand option) and money market deposit accounts (via the ICS savings option). With CDARS, you can invest in certificates of deposit (CDs) that offer competitive rates based on term length. ICS provides a single rate for each option, while CDARS offers one rate per CD maturity—helping you maximize returns while maintaining FDIC coverage.
Simplify Banking with One Bank and One Statement
Managing multiple banking relationships to protect your deposits can be time-consuming and complicated. With ICS and CDARS, you can work directly with our bank, eliminating the need to open accounts at multiple institutions. You’ll receive a single, easy-to-read statement summarizing your balances and activity while avoiding the hassle of tracking collateral if you're used to collateralization for deposit protection.
Access Your Money with Flexible Withdrawal Options
ICS and CDARS provide secure access to your funds whenever you need them. The ICS demand option allows unlimited withdrawals, while the ICS savings option permits up to six withdrawals per month. If you choose CDARS, you can select from a range of flexible CD maturities, with terms available from 4 weeks to 5 years.
Keep Your Deposits Local and Strengthen Your Community
When you place your deposits through ICS and CDARS, you’re not only supporting local lending opportunities that help businesses grow and neighborhoods thrive—you’re also keeping your funds secure while maintaining your banking relationship with the local bank you trust.
Ready to protect your large deposits with ease?
Contact us today to learn more about ICS and CDARS.
When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the ICS or CDARS Network, the relationship institution can use the full amount of a deposit placed through ICS or CDARS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositors’ consent, and if authorized under state law, a bank may choose to receive fee income instead of deposits from the banks. Under these circumstances, deposited funds would not be available for local lending.
Placement of funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Limits apply and customer eligibility criteria may apply. In the ICS savings option, program withdrawals are limited to six per month. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), a depositor’s balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before ICS or CDARS settlement for a deposit or after ICS or CDARS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of ICS or CDARS satisfies those restrictions. ICS, Insured Cash Sweep, and CDARS are registered service marks of Promontory Interfinancial Network, LLC.
