CD Rates from CDARS
Unless you have invested more than $250,000 in a certificate of deposit you might not have heard of CDARS. The Certificate of Deposit Account Registry Service (CDARS) allows you to invest up to $50 million in certificates of deposit and still enjoy FDIC insurance coverage. How is this possible you ask?
CDARS takes your deposit and spreads it out among many different CDARS member banks keeping your deposits below the $250,000 insured amount. Another benefit to using the CDARS service is you deal with only one bank, have one statement and earn the same CD rate on all certificates of deposit.
Here is the downside to this service. CDARS CD rates are usually sightly lower than the top CD rates that are available out here. You basically pay a price for the convenience in the form of lower interest rates.
The CDARS is not only available and useful to individuals. The service is also useful to businesses, nonprofit organizations, public fund managers, trustees and financial advisors.
More than 3,000 financial institutions participate in the CDARS network. You can find institutions by name or state here: CDARS Network.
If you don't have the millions to invest in certificates of deposit you can always find the best CD rates here: BEST CD RATES.
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