Have more than $250,000 to invest but still want the insurance protection of the FDIC? There is a way to have FDIC insurance protection for more than $250,000 without having to open and maintain certificate of deposit accounts at many different banks.

The Certificate of Deposit Account Registry Service offers up to $50 million in FDIC insurance protection while having one account and dealing with one bank. The only downside is the CD rates that CDARS member banks offer might not be the highest CD rates around.

Find the best CD rates at banks and credit unions by searching our CD rates table here: Best CD rates. You can also find a list of the best savings account rates here: Best Savings Account Rates.

When you invest in certificates of deposit with CDARS the service spreads your monies out among many different CDARS member banks keeping your deposits below the $250,000. Doing so makes sure your investment is still guaranteed by the FDIC.

Another big benefit to using the service is only have to deal with one bank, have one statement and earn the same bank CD rate on your entire deposit. The CDARS is available to individuals, businesses, nonprofit organizations, public fund managers, trustees and financial advisors.

You can find a list of member banks by either searching by the bank's name or the state. You can search the CDARS netword here: CDARS Network.

Author: Robert Till
August 31st, 2011

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