FDIC Certificate of Deposit Insurance up to $50 Million

The maximum amount of FDIC insurance was recently raised from $100,000 per account to $250,000 per account.This new limit is until December 31, 2013, after that date the maximum amount of FDIC coverage will revert back to $100,000 per account.What if you have more money to invest than the maximum amount per account? Instead of going from bank to bank to open certificate of deposit accounts another option is to use the Certificate of Deposit Account Registry Service (CDARS).


The CDARS simplifies the process of getting FDIC certificate of deposit insurance for more than the maximum amount per CD account and you only have to deal directly with one bank and make one deposit. Your CD deposit is spread across the network of banks of just under the  $250,000 limit to qualify for FDIC insurance coverage. You can also choose CD terms between 1 month to 5 years and you earn the same certificate of deposit rate across all banks. You receive one monthly certificate of deposit statement that has all the details of your CD investments in all banks. There are no transaction fees, annual fees or fees of any kind.  The network of over 2000 banks is overseen by the FDIC and only banks with the highest FDIC rating can participate. You can watch this video to learn how the service works CDARS video and you can locate all the member banks by state or by name. Locate a CDARS bank by state or name.