Get FDIC coverage over $100K through one bank

Through a program called the Certificate of Deposit Account Registry Service, or CDARS (pronounced like “Cedars”) you can get full FDIC insurance for your deposit amounts larger than $100,000. Basically, your large deposit made at your bank is broken into smaller amounts and placed with other banks that belong to a special network, who then issue CD’s in amounts less than $100,000, ensuring that your entire investment is covered by the FDIC.

Benefits:
1. The convenience of dealing with one bank
2. Earn one rate on your entire investment
3. You receive one statement listing all of your CD’s and related information.

How:
1. Enter into a Deposit Placement Agreement
2. Select maturities and rates
3. Your funds are submitted through CDARS for placement
4. CD’s are issued
5. Written confirmation is provided to you with a listing of all your CD’s.

Not all banks participate in this program; you’ll need to check with yours to learn more.

Also, for more information, check out this website, http://www.cdars.com.