From Kiplinger · · 40s
CDARS: Diversify Savings with FDIC Coverage
CDARS spreads savings across banks to stay within FDIC insurance limits.
In brief
CDARS spreads savings across banks to stay within FDIC insurance limits. CDARS helps users split deposits across multiple banks to keep full FDIC insurance coverage on savings. Originally reported by Kiplinger.
FDIC Coverage Limits
Deposits up to $250,000 per bank receive federal insurance against bank failure.
CDARS Solution
CDARS splits savings across multiple banks to stay within FDIC insurance limits.
How CDARS Works
Users choose one bank to place money for them; CDARS spreads funds across partner banks.
CDARS Rates
Everbank offers 3.05% for three-month CDs and 3.57% for two-year CDs through CDARS.
Alternative Option
ICS spreads money across money market accounts without early withdrawal penalties.
At a glance
CDARS helps users split deposits across multiple banks to keep full FDIC insurance coverage on savings.
