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Certificate of Deposit Insurance for up to $50 Million

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The maximum amount of insurance on deposit accounts guaranteed by the Federal Deposit Insurance Corporation was raised during the credit crisis from $100,000 to $250,000 per account. This new $250,000 limit is in effect until December 31, 2013. On January 1, 2014 the maximum amount of deposit insurance will revert back to $100,000.

Even with the increase in FDIC coverage what if you have more money to invest than the maximum amount per account? You can go to as many banks as necessary and open certificates of deposit, making sure you stay under the insured amount.

Another option is opening certificate of deposit accounts at one bank and receiving up to $50 million in coverage.

How is it possible?

The Certificate of Deposit Account Registry Service (CDARS).

The CDARS makes getting FDIC insurance protection on more than $250,000 per account painless. You only have to deal with one bank directly when you open your CD accounts.

When you open CD accounts at a participating CDARS bank your deposits are spread across the network of banks of just under the $250,000 limit to qualify for FDIC insurance coverage.

You choose certificate of deposit terms between 1 month to 60 months and you earn the same CD rate at all banks. You also receive one monthly statement that has all the details of your CD investments from all banks.

Another good thing about this service is there are no transaction fees, or any fees at all.  The CDARS network has over 2000 banks that are overseen by the FDIC and only banks with the highest FDIC rating can participate.

In you are interested in learning more about CDARS you can view this video: About CDARS.

You can also find out which banks are participating in the network by name or you can search for banks in your state that belong: CDARS banks by state or name.

Author: Robert Till
March 11th, 2010

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