Introducing CDARS®—Multi-million Dollar FDIC Protection
CDARS® is a new investment tool from Northwestern Bank that can provide you with full FDIC insurance on your deposits—up to $50 million.
CDARS—Certificate of Deposit Account Registry Service—is the perfect solution for many types of depositors including businesses, non-profit organizations, public funds, and more. You bank directly with us, sign one agreement, earn one interest rate, and receive one regular statement. This saves you the trouble of tracking mature CDs from numerous banks, organizing various interest disbursements, and monitoring changing collateral values.
One Bank
Everything is handled through Northwestern. Your large deposit is broken into smaller amounts and placed with other banks that are members of the CDARS network. Then, those banks issue CDs in amounts under the standard FDIC insurance maximum, so that your entire investment is eligible for FDIC protection. By working with just Northwestern, you can receive insurance through many.
One Rate
You earn one rate on your entire investment, so you won't need to worry about multiple rate negotiations and the need to consolidate multiple disbursement checks.
One Statement
You receive one regular account statement listing all of your CDs, along with their issuing banks, maturity dates, interest earned, and other details. With CDARS, there's no need to manually consolidate statements, track changing collateral values, or use private surety bonds.
All of this can save you time and money, without sacrificing safety or account confidentiality.
To learn more about CDARS, please contact your local office or call our Customer Service Center at (231) 935-4357 or toll-free (866) 935-4357 or e-mail service@nwbank.com.