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How does CDARS work?

Principal Bank is part of the CDARS (Certificate of Deposit Account Registry Service®, or CDARS®) Network. When you place a large amount of qualified money with us, we place your funds into qualified certificates of deposit (CDs) issued by other banks in the Network - in amounts less than the standard FDIC insurance maximum - so that both principal and interest are eligible for FDIC protection.

As a result, you can receive FDIC coverage through many banks while working directly with just one.

How CDARS works for you

  • Multi-million-dollar FDIC insurance. Using the CDARS service through Principal Bank, you can access up to $50 million in multi-million-dollar FDIC protection on your qualified CD investments.[1]
  • One bank. You work directly with Principal Bank - the bank you know and trust - to secure large qualified deposits (from $250,000 to $50 million).
  • One rate. You earn one interest rate on each CD term through CDARS. With CDARS, there is no need to negotiate multiple rates or manually tally disbursements for each CD.
  • No fees. You pay no fees to use this service. We do not charge annual fees, subscriptions fees, or transaction fees for using the CDARS service.
  • Short-term qualified CDs include 4, 13, 26 and 52 weeks. Annual terms include 2, 3 and 5 years.

What else should I know?

CDARS can significantly reduce your administrative burdens, especially during tax and financial reporting seasons; there's no need to manually consolidate statements or interest disbursements or to calculate blended rates.

To learn more about your CDARS account, watch a Flash overview of CDARS.

For more information about your CDARS account, please give us a call at 1.800.672.3343. Say "Company Directory" when prompted, then enter extension 40701.

Also, if you did not already have an account with Principal Bank near the FDIC limit for coverage, we will place a portion of your funds in a new Principal Bank account. This account could be a qualified CD or Money Market account, depending on your situation.

[1]
Limits apply. Funds may be submitted for placement only after a depositor enters into a qualified CDARS Deposit Placement Agreement with us. The agreement contains important information and conditions regarding the placement of qualified funds by us.


CDARS and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.
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