Savings & CDs
The safety of FDIC insurance coverage.. the convenience of a local bank relationship
- Through the Certificate of Deposit Account Registry Service, or CDARS, First National Bank of Eagle River offers you a safe, convenient opportunity to put your cash to work, while potentially benefiting from the protection of FDIC insurance on every dollar. And your personal financial information is protected.
A safe, convenient solution for large-deposit investors
- Until now, there were few ways an investor could enjoy full FDIC insurance on deposits larger than $100,000: open and maintain accounts with multiple banks or invest with one bank by transferring ownership and registering accounts in the names of family members or corporate affiliates.
All that has changed
- Built and rigorously tested by seasoned banking professionals and experienced technology architects, CDARS is a proven system that serves the needs of companies, organizations, individuals and non-profits across the United States.
- Safety of FDIC insurance for large deposits. Because funds are placed in FDIC-insured CDs that are issued by Network members, your total deposits over $100,000 can be eligible for full FDIC coverage, up to $1 million or more.
- CD interest. Rates may compare favorably with those of other high-quality, fixed-income investments.
- Management convenience. You can manage all of your CD investments through a single relationship.
- Security of working with a trusted, local source. Your transaction is managed by the people you know and trust at First National Bank of Eagle River.
Through CDARS, large deposits can now be placed by a participating bank into smaller-denomination CDs at multiple institutions. This service can offer you significant benefits:
Transactions through CDARS are processed quickly and easily
- Interest is paid directly to you or to an account you designate. Each month, we will send you a statement listing all your CDs, the banks issuing the CDs, maturity dates, interest earned, and other details.
At the end of each year, we will send you a consolidated 1099 that reports your taxable interest income.
Other key benefits
- By placing your funds through CDARS with First National Bank of Eagle River, you can earn income, preserve capital, access FDIC insurance on your total deposit, and benefit from the security that comes with a consistent banking relationship.
Through CDARS, specific advantages are offered to institutional and business customers
- Public-sector and nonprofit organizations(2)
- Funds are placed through the institution of your choice, effectively satisfying some organizations’ mandate to invest locally.
- Because all funds are eligible for FDIC insurance, deposits may not need to be collateralized to conform to your investment policies.
Corporations and small businesses
- Cash managers can have an alternative to commercial paper, money market funds, and repurchase agreements.
- Financial officers and small-business owners can enjoy access to FDIC-insured deposits through your local community bank.
Find Out More
- For additional information regarding CDARS, please contact Barb Patterson by phone at (715) 479-4406, Toll Free at (888) 479-4406 or send e-mail to barb@fnb-eagleriver.com.
(1) Funds may be submitted for placement through CDARS only after you enter into the CDARS Deposit Placement Agreement with the bank. The agreement contains important information and conditions regarding the placement of funds through CDARS. Please read the agreement carefully before signing it.
(2) Public-sector depositors are responsible for complying with restrictions on the deposit of public funds imposed by state and local jurisdictions, some of which may prevent the placement of public funds through CDARS. Please speak with a customer service representative or Bank officer if you have questions.
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EHL
Member FDIC