Minnwest Bank

CDARS® and ICSSM

As a member of the CDARS Network, Minnwest Bank is able to provide convenient and safe investment options that provide you with access to multi-million-dollar FDIC insurance for all CD deposits placed through CDARS*.

How Does It Work? 

Access Multi-Million-Dollar FDIC Insurance Coverage

Everything is handled through our bank. Your large deposit is broken into smaller amounts and placed with other banks that are members of the Network. Then those banks issue CDs in amounts under the standard FDIC insurance maximum ($250,000), so that your investment is eligible for FDIC protection. By working directly with just one bank – Minnwest – you can receive insurance through many. And you receive one monthly statement, and earn one rate per maturity on your entire investment through CDARS.  

What is ICSSM?

ICS, the Insured Cash Sweep® service, is available through Minnwest, as a member of the ICS Network. Like CDARS, your deposit is placed in different FDIC-insured banks where they will earn interest at a single rate that you agree to with us. However, with ICS, your funds are placed into money market deposit accounts at other Network banks. You can withdraw your ICS funds up to six times a month.

Is It Right For My Business?

Who Should Place Funds Through CDARS or ICS?

  • Businesses interested in access to multi-million-dollar FDIC coverage for excess investment funds
  • Public municipalities required to maintain insured or collateralized deposits.
  • Businesses that may exceed FDIC coverage with existing deposits.
  • Organizations with limited time available to manage funds on a day-to-day basis

Benefits & Features

  • CDARS and ICS are available to all businesses, non-profits, and public municipalities.
  • Enjoy the convenience of working with Minnwest for all funds invested through these services.
  • Receive a monthly statement from Minnwest detailing all activity for each of the services.
  • Earn CD or savings account rates of interest on excess or idle funds.
  • Access multi-million-dollar FDIC insurance coverage on your deposits.
  • Save staff time and money by maintaining a single banking relationship. Minnesota State Legislation has approved CDARS and ICS for municipalities.

*Not available at all locations.  Member FDIC.

Placement of your funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures set forth in the agreements, including the applicable Deposit Placement Agreement, you enter with us. Limits apply and customer eligibility criteria may apply. These agreements contain important information and conditions regarding the placement of funds by us.

CDARS and Insured Cash Sweep are registered service marks, and ICS is a service mark, of Promontory Interfinancial Network, LLC.

 

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