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?
Benefits & Features
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.