Reserve Accounts

CDARS® - Certificate of Deposit Account Registry Service®

The FDIC insures depositors up to $250,000 per owner per bank. For investors with even larger deposits, the CDARS service allows depositors to access multi-million-dollar FDIC coverage, while earning CD-level interest rates.

With CDARS, there is no longer any need to run to multiple institutions so that you stay under the $250,000 limit of the FDIC. There are none of the hassles of signing multiple account documents and managing several bank statements. With CDARS, you enter into one Deposit Placement Agreement regardless of the number of CDs you open. Our consolidated statement shows your balance and maturity dates. Contact Summit State Bank to learn more.

How does CDARS work? When you place a deposit with Summit State Bank, 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 investment is eligible for FDIC protection. By working directly with just one bank – Summit State Bank – you can receive insurance through many.

CDARS Account Features
Minimum  deposit
  • $10,000 deposit per CD
Maximum single deposit
  • $20-million during a single week
Length of term
  • 4, 13, 26, and 52 weeks
Interest Rate
  • Fixed during the length of the term
  • Contact us for the current APY (Annual Percentage Yield)
  • Compounded quarterly
Eligible depositors
  • Corporations, individuals, sole proprietors, non-profits, public funds, LLPs, LLCs and financial advisors
Early Withdrawal
  • Penalty may be imposed
Convenience features
  • One point of contact
  • One Deposit Placement Agreement to sign
  • One CDARS quarterly statement
  • No additional signature card to sign
  • One source for all your answers


Limits apply. Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with us. The agreement contains important information and conditions regarding the placement of funds by us. CDARS and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.