Certificate of Deposit Account Registry Service (CDARS)

CDARS® is a unique program which provides FDIC protection on multi-million dollar CD investments. The CDARS® program through Bank of Utah provides a safe and convenient way to access FDIC insurance protection on your money and can be a valuable cash management or longer-term investment tool for you or your business.*

It's a great solution for:

  • Individuals with over $100,000 in CD's
  • Businesses
  • Non-profit organizations

Why Consider CDARS®?

It provides one-stop shopping. With help from Bank of Utah's CDARS® program, you can access:

  • Safety. Your money can access multi-million dollar FDIC insurance coverage.
  • Convenience. Instead of working with multiple banks and credit unions for multiple CD's, you can work with us. You earn a competitive interest rate, receive one regular statement, and one year-end tax form.
  • Community Investment. The full value of your money can support lending opportunities in your local community.**
  • CD-Level Rates. Your money earns CD-level returns, which may compare favorably with other investment alternatives, including Treasuries, corporate sweep accounts, and money market funds.

How does CDARS® work?

Bank of Utah is a member of a special banking network. When you place a large amount of money with us, we can place your funds into CDs issued by other banks in the same network—in increments of less than $100,000—so that both principal and interest are eligible for complete FDIC protection. As a result, you can receive coverage from many banks while working with just one.

These exchanges, which occur on a dollar-for-dollar basis, can bring the full amount of your original deposit back to the local level, with our bank. As a result, we can make the full amount of your deposit available for community lending purposes.**

What else should I know?

You no longer need to spend time managing multiple bank or credit union relationships, administering various interest rates, organizing interest disbursements from various sources, or manually consolidating monthly statements. This reduces your administrative burden, especially during tax and financial reporting seasons.

With CDARS®, you can eliminate the need to monitor changing collateral values - another time saving convenience.

*Funds may be submitted for placement only after a depositor enters into the CDARS® Deposit Placement Agreement with Bank of Utah. This agreement contains important information and conditions regarding the placement of funds by Bank of Utah.

**This benefit applies to some, but not all types of CDARS® transactions. Let us know if this benefit is important to you, so that we can explain the relevant terms and conditions in more detail.

CDARS is a registered service mark of Promontory Interfinancial Network, LLC.