Why Use CDARS® and ICS to Protect Your High-level Accounts

Making sure your money is safe is our mission. Member FDIC.

Why Use CDARS® and ICS to Protect Your High-level Accounts?

Making sure your money is safe is your primary concern – and it’s our mission. If you are a super saver, some of your deposits might exceed the specified limits on your account – and therefore won’t be protected in the unlikely event of a bank failure.

At Sunrise Banks, we are part of a network of FDIC Off Site Link (Federal Deposit Insurance Corporation)-insured banks that work together to provide protection on accounts with higher balances. So, as an industry full of acronyms, we’d like to introduce you to two more. CDARS® and ICS are two services Sunrise offers to help you achieve the safety your money needs and the security you deserve.

Certificate of Deposit Account Registry Service (CDARS®)

CDARS® provides peace of mind with multi-million-dollar FDIC insurance on certificate of deposit (CD) investments.

It can be complicated and time-consuming to go bank-to-bank seeking out the maximum protection you may require for your finances. Instead, allow us to do the legwork for you and avoid the hassle of opening different accounts with different financial institutions or manually tallying disbursements for each CD.

The high-level protection CDARS® provides allows you to spread out your investments over multiple CD accounts at different banks. However, one of the best parts of CDARS® is that the separate accounts are managed under one umbrella with Sunrise, the bank you already know and trust. When you secure this protection on your high-level investments, you will be working directly with only the familiar folks at Sunrise Banks.

Additionally, with CDARS®, you can earn CD-level returns that have historically compared favorably with other investment alternatives, including U.S. Treasuries and money market funds. However, you won’t need to worry about negotiating multiple rates – you will earn one fixed interest rate per maturity on your CD investments. Nor will you have to spend time consolidating your statements at the end of each period. All of your CD investments will be detailed on only one regular statement.

And, as we always strive at Sunrise Banks to eliminate unnecessary fees and costs, CDARS® is no exception. You won’t pay any hidden fees of any kind on your high-level investments. That includes annual fees, subscription fees, and transaction fees for using the service.

As we like to say, the rate you see is the rate you get.

IntraFi® Cash Service (ICS) 

Similar to CDARS®, ICS offers the ultimate protection for your high-level investments as you can access millions of dollars in FDIC insurance. And, instead of managing multiple bank relationships, you can accomplish this goal through your already trusted relationship with Sunrise Banks.

Now, let’s discuss the most obvious difference between these two services, which is that, unlike CDARS®, ICS allows you the flexibility of liquidity. CDARS® requires you to invest your money in a CD for a certain period of time under specified terms, without the ability to move or withdraw funds until the term has ended. ICS, however, allows you to move your money in and out as dictated by your needs and desires.

Funds placed using ICS are not subject to floating net asset values, liquidity fees, or money market mutual fund liquidity gates, so you can rest assured knowing that market volatility will not negatively affect account value.

When you take advantage of ICS – the nation’s most widely used FDIC-insured deposit product – you can stay confidently in control of your investments with detailed statements and around-the-clock online access to your account information.

Do Well by Doing Good

With both of these services through Sunrise Banks, you can feel good knowing that your funds make a difference. A large deposit with us means that those funds may be supporting the local economy and lending initiatives in the community.

For example, you may be helping small businesses support job or inventory growth, nonprofits further their missions, and individuals finance higher education. We have a triple bottom line at Sunrise Banks – people, planet, and prosperity. We are proud to partner with you in this significant community investment.

A Final Word

At Sunrise Banks, your peace of mind is our priority. We believe that at the core of any successful relationship is trust, transparency and a willingness to customize services for each customer.

The bottom line? No one has ever lost a penny of an FDIC-insured deposit. Contact your account manager or customer service representative to set up a meeting to learn more about protecting your high-end investments with Sunrise Banks.