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CDARS

Certificate of Deposit Account Registry Service (CDARS)

CDARS is a program that allows you to spread your money across multiple banks to increase your FDIC coverage.  Using a computerized process, we distribute your large CD deposits among multiple banks in amounts below the insured limit, ensuring that all of your money is insured by the FDIC.

Benefits
  • Security - Access up to $50 million dollars in FDIC protection on CD investments
  • One Relationship - Work directly with one bank, Level One, the bank you know and trust, to secure your large deposits
  • One Rate - Earn one interest rate on CD investments. No need to negotiate multiple rates or manually tally disbursements for each CD
  • One Statement - Receive one consolidated statement detailing your CD investments
  • Term Options Choose from a variety of terms: 1, 3, 6, 12, 24, 36 and 60 month
Minimum Deposit to Open
  • $100.00
Withdrawal Penalties  

Withdrawing a CD before the maturity date will result in an early withdrawal penalty as detailed below.  An early withdrawal penalty may reduce principal. No penalty will be charged for early withdrawal of a CD upon the death of an individual who is the sole account holder or joint account holder of the CD. This penalty waiver applies to an individual who is the named account holder, as well as an individual who is the sole current mandatory or discretionary beneficiary of a trust, including the sole current beneficiary of a unitrust of annuity trust.

  • 4-week CD - 28 days of simple interest* withdrawal penalty
  • 13-week CD - 90 days of simple interest withdrawal penalty
  • 26-week CD - 90 days of simple interest withdrawal penalty
  • 52-week CD - 180 days of simple interest withdrawal penalty
  • 2-year CD - 360 days of simple interest withdrawal penalty
  • 3-year CD - 540 days of simple interest withdrawal penalty
  • 5-year CD - 900 days of simple interest withdrawal penalty

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Level One Bank reserves the right to change this account at any time.

Fees may reduce earnings on the account.

*Simple interest is the interest paid with respect to each period of time and does not compound.

 

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