Certificate of Deposit Account Registry Service (CDARS®)
Receive up to $50 million in FDIC insurance protection on your CDs while maintaining the convenience of working exclusively with Tennessee Bank & Trust.
An efficient tool for safely managing CD investments — By combining all your CD investments into a single statement, CDARS greatly simplifies the paperwork needed for financial reporting and tax preparation.
Certificates of Deposits (CDs) help diversify your investment portfolio by providing safe and consistent growth. For investors managing large or multiple CDs, TB&T and parent bank Farmers Bank & Trust have partnered with the Promontory Interfinancial Network to offer access to the Certificate of Deposit Account Registry Service (CDARS®)—a solution that extends the security of FDIC insurance coverage from Tennessee Bank & Trust.
Simplified CD management
CDARS streamlines the process of CD investing. Through CDARS, you earn competitive rates based on the total of all your CD investments, and your interest disbursements are automatically consolidated. Each month, you receive a single statement that summarizes all CD holdings. CDARS also makes reinvesting easy, requiring just a few quick steps to put your funds back to work.
- One Bank
- One Rate
- One Statement
- A Wide Variety of Maturities
- No Collateralization
Comprehensive asset protection
Through CDARS, you may receive up to $50 million in FDIC insurance protection on your CDs while maintaining the convenience of working exclusively with Tennessee Bank & Trust. Behind CDARS is a network of FDIC insured institutions that exchanges deposits in excess of $100,000 among member banks. These exchanges, which occur on a dollar-for-dollar basis, bring the full amount of your original deposit back to TB&T. Through this sophisticated matching system, both your principal and interest up to $50 million are eligible for FDIC protection.
Getting started with CDARS
- Set up your account by visiting our office and completing a CDARS Deposit Placement Agreement.
- Agree to an interest rate with TB&T for the CD maturity selected. We will ask you how you would like your interest to be paid - monthly, quarterly, semi-annually, annually, or at maturity - as well as whether interest proceeds should be paid directly to you or into your account with us. Then make your deposit.
- Tennessee Bank & Trust will then place your funds through CDARS into multiple CDs under $100,000 at other network institutions to assure that your entire deposit is eligible for full FDIC coverage. When your CDs are issued, you will receive notification confirming your deposit.
- You will begin receiving monthly statements that list all of your CDs, the maturity dates and issuers, as well as your interest-earned and other details.
- In addition to your monthly statements, you will receive a single year-end 1099 that reports your taxable income (private investors only).
Funds may be submitted for placement only after a depositor enters into an agreement with us. CDARS is a service mark of Promontory Interfinancial Network, LLC. The agreement contains important information and conditions regarding the placement of funds by us.
Call or stop by one of our TB&T locations to learn more about how CDARS can make CD investing more convenient and secure.