With IntraFi Cash ServiceSM, ICS , you can enjoy the safety and simplicity that comes with access to multi-million-dollar FDIC insurance through a single bank relationship.
Peace of mind
Rest assured knowing that funds are eligible for FDIC insurance protection in amounts well into the millions, all backed by the full faith and credit of the federal government. And since deposit accounts are not subject to floating net asset values, you can feel secure knowing that market volatility will not negatively affect principal.
Interest
Put cash balances to work in demand deposit accounts or money market deposit accounts.
Liquidity
Enjoy access to funds placed through ICS into demand deposit accounts and money market deposit accounts.
Time savings
Work directly with just us – a bank you know and trust- to access multi-million-dollar FDIC insurance and forego the need to track collateral on an ongoing basis, or to manually consolidate statements and disbursements from multiple banks.
Community support
Feel good knowing that the full amount of funds placed through ICS can stay local to support lending opportunities that build a stronger community.
How does ICS work?
We, like other institutions that offer ICS, are members of the IntraFi network. When we place your deposit through ICS, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The amounts are then placed into deposit accounts at multiple FDIC- insured banks. As a result, you can access FDIC coverage from many institutions while working directly with us.
Receive one statement from our bank and access key details about your accounts online, 24/7.
And, as always, know that your confidential information is protected.
By leveraging CDARS®, you can access multi-million-dollar FDIC insurance on CD investments.
One Bank
Access multi-million-dollar FDIC insurance for funds placed into CDs by working directly with just us—a bank you know and trust.
One Rate
Earn one rate for each CD maturity, and enjoy the option of reinvesting funds through a simple process. Rates may compare favorably to Treasuries.
One Statement
Receive one easy-to-read statement from us summarizing your holdings in CDARS.
How does CDARS work?
Institutions that offer CDARS are members of the IntraFi network. When a member institution places your deposit through CDARS, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The funds are then placed into deposit accounts at other network banks. As a result, you can access FDIC coverage from many institutions while working directly with just ours. Receive one statement from our bank detailing all your CDARS placements.
What else should you know?
With access to multi-million-dollar FDIC insurance, you can eliminate ongoing collateral tracking and avoid the hassle of opening accounts at different banks or in different insurable capacities, as well as the need to manually consolidate account statements and interest disbursements on a recurring basis. This reduces administrative burdens, especially during tax and financial-reporting seasons, and frees up valuable time.
So, you can skip extra paperwork while enjoying the peace of mind associated with access to multi-million-dollar FDIC insurance.
As always, your confidential information remains protected.
Benefits
Your funds remain secure as they earn competitive interest — and you’ll only ever receive statements from Select Bank. Put your higher balances to work, and let us do the work for you.