Personal Banking

CDARS®




Enjoy full FDIC insurance on accounts larger than $250,000.






Be part of a special network. With CDARS, you can receive up to $50 million in FDIC protection through SpiritBank. There are few guarantees in life— but FDIC insurance is one of them. CDARS can be a valuable cash management or longer-term investment tool for you or your business.

Why CDARS® ?

  • Safety – Your money can receive up to $50 million in FDIC insurance coverage.
  • Convenience – You work directly with SpiritBank. You earn one interest rate and receive one regular statement. Private investors receive one year-end tax form.
  • Community Investment – The full value of your money can support SpiritBank’s lending opportunities in your Oklahoma 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 mutual funds.

How does CDARS work?

SpiritBank is a member of a special network. When you place a large amount with SpiritBank, we place your funds into certificates of deposit issued by other banks in the network—in increments of less than $250,000—so that both your principal and interest are eligible for complete FDIC protection. With help from a sophisticated matching system, we exchange deposits with other banks that are members of the network.

These exchanges, which occur on a dollar-for-dollar basis, brings the full amount of your original deposit back to SpiritBank. As a result, we can make the full amount of your deposit available for community lending purposes.

What else should I know?

Now, you no longer need to run around opening multiple accounts at multiple banks, managing 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.

And with CDARS, you can eliminate the need to monitor changing collateral values—another time saving convenience.

Of course, your confidential account information remains protected.

Open an account quickly and conveniently.

Placement of funds through the CDARS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Limits apply. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), a depositor’s balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before CDARS settlement for a deposit or after CDARS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). As stated in the DPA, the depositor is responsible  for making any necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on placement of its funds, the  depositor is responsible for determining whether its use of CDARS satisfies those restrictions. CDARS, Certificate of Account Registry Service, and One Bank One Rate One Statement are registered service marks of Promontory Interfinancial Network, LLC.