CDARS® & ICS® Savings

Looking for a way to insure deposits of $250,000 or more? We partner with IntraFI to offer Certificate of Deposit Account Registry Service® (CDARS®) or Insured Cash Sweep® (ICS®) services to make your deposits eligible for protection above the standard FDIC insurance amount.

Benefits of CDARS and ICS

  • Work directly with us at Merchants Bank and skip the paperwork of opening accounts at multiple banks.
  • Earn one interest rate per maturity with CDARS.
  • Receive one statement per service used and avoid the hassle of consolidating statements manually.
  • Peace of mind that your funds are eligible for multi-million dollar FDIC insurance.
  • Feel good knowing that your funds stay local and can support the lending needs of your community.

CDARS: Certificate of Deposit Account Registry Service

With CDARS, you can access multi-million dollar FDIC insurance coverage on Certificate of Deposit (CD) investments by working directly with just us - a bank you know and trust. 

  • Choose from a variety of terms to fit your deposit needs, ranging from four weeks to five years.
  • For each CD maturity, you'll earn one rate.
  • You can choose to reinvest your CDARS funds through a simple process. 

How does CDARS work? The large deposit you place with us is split into increments less than the standard FDIC insurance maximum ($250,000) and placed into certificates of deposit issued by other banks in the IntraFi network. You have the ability to check online where your funds are at all times.

This process allows for both principle and interest to be eligible for FDIC protection. You have peace of mind knowing you have access to multi-million dollar FDIC insurance coverage while working with just one bank.

ICS: Insured Cash Sweep

No two customers' needs are the same. That's why we offer flexibility in our Insured Cash Sweep (ICS) services through IntraFi. You can choose from two options: ICS Demand Deposit or ICS Money Market Savings. Let's take a closer look:

  • Both options earn interest and have no minimum balance requirements. 
  • Each account type has different withdrawal allowances. The ICS Demand Deposit has unlimited withdrawals, like a checking account, while the ICS Money Market allows for up to six withdrawals per month. Consider your needs and how often you'd like to access your funds to help determine which type of ICS account is right for you.

How does ICS work? When you make a deposit into your ICS account with Merchants Bank, that deposit is sent from your Merchants account to deposit accounts at other banks in the IntraFi network. You have the ability to check online where your funds are at all times.

The dollar amounts placed with other network banks are below the standard FDIC insurance maximum ($250,000). This enables your money to remain eligible for FDIC insurance protection while you continue to work with just one bank. It’s that easy.

[1] When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS, our bank can use the full amount of a deposit placed through ICS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending. 

Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC. Member FDIC.

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