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CDARS®

There's no need to move your money elsewhere for multi-million-dollar FDIC insurance coverage. Keep your money and contacts local with CDARS®.

Conveniently Secure Your Funds

CDARS® offers multiple benefits to investors who want to combine the security of FDIC insurance with the convenience of working directly with First National Bank of Michigan as their financial institution.

FNBM’s CDARS® service offers you:

  • Peace of Mind — You can access multi-million-dollar FDIC insurance on CD investments.
  • One Relationship — You work directly with our financial institution.
  • One Rate — You negotiate one interest rate per maturity on CD investments placed through CDARS® and there is no need to negotiate multiple rates or tally disbursements for each CD.
  • One Statement — You receive one regular statement detailing your CD investments. You no longer need to manually consolidate statements at the end of each month, quarter, or year.
  • No Hidden Fees — You will not be charged annual fees, subscription fees, or transaction fees for using CDARS®. The rate you see is the rate you get.
  • No Ongoing Collateralization — Because CDARS® deposits are eligible for FDIC protection, you can eliminate ongoing collateral tracking.
  • A Wide Variety of Maturities — You are able to select from various maturities ranging from 4 to 260 weeks (5 years) and choose the terms that best suit your investment needs.
  • Community Investment — The full amount of your funds can support lending initiatives that strengthen your local community [1].

Bank Safe, Bank Smart®.

For assistance, please contact Jennifer Nemecek, Treasury Management Manager.

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

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 depositors 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® and Bank Safe, Bank Smart® are registered service marks of IntraFi Network.

Current Rates

CDARS®

Certificates of Deposits Details
Current CDARS Rates
Term Interest Rate APY *
4 Week 0.50% 0.50%
13 Week 0.65% 0.65%
26 Weeks 0.80% 0.80%
1 Year 1.00% 1.00%
2 Year 1.25% 1.25%
3 Year 1.50% 1.50%
*APY = Annual Percentage Yield. Interest rate and APY may change after account is opened. Current rates are subject to change. Fees could reduce earnings on accounts. Early withdrawal penalties will apply if funds are withdrawn prior to maturity.
Last updated on 11/17/2022.

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