High-Balance Deposits Secured by FDIC
Protecting your deposited funds has never been more important. For accounts that exceed the $250,000 FDIC limit, Stearns Bank offers ICS® (Insured Cash Sweep) and CDARS® (Certificate of Deposit Registry Service). These programs extend FDIC protection across the full value of your deposits*, with the convenience of a single account and personal service of Stearns Bank.
"Stearns Bank is credit strong with a bullet-proof balance sheet and high capital ratios. We are well positioned for high performance and long-term growth."
Stearns Bank President and CEO
*The Stearns Bank ICS program provides FDIC insurance coverage for up to $100 million in deposits, and up to $50 million for CDARS.
How ICS Works
An ICS account is a secure and convenient way to manage business deposits of $250,000 or more, with full FDIC protection.
With ICS, you can:
Rest assured. Make large deposits eligible for multi-million-dollar FDIC insurance. This protection is backed by the full faith and credit of the federal government.
Access funds. Make unlimited withdrawals on any business day using the ICS demand option or up to six program withdrawals per month using the ICS savings option. Funds can be placed using either or both ICS options to match your cash management and liquidity needs.
Earn interest. Put excess cash balances to work by placing funds into demand deposit accounts using the ICS demand option or into money market deposit accounts using the ICS savings option.
Save time. Work directly with Stearns Bank to track account activity, balances and other information online. Set up electronic statements from a single Stearns Bank account, rather than multiple banks.
How CDARS Works
If you are seeking CD-level rates comparable to Treasuries or government money market mutual funds, CDARS offers the security of FDIC insurance with the convenience and personal service of Stearns Bank.
Peace of mind. Access multi-million-dollar FDIC insurance on CD investments.
One relationship. Work directly with our dedicated team at Stearns Bank.
One rate. Negotiate one interest rate per maturity on CD investments placed through CDARS, instead of multiple rates or tally disbursements for each CD.
One statement. You receive one regular e-statement detailing your CD investments. No 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.
Maturity options. Select 52 weeks or two years and choose terms that best match your liquidity needs.
Community investment. When you choose Stearns Bank, your deposits support lending initiatives that strengthen local communities.
Corporate Treasury and Cash Management
For high-balance corporate funds, an ICS or CDARS account is a sound and safe option. These programs extend FDIC protection across large balances, with the personal service and efficiency of a single bank relationship. ICS and CDARS is a perfect solution for cash management strategies focused on safety, liquidity and access to funds.
Read our blog: Insured Deposits Are Safe Bet for Corporate Treasury
Protect Your Personal Funds
Protecting your wealth through life’s unpredictable challenges is a top priority. ICS and CDARS provide security for your savings and investment planning. No matter who or what you’re saving and spending for, you’re always backed by FDIC insurance, matched with personal service and support from Stearns Bank.
Read our blog: FDIC Insurance: Strength and Security for Deposits
Video: How ICS and CDARS Work
Video: How ICS Works
Video: How CDARS Works
Frequently Asked Questions (FAQ)
The Stearns Bank Difference
- Recognized national top-performing bank
- Well-positioned for any economic climate
- Employee-owned, customer-driven
- Personal service from real people
- Guidance from dedicated experts
- Nationwide lending and banking services
Banking That Pays
Checking and savings accounts
Reach your business checking and savings goals faster with simple, smart and rewarding BusinessSmart™ accounts. Earn interest and cash back with the convenience of online and mobile banking.