Certificate of Deposit and Individual Retirement Accounts
Individual Retirement Accounts
- Minimum opening deposit $1,000 for fixed rate IRA
- Select a term from 7 days to 60 months
Certificate of Deposit
- Minimum opening deposit $1,000
- Select a term from 7 days to 60 months
- Interest is compounded and paid annually for terms of one year or more; and can be paid monthly, quarterly or at maturity
- Penalty for early withdrawal may be imposed
CDARS
One Bank. One Rate. One Statement.
Full FDIC Insurance
Looking for a way to keep large deposits safe? CDARS® (www.CDARS.com) can be a valuable cash management or longer-term investment tool for you.1 CDARS is a great solution for:
- Businesses
- Non-profit organizations
- Public funds managers
- Trustees
- Financial advisers
- Individual investors
CDARS - Certificate of Deposit Account Registry Service - can offer you, our customer, access to multi-
million dollar FDIC insurance coverage on your CD investments up $50 million.
Why CDARS?
It's one-stop shopping. CDARS benefits include:
- Safety - Your money can have multi-million dollar FDIC insurance coverage.
- Convenience - You work directly with one bank -- us. You earn one interest rate and receive one regular statement, and one year-end tax form.
- Community Investment - The full value of your money can support lending opportunities in your local community.2
- 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 funds.
How does CDARS work?
Community First Bank & Trust is a member of a special network. When you place a large deposit with us (up to $50 million), we place your funds into CDs issued by other banks in the same network - in increments of less than $250,000 - so that both principal and interest are eligible for complete FDIC protection. As a result, you can receive coverage from many banks while working with just one. There are no extra or hidden fees to use the CDARS service.
These exchanges, which occur on a dollar-for-dollar basis, can bring the full amount of your original deposit back to our bank. As a result, we can make the full amount of your deposit available for community lending purposes.
What else should I know?
With CDARS, you no longer have to spend time managing multiple bank relationships, administering 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.
You can also eliminate the need to monitor changing collateral values - another time-saving convenience.
Of course, your confidential account information remains protected.
Ask us about how CDARS can work for you the next time you visit one of our branches, or call Janice
Simpson at 615-550-2234 for more information.
1 Funds may be submitted for placement only after a depositor enters into the CDARS Deposit Placement Agreement with Community First Bank & Trust. The agreement contains important information and conditions regarding the placement of funds by us.
2 This benefit applies to some, but not all types of CDARS transactions. Let us know if this benefit is important to you, so that we can explain the relevant terms and conditions in more detail.
CDARS is a registered service mark of Promontory Interfinancial Network, LLC.
