CDARS & ICS

NewFirst is a participant in the Promontory Network, which provides a convenient and easy way to have FDIC insurance on Certificate of Deposit (CDARS) and Demand Deposit (ICS) products that exceed the FDIC limits. 

  

How CDARS Works

Everything is handled through a CDARS Network member of your choice. The thousands of financial institutions that can offer CDARS are members of a unique network. When you place a large deposit with a CDARS Network member, that institution uses the CDARS service to place your funds into CDs issued by other members of the CDARS Network

This occurs in increments below the standard FDIC insurance maximum ($250,000) so that both principal and interest are eligible for FDIC insurance.

  • One Bank - Access multi-million dollar FDIC insurance coverage by working directly with just one bank.
  • One Rate - Earn one rate for each CD maturity and enjoy the option of reinvesting funds through a simple process.
  • One Statement - Receive one easy to read statement from your bank summarizing all your CD holdings. 

View Our CDARS Demo

How ICS Works

If you have deposits at a single bank in a single ownership capacity, then you have access up to $250,000 in FDIC insurance at that bank.

But with ICS®, the Insured Cash Sweep® service, you can access multi-million-dollar FDIC protection by working directly with just one bank that offers ICS.

Financial institutions that offer Insured Cash Sweep are members of a unique network – the ICS Network. Everything is handled through an ICS Network member of your choice. When you place a large deposit with an ICS Network member, that institution uses the ICS service to place your funds into demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or both, at other FDIC-insured member institutions.

The placement of your funds occurs in increments below the standard FDIC insurance maximum of $250,000 so that both principal and interest are eligible for FDIC insurance. By working directly with just one institution, you can access insurance coverage from many. And, you receive just one regular, monthly account statement for each service option utilized.

 

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