Simple Solutions for Investors
Certificate of Deposit Account Registry Service (CDARS)
With Oak Bank, your money and your business is safe. Oak Bank is an FDIC-insured member of the Certificate of Deposit Account Registry Service (CDARS), a nationwide network of financial institutions. The FDIC can only insure up to $250,000 per depositor, but with CDARS, any large deposit over $250,000 is protected. By using CDARS, Oak Bank can break up your large deposit into multiple FDIC-insured deposits placed at separate banks in the CDARS network.
Each of your multiple deposits will earn the same great rate, and will be insured by the FDIC. Oak Bank will work with you to deposit your money safely and conveniently, providing options for interest payments and maturity dates. You’ll work with a single Oak Bank investment specialist, receive a single monthly statement on all deposits, and file only one tax form annually.
Insured Cash Sweep (ICS)
If you prefer to have more immediate access to your funds, Oak Bank offers Insured Cash Sweep (ICS).
The same guarantees apply as with a CDARS account. Your multiple deposits will be in different, FDIC-insured savings accounts where they will earn interest at the same great rate. The difference with this account is that it is a money market account so you can withdraw funds up to six times per month, plus you can get an unlimited number of deposits as long as you stay within the withdrawal limits. This allows you to access your funds faster. An Oak Bank investment specialist will provide you with all the information you need including options for interest payments, and you will receive a single statement on all of your deposits.