Skip Navigation
FDIC-Insured - Backed by the full faith and credit of the U.S. Government

Please be cautious of Impersonation Scams. We will never ask you to share your passwords, account numbers or sensitive information via phone, eMail or text message. If you have interacted with a suspicious call or message, call a Springs Valley team member at 800.843.4947.

Smart Cash Management

Personal > Other Services > Insured Sweep Accounts & CDARS®

Insured Sweep Accounts & CDARS®

Looking for FDIC insurance beyond traditional limits? Springs Valley offers two solutions designed to provide access to multi-million-dollar deposit insurance1 while maintaining the convenience of working with a trusted local bank.

Insured Sweep Account

The Insured Sweep Account is designed for customers who want access to expanded deposit insurance1 coverage while maintaining daily access to their funds. Through Springs Valley's participation in the NBID deposit network, operated using ModernFi technology, funds are automatically distributed among participating FDIC-insured banks in amounts generally below the standard insurance limit at each institution. This provides access to millions of dollars in aggregate deposit insurance1 while allowing you to maintain a single banking relationship with Springs Valley.

Your funds remain liquid and readily available. Deposits and activity are consolidated into one relationship and one statement, eliminating the need to open and manage accounts at multiple financial institutions. Springs Valley and the network manage the allocation process while providing transparency into where your deposits are held.

Benefits

  • ·         Access to millions in aggregate deposit insurance1 coverage.
  • ·         Full access to your funds with no change to normal banking activity.
  • ·         One banking relationship and consolidated reporting.
  • ·         Competitive interest earnings on eligible balances.
  • ·         Continuous visibility into where deposits are allocated.

CDARS®

CDARS® is designed for customers who want expanded FDIC insurance coverage while investing funds in certificates of deposit. Through the IntraFi® CDARS® network2, large deposits are divided into amounts eligible for FDIC insurance and placed into CDs at participating banks, allowing customers to access multi-million-dollar FDIC protection while working directly with Springs Valley.

Unlike the Insured Sweep Account, CDARS® is a certificate of deposit solution. Customers may select from a variety of CD maturities and receive a consolidated statement while earning a competitive CD rate. The program eliminates the burden of establishing relationships with multiple financial institutions and tracking numerous CD accounts. Maintaining one local banking relationship simplifies account management while helping maximize FDIC insurance coverage.

Benefits

  • ·         Access to multi-million-dollar FDIC insurance options.
  • ·         Fixed-term CD investment options.
  • ·         One interest rate per maturity date.3
  • ·         One relationship with Springs Valley.
  • ·         Consolidated statements and simplified record keeping.

How do Insured Sweep Accounts and CDARS® work?

When funds exceed traditional FDIC insurance limits, deposits are distributed across participating network banks in amounts structured to provide access to expanded FDIC insurance coverage. Rather than opening accounts at multiple institutions yourself, Springs Valley manages the process, provides consolidated reporting, and remains your primary banking relationship. Whether utilizing an Insured Sweep Account or CDARS®, you receive the convenience of working with a trusted local bank while benefiting from a broader network of FDIC-insured institutions.

Protect large balances with confidence. Contact a Springs Valley team member at 800.843.4947 to discuss whether an Insured Sweep Account or CDARS® solution is right for you.  

1NBID LLC ("NBID") and ModernFi, Inc. and ModernFi Deposit Services LLC (collectively, "ModernFi") are not FDIC-insured banks, and deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for "pass-through" FDIC deposit insurance coverage to apply. NBID utilizes the services of ModernFi to operate NBID's deposit network. A list identifying network banks is available at https://www.nbid.com/bank-list. Deposit placement through the NBID network is subject to the terms, conditions, and disclosures in applicable agreements. Deposits placed at FDIC-insured banks in the network are designed to be eligible for pass-through FDIC deposit insurance coverage. Funds are designed to be allocated in increments that do not exceed the standard maximum deposit insurance amount ("SMDIA") of $250,000.00 at any one bank. A depositor's balance at Springs Valley Bank & Trust Company may exceed the SMDIA while funds are in transit, before deposits settle into the network or after withdrawals return. The depositor is responsible for protecting balances above the SMDIA as applicable law may require and for confirming that placement through the network meets any restrictions on its deposits. Depositors may exclude any network bank from receiving their funds by contacting Springs Valley Bank & Trust Company. For more information about FDIC deposit insurance, visit www.fdic.gov.

2 When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS®, our bank can use the full amount of a deposit placed through ICS®  for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor's consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending. Deposit placement through CDARS® or ICS® is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi® network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi® and ICS® are registered service marks, and the IntraFi® hexagon and IntraFi® logo are service marks, of IntraFi® Network LLC.

3One interest rate per CD maturity date when using CDARS®.

Have Questions?

Whatever your question - no matter how big or how small, no matter how complicated or how easy - we are glad to help you find the answer. If we can't immediately resolve your question, we can direct you to someone who can. We will make every effort to respond to your question or comments within twenty-four hours or the following business day.

Secure Contact Form Chat with a Representative Talk to an Expert