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Blue Sky Bank is a CDARS member

Our promise of how Blue Sky Bank will work with you:

  • We will pick up the phone and answer your questions, no strings attached.
  • We’ll work quickly to understand your financial situation before ever suggesting ideas and solutions.
  • We’ll devise a range of solutions that make sense for you and make sure you clearly understand the advantages and disadvantages of each option.
  • We will be straightforward with you about whether we are able to compete with other solutions you’ve shopped.
  • Even if you’ve eliminated Blue Sky Bank from your set of possibilities, we’ll offer our expert opinion on your other options.
  • Contact Blue Sky Bank by phone or email and one of our experts will get back to you within the next business day, if not sooner.

Blue Sky Bank is your local CDARS® (Certificate of Deposit Account Registry Service) network member. CDARS is a one-stop shop for businesses, individuals, and other organizations who want to conveniently and securely access multi-million-dollar FDIC insurance on CD investments. This service streamlines the complicated nature of keeping your investments under FDIC protection within a single relationship. Blue Sky Bank, the financial institution you already trust, handles all aspects of this service from negotiating a rate to consolidating statements for easy review.

How CDARS could be right for you

CDARS® could be your longer-term investment tool if you or your business has FDIC insurance needs over $250,000 or if you have several CD accounts. Blue Sky Bank can simplify your CD account management system by placing large deposits into smaller denominations below the standard FDIC insurance maximum. We then disperse those deposits into other CDARS Network member banks which are all FDIC financial institutions. Those deposits become eligible for FDIC insurance.

If you find yourself negotiating multiple interest rates, CDARS allows you to skip over that process. Customers negotiate one interest rate per maturity on CD investments. You’ll never sort through or manually combine your statements again. All of your holdings are consolidated into one, regular, easy-to-read statement.

CDARS is safe and confidential

Rates on CDs may compare favorably with other high-quality, fixed-income investments, such as Treasury securities. In CDARS’ history, no deposit has lost a single cent on a FDIC-insured deposit.

We guarantee your account information is protected because it stays between you and Blue Sky Bank. We are the only financial institution working with you on your CD account needs. CDs with other banks are identified only by a tracking number and your personal information remains confidential.

Convenience, no hidden fees

CDARS eliminates the ongoing and time-consuming chore of tracking changing collateral values. This is possible because your deposits fall under the protection of FDIC. You also have access to a wide variety of maturities — ranging from four weeks to five years.

We promise: No hidden fees. When you use CDARS, you are only working with us — and we won’t be surprising you with annual fees, subscription fees, or transaction fees.

CDARS works in five simple steps

  1. Submit an order
    Blue Sky Bank submits an order to request placement of your money.
  2. CDs issued through the CDARS system
    Your money is placed into CDs with denominations under $250,000, which are then issued by other banks who are CDARS members. You can identify banks where you do not wish your funds to be placed and you can also review a list of banks where CDARS proposes to place your deposits. This allows you to ensure your entire deposit is fully insured.
  3. Confirmation of deposit
    When your CDs are issued, we will send you a notice confirming your deposit.
  4. Interest paid directly to you
    Blue Sky Bank issues your consolidated interest payments directly to you or in a designated account.
  5. Monthly statement
    Each month, we send you one statement listing all the banks issuing the CDs, maturity dates, interest earned, and other details.
  6. Annual 1099 tax summary
    At the end of each year, we send you a consolidated 1099 tax summary that reports your taxable interest income. Learn more about CDARS and whether it is the right service for you on their website at www.cdars.com.

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