FDIC protection for large savings deposits (CDARS)
Through the CDARS service, Bangor Savings Bank can provide you with easy access to multi-million dollar FDIC protection on CD investments. We're a member of a special network of banks that join together to offer FDIC insurance protection to customers. With help from a sophisticated matching system, we discreetly and securely exchange deposits with CDARS-member banks in order to benefit you.
Benefit from the network but work just with us
When you place a large amount with us, we place your funds into CDs issued by other banks in the network in increments of less than $250,000 so that both principal and interest are eligible for complete FDIC protection. These exchanges, which occur on a dollar-for-dollar basis, bring the full amount of your original deposit back to our bank. With the CDARS service, you can access FDIC insurance coverage from many banks while working with just us.
Download a CDARS brochure with full details:
To learn more about whether CDARS is the right fit for you, or to open an account, please visit any of our branch locations or call our Bangor Support at 1.877.Bangor1 (1.877.226.4671).