Piper Jaffray, an international middle market investment bank, has announced that it offers clients access to $50m or more in FDIC insurance through the Certificate of Deposit Account Registry Service.
The Certificate of Deposit Account Registry Service (CDARS), a national deposit placement service, operates over a network of 3,000 member banks. This programme achieves higher FDIC coverage by deploying large deposits into multiple federally insured banks, said Piper Jaffray.
Piper Jaffray offers CDARS to corporations, public entities, partnerships, limited liability companies, trusts, non-profits, fiduciaries and individuals. Clients can choose to target seven specific maturity dates, or may ladder their maturities to meet their cash requirements. The investor receives a consolidated financial statement showing all deposits, interest rates and maturity dates.
Tom Wright, head of the corporate and venture services group at Piper Jaffray, said: The overall uncertainty in the markets has led many investors to seek ways to increase their investments in FDIC-insured product. Ultimately for our clients, the key advantage of the CDARS product is the efficient access to large blocks of FDIC-insured CDs with yields that tend to be superior to that of Treasuries.
