Ways to Keep HOA Reserve Funds Safe Above FDIC Limits
You're focused on protecting your community association reserve funds—especially when they're approaching or over the $250,000 FDIC limit. Here are some ways to keep your reserves safe and secure while maintaining the ease of one banking relationship.
1 CDARS®
CDARS®, the IntraFi® Certificate of Deposit Account Registry Service®, is a convenient way to access FDIC insurance on CDs above the $250,000 FDIC threshold, earn CD-level rates and directly with only one financial institution.
2 ICS®
ICS®, the IntraFi® Cash Service, can secure large deposits while maintaining access to and earning interest on funds placed into demand deposit accounts and money market deposit accounts. Deposits are eligible for protection above the $250,000 FDIC limit that's backed by the full faith and credit of the US government.
3 Money Market Accounts
Money markets are tiered interest rate products, based on the balance in the account. This product can be used as an operating overflow account or as a reserve account.
4 CDs & Ladders
Rates and terms vary based on deposit amount and length of CD, with ladders offering fixed rates with access to your funds every few months.
The bottom line
If your community association has funds over $250,000 and isn't sure where to place them, it's important to talk with your financial provider to be sure your funds are safe.
As an industry leader, we understand your unique needs and put our expertise to work to help you protect and grow your funds—so you can stay focused on your communities. Explore our deposit and reserve solutions to learn more.