A Certificate of Deposit, or CD, is a secure way to invest cash on hand. Your investment earns a predetermined interest rate when you leave your cash in the CD for the full term. CDs are insured by the FDIC up to $250,000.
Certificate of Deposit Account Registry Service or CDARS is similar to a CD, but through the Promontory Interfinancial Network, you can invest larger sums of money and receive FDIC protection on amounts up to and even beyond $50 million. This is made possible by breaking up your investment across CDs in multiple banks inside the network. You get the convenience of a single CD, interest rate and statement, but you benefit from the protection of multiple CDs.