If you have trouble accessing the WSJ article, you may be able to access it via Google News. This Reuters article also has a overview of this report.

CDARS

WSJ also had another interesting banking article over the weekend which described how multibank systems are being used to insure deposits over $100,000. It described the CDARS service which allows you to purchase a CD for up to $50 million from one bank. The deposit is spread across banks around the country so that all of the deposits are FDIC insured.

The main problem with CDARS is that they usually have lower rates than what you can get with CD specials. A CD in the CDARS program with the same term only had a yield of 4.80% APY. Another example of CDARS rates is at AARP Financial Savings Center. One difference in this CDARS program is that they only offer insurance up to $5 million.

In addition to CDARS, some banks have a similar CD program. One that was described was Synovus Bank and its Shared CD program. It offers customers up to $3.5 million in FDIC-insured CDs by spreading deposits in CDs across 35 Synovus network banks.

Field of membership for Navy Federal includes all Department of the Navy Personnel among others. See site for details. Navy Federal makes it easy for eligible family of current members to apply for new accounts. You just need the name, birth date, and social security number of a current member when you apply online. You then can add any additional members who are eligible by virtue of your membership on the same application.

Certificates of Deposit will automatically be deposited in Capital One, N.A. unless you notify us otherwise.

Savings are FDIC-insured up to $100,000 per depositor.

Northwest Federal Credit Union is offering yields of up to 4.58% APY on their jumbo share certificates. They are offering 4.36% APY on their 3 & 4 year jumbo share certificates and 4.58% APY on their 5 year jumbo share certificates. The minimum deposit requirement for these certificates is $100,000.

Field of membership in this Northwest Federal Credit Union is extended to those who work for the Department of Homeland Security and the National Reconnaissance Office in addition to other certain select organizations and employers.

Field of membership in Eastman Credit Union is extended to those who live, work, worship, attend school, operate a business in certain Texas, Tennessee, and Virginia communities. Membership is also extended to employee’s of a number of select companies. See site for details.

Field of membership in Alliant Credit Union includes employees of United Airlines, those who live or work in a number of Chicago area communities, and members of the National Parent Teachers Association. Membership in the National Parent Teacher Association costs $25 and you can apply online.

Here’s some details about their Jumbo CD:

• Can be opened by phone and funded by mailing a check
• 12 months of interest penalty for early withdrawal
• 10 day grace period
• At maturity, you can instruct them by phone to close the CD and send you a check
• Available in an IRA (IRAs are federally insured to at least $250K)

Huntington Bank is FDIC insured. Bankrate still gives it a rating of 3 out of 5 stars (performing) based on 12/31/07 data. For those who have accounts at UFB Direct, please note that your deposits may be FDIC insured through Huntington Bank.

Field of membership in Colorado State Employees Credit Union is extended to Colorado State employees and members of any of a number of certain select organizations.

Field of membership in Deseret First Credit Union is extended to those who are members of the Church of Jesus Christ of Latter-Day Saints throughout the United States.

Field of membership in SAFE Federal Credit Union is extended to those who live, work, worship or attend school in Lee, Clarendon, or Sumter Counties as well as parts of Kershaw, Florence, Richland, or Lexington Counties in South Carolina. Those who work for any one of over 500 select employee groups are also eligible.