Choose the maturity that best suits your needs. Interest rates are posted daily, and the interest rate you receive will depend on the maturity date you select. You only need a $500 minimum to open your CD.
All Certificates of Deposit are insured by the Federal Deposit Insurance Corp. (FDIC) for up to $250,000 per account. On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013.
Let us know if you plan to maintain higher balances, and we’ll make sure the FDIC coverage is there for you, no matter the amount. Special terms and rates apply on deposits of more than $100,000.
Take a look at our Rate Comparison Chart to see which Certificate of Deposit fits your needs.
CDARS
Through the Certificate of Deposit Account Registry Service SM, or CDARS SM, MainStreet Bank offers you a safe, convenient opportunity to put your cash to work, plus the benefit of FDIC insurance protection of every dollar. And your personal financial information is protected.
Until now, investors only had a few ways to enjoy full FDIC insurance on deposits larger than $100,000, such as open and maintain accounts with multiple banks or invest with one bank by transferring ownership and registering accounts to the names of family members or corporate affiliates.
Built and rigorously tested by seasoned banking professionals and experienced technology architects, CDARS SM is a proven system that serves the needs of companies, organizations, individuals and nonprofits across the United States.
Through CDARS, large deposits may now be placed by MainStreet Bank into smaller-denomination CDs at multiple institutions. This service offers you
significant benefits:
- Safety of FDIC insurance for large deposits. Because funds are placed in FDIC-insured CDs that are issued by Network members, your total deposits exceeding $100,000 are eligible for full FDIC coverage, up to
$50 million. - CD interest. Rates may compare favorably with those of other high-quality, fixed-income investments.
- Management convenience. You may manage all of your CD investments through a single relationship.
- Security of working with a trusted, local source. Your transaction is managed by the people you know and trust at MainStreet Bank.
- Simplified record keeping. MainStreet Bank will provide a consolidated 1099 that reports your taxable income.
Transactions through CDARS are processed quickly and easily.
- Submit an order. You submit a CDARS order with help from the MainStreet Bank staff.
- Agree to a maturity period. You select one of the maturity periods offered by MainStreet Bank.
- Deposit through MainStreet Bank. Your funds are submitted by us for placement through CDARS.
- CDs issued through the CDARS system. Your money is placed into CDs with denominations under $100,000, which are issued by other banks and thrifts; your entire deposit, up to $50 million, is eligible for FDIC
insurance coverage. - Confirmation of deposit. When your CDs are issued, you receive notification confirming your deposit.
Interest is paid directly to you or to an account you designate. Each month, MainStreet Bank will send you a statement listing all your CDs, the banks issuing the CDs, maturity dates, interest earned and other details.
OTHER KEY BENEFITS
By placing your funds through CDARS, you earn income, preserve capital, access FDIC insurance on your total deposit and benefit from the security that comes with a MainStreet Bank relationship.
Funds may be submitted for placement through CDARS only after a depositor enters into the CDARS Deposit Placement Agreement with MainStreet Bank. The agreement contains important information and conditions regarding the placement of funds through CDARS. Please read the agreement carefully before signing it.
