IntraFi (formerly known as Promontory Interfinancial Network) is a private financial technology company that operates a large network of FDIC-insured banks and credit unions across the United States.
It rebranded to IntraFi Network in 2021, but its core mission has remained the same since it was founded in 2002: make it easier for depositors to access expanded FDIC insurance.
Most people know the FDIC insures bank deposits — but far fewer realize that protection has a hard ceiling of $250,000 per depositor, per account category, per institution. For businesses, nonprofits, municipalities, and high-net-worth individuals, that limit can leave significant cash exposed if a bank ever fails.
IntraFi Network Deposits is a solution that quietly and automatically extends that FDIC coverage to millions of dollars — all through a single bank relationship. If you’ve ever wondered how to protect a large cash balance without the headache of opening accounts at dozens of banks, this guide is for you.
What Is IntraFi?
IntraFi is not a bank itself, it is the technology and infrastructure that connects banks to each other. Think of it as a behind-the-scenes network that allows your bank to distribute your funds to other member institutions on your behalf, without you ever having to open a new account.
The company created two flagship deposit products that financial institutions can offer their customers: ICS (Insured Cash Sweep) and CDARS (Certificate of Deposit Account Registry Service). Both products use the same underlying network but serve different cash management goals — more on those in a moment.
IntraFi’s network has grown to include nearly 3,000 financial institutions, ranging from local community banks to large regional players. To access IntraFi products, you must hold an account at a participating member bank — you cannot enroll directly with IntraFi as an individual or business.
IntraFi was co-founded by former FDIC chairman Eugene Ludwig. The company's deep expertise in bank regulation helped shape how its products interact with FDIC rules from day one.
The FDIC Problem IntraFi Solves
The FDIC (Federal Deposit Insurance Corporation) insures deposits at member banks up to $250,000 per depositor, per institution, per ownership category. If your bank fails, you are guaranteed to recover up to that amount — but not a dollar more.
For everyday consumers, $250,000 is often more than enough coverage. But for a business with a $1.5 million operating account, a nonprofit holding a $2 million endowment, or an investor parking proceeds from a property sale, the uninsured portion is genuine financial risk.
The traditional workaround was to manually open accounts at multiple banks and keep each balance under $250,000. This approach works in theory, but juggling multiple logins, statements, and banking relationships grows exponentially harder as balances increase.
History has made this risk very real. The 2008 financial crisis and the 2023 failures of Silicon Valley Bank and Signature Bank demonstrated that even large, seemingly stable institutions can collapse quickly. Depositors with uninsured balances at those banks faced real uncertainty in the immediate aftermath.
FDIC insurance does not cover investment accounts, money market mutual funds, stocks, bonds, or annuities — even if held at a bank. It only applies to deposit accounts such as checking, savings, money market deposit accounts (MMDAs), and CDs.
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How IntraFi Network Deposits Work
The process starts at your existing bank — called your “relationship institution.” You deposit your funds there as usual and authorize the bank to enroll your account in IntraFi’s program. Your bank then handles the entire distribution on your behalf.
Using IntraFi’s technology, your relationship bank automatically breaks your deposit into amounts just below the $250,000 FDIC limit and places each portion at a different member bank in the network. Each placement is its own independently FDIC-insured deposit at a separate institution.
From your perspective, the experience feels no different from a regular bank account. You receive one statement from your relationship institution, deal with one banker, and manage one login. The behind-the-scenes distribution is completely invisible to you.
The member banks receiving your placed funds also benefit — they gain deposits they can use to fund loans. This reciprocal arrangement motivates banks to remain in the network, which helps keep interest rates competitive for depositors.
Example: You deposit $1,000,000 at your community bank, which is an IntraFi member. Your bank splits the funds across three other network banks at roughly $250,000 each. Each portion is independently FDIC-insured — giving you $1 million in total coverage without ever opening a single new account.
The Two Main IntraFi Products: ICS vs. CDARS
IntraFi offers two distinct deposit products, each designed for a different cash management goal. Understanding the difference helps you choose the right one — or a combination of both.
ICS (Insured Cash Sweep) is designed for liquidity. Funds are placed in demand deposit accounts or money market deposit accounts at network banks, meaning you can access your money when needed without penalty. Rates are variable and reflect prevailing money market conditions.
CDARS (Certificate of Deposit Account Registry Service) is designed for yield and predictability. Funds are placed in CDs at network banks with fixed terms ranging from a few weeks to several years. In exchange for locking up your funds, you receive a fixed, known rate of return — similar to a traditional CD.
| Feature | ICS | CDARS |
|---|---|---|
| Account Type | Demand Deposit or MMDA | Certificate of Deposit (CD) |
| Liquidity | High — access funds anytime | Low — funds locked for term |
| Interest Rate | Variable | Fixed for term |
| Available Terms | No fixed term | 4 weeks to 5 years |
| Best For | Operating accounts, payroll reserves | Long-term reserves, endowments |
| FDIC Insured | Yes | Yes |
| Early Withdrawal Penalty | None | May apply |
Many depositors use both products simultaneously — keeping operating cash in ICS for flexibility while placing longer-term reserves in CDARS for a better rate. Your relationship bank can help you determine the right mix based on your cash flow needs.
Who Can Use IntraFi Network Deposits?
IntraFi products are available to a wide range of depositors — the common thread is anyone holding (or expecting to hold) more than $250,000 in cash at a single bank. There is no single profile for an IntraFi user.
- Individuals & Families — High-net-worth individuals, retirees with large savings, or people temporarily holding large sums from a home sale or inheritance.
- Businesses — Companies that maintain large operating reserves, payroll accounts, or seasonal cash balances above $250,000.
- Nonprofits & Foundations — Organizations holding endowment funds, grant proceeds, or restricted donations that must be preserved and protected.
- Public Entities — Municipalities, school districts, and government agencies that are often legally required to hold public funds in FDIC-insured accounts.
- Law Firms & Fiduciaries — Attorneys holding client trust funds, estate executors, and others with legal obligations to safeguard deposited funds.
Access is always through a participating IntraFi member bank — not directly through IntraFi. If your current bank is not a network member, you would need to open an account at one that is in order to access these products.
Many public entities — like school districts and city governments — are legally required to keep taxpayer funds in FDIC-insured accounts. IntraFi is a widely used solution for meeting those legal requirements without adding administrative complexity.
Key Benefits of IntraFi Network Deposits
The most obvious benefit is dramatically expanded FDIC coverage. Instead of being capped at $250,000 at a single institution, depositors can access millions of dollars in FDIC insurance — all through a single bank relationship with no extra accounts to manage.
- Simplified Account Management — One bank, one statement, one relationship. No need to juggle logins or manage accounts at multiple institutions.
- Competitive Interest Rates — Because the network operates on a reciprocal basis, banks are motivated to offer rates that are often comparable to or better than what a single large bank might offer on a high-balance deposit.
- Government-Backed Peace of Mind — FDIC insurance eliminates counterparty risk on large cash balances — a meaningful consideration following multiple high-profile bank failures in recent years.
- Confidentiality — Your deposits are not publicly reported at each individual network bank. You appear as a depositor only through your relationship institution.
- Flexibility — With both ICS and CDARS available, you can tailor your coverage to match your liquidity needs and return expectations at the same time.
Potential Drawbacks and Limitations
IntraFi is a powerful tool for the right depositor, but it’s not without trade-offs. Like any financial product, it’s important to understand its limitations before committing.
- Not Always the Highest Rate — In certain rate environments, U.S. Treasury bills or money market mutual funds may offer better yields. IntraFi prioritizes safety and convenience over maximizing return.
- Availability Depends on Your Bank — Not every financial institution participates. If your preferred bank isn’t a member, you’ll need to switch to one that is, which may not always be practical.
- CDARS Reduces Liquidity — Funds placed in CDARS CDs are locked for the chosen term. Early withdrawal may trigger penalties, making it a poor fit for cash you might need on short notice.
- Limited Bank Selection Control — You generally cannot choose which specific network banks receive your funds. While exclusion requests may be possible in some cases, it’s not guaranteed at every institution.
- Not an Investment Strategy — IntraFi is purely a cash management and safety tool. It is not designed to grow wealth and should not replace a broader investment or financial planning strategy.
IntraFi vs. Other Options for Large Deposits
IntraFi isn’t the only way to manage a large cash balance — it’s just one of the most convenient. Here’s how it compares to the main alternatives in 2026.
| Option | Protection | Liquidity | Yield Potential | Simplicity |
|---|---|---|---|---|
| IntraFi ICS | ✔ FDIC | High | Moderate | High |
| IntraFi CDARS | ✔ FDIC | Low (locked) | Moderate–High | High |
| Multiple Bank Accounts (DIY) | ✔ FDIC | High | Varies | Very Low |
| U.S. Treasury Bills | ✔ Gov’t backed | Moderate | Moderate–High | Moderate |
| Money Market Mutual Fund | ✘ Not FDIC | High | Moderate–High | High |
| Brokered CDs | ✔ FDIC (per CD) | Low (locked) | Moderate | Moderate |
Treasury bills and money market funds can sometimes offer higher yields, but come with meaningful trade-offs. Treasury bills require a brokerage account and carry market risk if sold before maturity. Money market mutual funds are not FDIC insured, though they carry their own structural protections. For pure FDIC-backed safety and day-to-day simplicity, IntraFi is a strong choice.
Common Confusion: A money market deposit account (MMDA) at a bank is FDIC insured. A money market mutual fund at an investment firm is not. The similar names cause frequent mix-ups — always confirm which type you're dealing with before assuming your funds are protected.
How to Get Started with IntraFi
Getting started is simpler than most people expect — the heavy lifting is done by your bank, not by you. Here are the steps to follow.
- Find a Participating Bank — Visit IntraFi.com to search for member institutions near you. Most community banks and credit unions in the network will advertise IntraFi as part of their deposit product offerings.
- Open or Use an Existing Account — If you already bank with a participating institution, simply ask your banker about enrolling. If not, you’ll need to open an account at a member bank first.
- Enroll in ICS, CDARS, or Both — Tell your bank which product(s) you want and how much you’d like to place. They’ll walk you through a straightforward enrollment process and any required agreements.
- Ask the Right Questions — Inquire about current rates, minimum deposit requirements, fees, and how statements are delivered. Each bank sets its own terms within IntraFi’s framework.
- Review Your Coverage Regularly — As your balance changes, revisit how much is placed through IntraFi to ensure full coverage is maintained. Your banker can help you recalibrate at any time.
When comparing banks that offer IntraFi, ask specifically about the net rate they pass on to you. Because banks may offset network fees through slightly lower interest rates, comparing rates across a few institutions can make a meaningful difference in your annual earnings.
Frequently Asked Questions
Is IntraFi itself FDIC insured?
No — IntraFi is not a bank and is not itself FDIC insured. The FDIC insurance applies to your deposits at the individual member banks within IntraFi’s network. IntraFi is the technology facilitating the placement of those deposits, not the institution holding them.
What happens if IntraFi goes out of business?
Your deposits would remain safe at the individual member banks where they were placed — they don’t disappear if IntraFi ceases to operate. Your relationship bank would work to help you manage or reunify your funds. The FDIC insurance at each bank is entirely independent of IntraFi’s corporate health.
Can I choose which banks hold my money?
In most cases, you cannot select specific banks to receive your funds — placement is handled algorithmically by the network. However, you may be able to request that certain institutions be excluded. Ask your relationship bank about exclusion options if this is a concern.
Are there fees to use IntraFi products?
IntraFi charges fees to member banks, not directly to depositors. However, your relationship bank may pass some costs along through slightly lower interest rates. Always ask your bank to be transparent about how their IntraFi rates compare to standard accounts.
Is there a minimum deposit requirement?
Minimums vary by institution — they are set by your relationship bank, not by IntraFi. Some banks have no minimums for ICS, while others may require $25,000 or more to open a CDARS position. Contact your bank directly for their specific thresholds.
Does IntraFi work for retirement accounts?
IntraFi products are primarily designed for taxable deposit accounts. Retirement accounts like IRAs have their own FDIC insurance category and are generally treated separately from other deposit accounts. Consult with your financial advisor or bank about FDIC coverage for retirement assets specifically.
Can I use IntraFi for a business account?
Yes — business accounts are one of the most common use cases for IntraFi. Companies with large operating reserves, payroll accounts, or cash awaiting deployment frequently use ICS to maintain full FDIC coverage without disrupting day-to-day banking operations.
How is IntraFi different from a brokered CD?
A brokered CD is purchased through a brokerage firm, which places funds at a bank on your behalf — conceptually similar, but managed through an investment platform rather than a banking relationship. IntraFi’s CDARS product operates entirely within the banking system and is accessed through your deposit institution, not a brokerage account.
Bottom Line
IntraFi Network Deposits solves a real problem with an elegant solution: instead of forcing large depositors to choose between convenience and safety, it delivers both. For anyone holding more than $250,000 in cash at a single institution, it is worth a serious conversation with your banker.
No financial product is perfect for every situation. In certain rate environments, government securities or money market funds may outperform IntraFi on yield — always compare your options. But for FDIC-backed peace of mind with the simplicity of a single banking relationship, IntraFi is hard to match in 2026.
If you think IntraFi might be right for you, start by checking whether your current bank is a network member. That single conversation may be the easiest step you can take to better protect your cash.
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