If you have a lot of money that needs safekeeping, Synovus has a novel solution for you. The Shared CD.

Synovus, which runs a network of 32 individually-chartered banks in the Southeast, is touting this certificate of deposit product for those who want to overdose on FDIC insurance. And who doesn't? Guaranteed returns are hard to come by these days.

The Shared CD at Synovus allows you to open 32 CDs, one with each of their banks, up to the $250,000 increased FDIC insurance. Theoretically, an individual can get $8,000,000 of coverage until December 31, 2009, when the new limit is set to expire. Throw on another individual and perhaps some beneficiaries under a payable-on-death term and you could run that up to $16,000,000 plus.

But wait, there's more. No need to trek Synovus banks from Tennessee to Alabama. The company will consolidate all of the CDs into one statement and one tax form.

This internal system is similar to CDARS, the Certificate of Deposit Account Registry Service, which allows you to make deposits at one bank above the current $250,000 individual coverage limit by opening up CDs at CDARS member banks. Why open one CD when you could open thousands? It's risk aversion gone wild.

Now get out there and open a CD or 32.

-- Ari Weinberg