Alpine Capital, a New York-based boutique bank that specialises in private banking, now offers the Certificate of Deposit Account Registry Service to wealthy clients.

"As a bank servicing high net worth clients," said David Aboodi, president and chief executive of Alpine Capital Bank, "our depositors often maintain balances with us well in excess of FDIC insurance coverage.

"Although our bank is financially sound, this extra protection is reassuring to our clients during this volatile financial time."

The certificate allows its member banks to offer access to up to $50 million in Federal Deposit Insurance Corporation cover. The FDIC is a US government agency that backs deposits in member banks up to $100,000.

Deposits are distributed among member banks in increments of less than the standard FDIC insurance maximum to retain eligibility for FDIC insurance.

"Through the CDARS service, clients get a single interest rate and a single statement summarising their CD holdings," said Mr Aboodi.

Alpine Capital Bank is a New York City-based commercial bank with over $200 million in assets under management.