Millennium Bank 8.75% 5 Year Highest CD Rate
Published by fanmoney July 6th, 2007 in Best CD RatesAs the interest rates in Britain shoots up, many banks also raised up their interest rates. The interest rates, especially, on Premier Certificate of Deposit have reached sky high. It can range from 6.50% to 8.75% for as minimum deposit of $5000! This is the Millennium Bank’s Offer! Moreover, Premium Certificate, for 5 year CD, at 8.75% interest on a minimum deposit of $100,000 does not even compare to other bank’s CD offers. City Bank is offering 4.6% only.
The best offers in US such as Kaiser Federal Bank, California, has a nice 6.00% APY on their IRA-CDs for all deposits of $225,000 or more. Even then, it does not compete with Millinnium’s 8.75% interest rates. Isn’t it too good to be true? Since these certificates are non-redeemable before their maturity hence they are not profitable for short term investors. This offer should appeal more to large businesses who can afford their money being tied up in the certificates. But is the bank credible? Should you start filling the forms and get those certificates?
Millennium Bank is a subsidiary of United Trust of Switzerland, SA, a Swiss-registered private trust. Millennium Bank is located in Kingstown which is the capital of St. Vincent and the Grenadines (SVG). Yes, it is an offshore bank. Apart from being an offshore bank it not FDIC insured. But it is listed as a licensed offshore bank at the website of the International Financial Service Authority - St. Vincent and the Grenadines. I am not sure about the bank’s credibility despite that. Regarding their Credit Card services, customers have faced disappointments.
Ginger of Kansas City, KS (8/4/05): I received notice in the mail that I was approved for a credit card from New Millenium Bank and for a $29.00 processing fee I could choose between a Master Card or Visa credit card. I sent the notification and a check for $29.00.New Millenium promptly cashed my check but as of this date I have not received my credit card. It has been 2 months. The fact that the bank has only been operating for three years does have another blow on its security for investors. Moreover, no audit has been conducted of the bank by the [St Vincent] Offshore Finance Association. The response from Louise Mitchell of the St Vincent Offshore Finance Association was:
“The OECD has not done an audit of Millennium Bank. The FATF paid a visit to the Bank, it did not conduct an audit”
So, in my opinion, one should stick with FDIC insured banks. EmigrantDirect is paying 5.1 % on their Certificate of Deposit. So you should not risk your money for an extra 1-2 % more interest. Just as a reminder, there are several banks named Millennium Bank, even some in US which are registered. But the one I am talking about is This one
13 Responses to “Millennium Bank 8.75% 5 Year Highest CD Rate”
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Sounds like a great deal, but 5 years is a little bit lengthy..
this deal isn’t that great at all.. 5 years is a very very long time
Do you have additional comments about offshore credit card processing ?
THANKS
To Whom It May Concern,
I would like to know if you have a fixed annuity, for the one I am invested in now is only paying around 5%
If you do have a fixed annuity what is it paying your clients currently ?
Lastly is your CD’S you sell with the high rate of return FDIC insured?
Yours Truly, Rod Heller
yes i would like to buy a certificate of deposit.
yes i would like to buy a certificate of deposit.
Discussions about Millenium have been going on for years - I have yet to read anything positive about this bank. Whether they are legitimate or an ongoing ponzi scheme, I do not know. But, for the extra 2% interest they provide (or even 15% extra if they offered); I would be too concerned about receiving anything back in return.
I will continue to avoid this bank like the plague
Sounds like a great deal, but 5 years is a little bit lengthy
Regarding Millennium on St.Vincents. I too am concerned regarding the lack of information released by the bank or the government on St. Vincents. I tried to find out if the bank was reputable and regulated and was meet my a wall of secrecy not unlike the CIA. They are licensed but not audited and even the government can’t tell you much. I believe the banks in that region don’t have to report much of anything to the government there. I called the Swiss Embassy in Atlanta Ga. and even they could not tell me anything of value. I don’t have a good feeling and I am going with my feelings on this one. AP
Although they may give more interest rate, they are not FDIC insured. I am more bothered about getting my principal back. If its not in US don’t even look at it. They are somewhere in world who knows. Even big institutional banks are having troubles here in US repaying, so don’t even look at this. I would invest in banks in US even though they give less interest rates, I am sure of getting my money back. It is my hard earned money and i can not play.
I would not look at these deals.
Sri