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Friday, May 20, 2005

High CD Rates - Millennium Bank

Millennium Bank offers very high rates for their Certificate of Deposits (see below). They pay as high as 8.25% for a 7-year CD with $100K deposit. Even their 1 Year CDs are very attractive, 5.50% for only $5K deposit. I browsed through their website and find out some facts. This bank is not FDIC insured and it is run overseas. My scam detector is on high alert. I would like to know how many people have invested in companies like these. What are the chances of getting your money back? Can anyone find out more details about this company? How long were they in existence? Next update is going to be the results of my ebay auctions. I know a lot of people are waiting for the results. It's going to be interesting. Let me put everything together and post them up.

1 Comments:

At 10/30/2005 04:04:00 PM, Blogger WiseInvestor said...

There ought to be a way to check on a bank or holding company wholly owned by a Swiss company. Millennium Bank seems attractive to me too with rates much higher than what is typically available. The catch? It may be worth investigating further. According to the website, the bank has been in business for 72 years.

 

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