Millenium Bank: 7.5% CDs

[Rich_by_the_Bay]

Anyone heard of Millenium Bank ( http://www.mlnbank.com )? I ran into them while searching CD rates. They currently offer from 6.5% to 7.5% APR depending on the amount.

However, they are a Swiss bank without FDIC. Part of their marketing is aimed at reassuring American investors (who'd a thought?). Too good to be true?

 

[AltaRed]

No FDIC? Think you have answered your own question. Junk bonds require higher rates too.