Millenium Bank

[tomdekeyser]

Does anyone use or know anything about Millennium Bank? A 1 year CD currently paying 6.50% on $100,000. I know it's offshore and no FDIC. Are the rates too good to be safe?

 

[preben]

no such rate here: http://www.millenniumprivatebank.com/economic/rate.asp

and it says they are FDIC member....

Be a bit more specific pls. Cheers!

 

[retire@40]

He's not talking about that Millennium Bank. He's talking about this Millennium Bank http://www.mlnbank.com/

 

[preben]

yeah I figured it was another bank...
I checked the homepage. A would be rather scared to put large sums there. Call me chicken!

 

[zakenjanei]

He's not talking about that Millennium Bank. He's talking about this Millennium Bank http://www.mlnbank.com/

How about this bank?
http://www.united-bank.net/rates.cfm

How risky are these offshore banks? Anyone
having actual experience with them?

Joe

 

[Dogcliff]

http://www.mlnbank.com/Services/premCDs.htm Still a proud sponsor of the Firecalc.com home page . Now offering 9.0% on five yr/100k CD. 2005's discussion didn't yield much poop. I know nothing about offshore 'Private Trusts'. Looks way too good to be a nice, low risk CD (like PFCU's 6.25% offer this week).

So... deal...or no deal?

dc

 

[retire@40]

Looks way too good to be a nice, low risk CD (like PFCU's 6.25% offer this week).

So... deal...or no deal?

No deal.

They can close up shop whenever they want and keep all your money. And there's nothing you can do about it.

I don't know this mlnbank, I don't know what they do, I don't know what they live on. Now why don't you tell them that an investment is out of the question, and you don't want to do business with them anymore. They'll understand, believe me.

 

[d]

see: http://www.fatwallet.com/forums/messageview.php?catid=52&threadid=667338&highlight_key=y&keyword1=millenium

 

[brewer12345]

Bad deal. Better off with registered junk bonds issued by a US company for the same yield.

 

[Dogcliff]

Yeah... pretty much thought so. Thanks for the consensus.

dc

 

[pedorrero]

There is (was?) a similarly named bank in the USA (Virginia) that I used to live near (1999-2002, Herndon, Virginia). I never invested there, but they seemed to offer good rates. Plus the advantages of FDIC insurance