Millineum Bank ???

[Dancer373]

I was looking for CD rates ( for my trust fund) and found the Millineum Bank online with an 8% interest rate. It seems it's a Swiss company...anyone heard of them ? I spoke with someone at PenFed on the phone but was told I could not just get a Money Market Certificate for my trust fund without have a share account also. All I wanted was the certificate.Has anyone else run into this ?

 

[brewer12345]

Run from Millenium "Bank." You'd be better off with junk bonds.

[Yes, you have to open a share account with Pen Fed. So put $5 into it and get on with life.

 

[Dancer373]

I had already figured the place was no good Do you consider Pen Fed the best place for CD's ?

 

[brewer12345]

I had already figured the place was no good Do you consider Pen Fed the best place for CD's ?

Certainly the highest rate available. I have CDs there. Based on what I saw in their latest financial statements, I think they are pretty solid.

 

[OAG]

PENFED IMO is very good. Best rates I can find for NCUA insured money. They are the 2d largest CU in USA -- right behind Navy Federal Credit Union which is #1.

 

[MooreBonds]

I had already figured the place was no good Do you consider Pen Fed the best place for CD's ?

As with any place that offers CDs - their rates vary, according to their internal cash flow/funds needs. One month they might pay substantially better than others; in other months, they might pay 1/4%-1/2% less (I think before they raised to their current 6% APY, they were paying only 5% APY!).

So just be prepared to hurry up and lock in a rate if you're going to, and be prepared to go elsewhere if they change their rates.

Some other sources for good rates:
FISN - Certificate of Deposit Service - CD Rates
(FISN is a CD broker. They offer a variety of CDs, from regular fixed term/rate to callable CDs, to CDs with step rates, etc.)
Highest rates and yields on bank certificates of deposit (CDs) updated daily by money-rates.com.
CD Thread, Post The Best Rates You Can Find Here!
Best current APY/APRs: The Daughter of The Mother - Checking, Saving, and Money Market: All Liquid Accnt Interest Rates!


Bank Deals - Best Rates and Deals

 

[KB]

Thanks for all the links, MooreBonds.