Tuesday, October 16, 2007

8.75% CD at Millennium Bank

Millennium Bank is offering a 5-year CD that pays 8.75% with a $100,000 Minimum Deposit. What is the catch?

More rates and terms here Millennium Bank

  • Premium Certificates of Deposit are NON-REDEEMABLE until maturity.
  • You can invest your funds in Millennium Bank in the six following currencies: US Dollar, Euro, Swiss Franc, Canadian Dollar, Japanese Yen, and British Sterling.

WARNING! No FDIC Insurance! WARNING!

What is the catch? Deposits in most countries are protected by a form of deposit insurance (FDIC in the US.) Deposits in international private banks are not.

1 comment:

cd rate blogger said...

And the lack of FDIC insurance is a big deal. There is no oversight on this bank or what they do with the funds they get. I think the risk is too high.