If you have been in the market for CD (certificate of deposit) rates than you have most likely come across Millennium Bank. Not to be confused with the Millennium Bank of Virginia, the Millennium Bank of the West Indies is a subsidiary of the United Trust of Switzerland, SA. They are a Swiss-registered private trust company which was founded in 1931. The difference in their bank certificate of deposits and those offered in the US is that they are not FDIC insured and thus may not be the safest investment route to take. That being said, MB’s stance on this issue is that you can trade in the security of federal insurance for more appetizing bank rates.
Millennium Bank CD (certificate of deposit) Rates
|Premium Certificate||Minimum Deposit||Interest Rate|
|1 Year CD||$5,000||6.00%|
|3 Year CD||$5,000||6.25%|
|4 Year CD||$5,000||6.50%|
|5 Year CD||$5,000||6.75%|
Needless to say their rates alone demolish those offered in the states. After looking around through on-line forums and digging a little further into where exactly their bank is located I have found a few major issues I would like to point out.
First, as far as forums go I see an estimated 75% of people saying “stay away” while the other 25% seem aprehensively curious. I have not, however, found anyone on any forum that has claimed to had their money disappear, however that may be because no one in these forums has actually invested with them.
Their physical location is a bit sketchy as well (Stoney Ground, Kingstown St. Vincent and the Grenadines, West Indies). Their population is roughly 125,000 with an unemployment rate of 22% and a middle to lower-class economy. It seems that their economy is basically supported on exporting bananas and importing tourists (not the sort of international financial hub one would hope for).
If you have successfully (or unsuccessfully) invested with this bank please tell us about your experience!