If you have been shopping around for CD rates throughout the last few months, at some point you would have noticed Millennium bank’s abnormally high CD rates. This, however, has changed. If you look at Millennium Bank’s CD rate card you will notice that they offer very modest rates which are comparable to today’s average saving rates nationwide.
MB’s CD rates in 2008
Throughout 2008 MB offered FDIC insured certificates of deposit yielding up to 6.50% APY. These rates alone are discussion worthy, but what makes their certificate of deposit rates even more intriguing is the amount of advertising they did to obtain their investors. Throughout most of 2008 Millennium Bank unleashed a substantial advertising campaign (most notably through Google Adsense) which must have made their operating costs sky high. How could one bank offer CD rates at levels 2x the national average while at the same time pumping massive amounts of money into obtaining new customers?
Who is Millennium Bank?
Millennium Bank is a relatively new bank when compared to most of the well-known banks we commonly think of. They are a nationally chartered bank that opened on April 1, 1999. They are based in Reston, Virginia with all of the bank’s decisions centralized and made locally. The board of directors is comprised of a cross section of local business people, familiar with the needs and expectations of consumers. The Board’s vision in opening the bank was to bring both quality customer service and technology to banking.
Today’s Savings Rates with Millennium Bank
Unlike most of 2006-2008 Millennium bank offers CD and Savings Rates that are comparable to the national average. Their 1 year – 5 year certificates of deposit yield an APY of 2.75% as of January 3, 2009 and their Savings Accounts yield 1.50% APY. Their most notable rate is a 180 day “Certificate of Deposit Special” yielding an APY of 2.40%.