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Millenium Bank 8.75% 5 Year CD Rate

J. Wu Posted in CD Rates by J. Wu
November 21, 2006 11:56 PM - 63 Comments

Best CD Rate at the moment appears to be Millenium Bank, which offers a slew of high cd rate accounts. Apparently, their highest cd rate is a 8.75% 5-year CD rate. To get thise crazy 8.75% rate, you must do a 5-year CD with a minimum balance of $100,000.

Does anyone have any experiences with Millenium Bank? or a Millenium Bank review?

Millennium Bank Services

Millennium Bankshares Corporation is the parent company of Millennium Bank. Millennium Bank supplies both personal and commercial banking options. The free checking account at Millennium Bank includes a no minimum balance requirement, no monthly fees, Internet checking options, and online bill paying options, unlimited withdrawals, and ATM access. Millennium Bank also makes credit cards available to consumers, including the Rewards Advantage® Platinum Edition® Visa® Card, the First AirMiles® Platinum Edition® Visa® Card, the Platinum Edition® Visa® Card, and the BucksBackSM Platinum Edition® Visa® Card. Applications are accepted online via electronic submission for credit cards.

CD Rates at Millennium Bank

Certificates of Deposit are also available at Millennium Bank and an account can be opened with a minimum of 1000.00 dollars. Millennium Bank is a member of the Federal Deposit Insurance Corporation so deposits are insured up to the qualified amount. Further, Millennium Bank offers high interest rates on their money market accounts; interest varies according to a tier system and how much a depositor keeps in the account at all times.

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Comments (63)
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  1. gc3 said:
    on November 22nd at 03:21 am

    http://www.fatwallet.com/t/52/667338
    Don\’t trust this bank!

  2. michiganave said:
    on November 23rd at 06:42 am

    why not trust it

  3. MoneySaver said:
    on November 28th at 07:59 pm

    Is this because it is not FDIC?

  4. do not said:
    on November 29th at 05:18 am

    Your Cash is not FDIC.

  5. CD man said:
    on November 29th at 02:08 pm

    This bank is in the Caribbean and is NOT FDIC-insured.

    Once your $$$ leave the US there is no way to get any protection at all.

    Put it in the stock market instead if you want to gamble.

  6. Saver said:
    on December 1st at 06:44 am

    You are right CD man !!!

    Millenium bank is a big gamble.

    They may pay out interest the first year to make you confident and than… they are gone with your money!!!

  7. Miranda said:
    on December 4th at 11:52 pm

    thank you

  8. Larry said:
    on December 7th at 05:39 pm

    These posts are VERY time sensitive. Today is Thursday, DECEMBER 7, 2006. The ELOAN is already out of date, only offering a lower 5.3APY.

    Be careful here. How come Everbanks 6.01% APY doesnt show here? They guarantee at least a 3 month payout at thios rate.

  9. sylvia said:
    on December 18th at 10:38 pm

    everbank’s rate is not a cd; it’s a money makret or checking account. Looks like my local bank is giving the best cd rate (5.5%)

  10. foxe01 said:
    on December 19th at 03:56 pm

    Met a Millenium Bank Officer who told me his brother works for the Pope in Rome - prayers were going to protect my money? Last year they were offering
    11% and was really tempting. Try GTE Credit Union - they are reliable.

  11. Skids said:
    on December 26th at 07:50 pm

    You must know something is wrong when their own ad above reads as follows:

    “To get thise crazy 9.00% rate, you must do a 5-year CD with a minimum balance of $100,000.”

    If they can’t afford a proof reader, how do you expect them to follow through with their promised interest?

  12. Gulshan said:
    on December 27th at 02:04 am

    Looking for the BEST cd rates for $10,000 term should be 18-24 months

    Gulshan

  13. eddy71 said:
    on January 2nd at 01:50 am

    try fordcredit.com ,they offer the best interest rate at 6.24 for over $50000.00 ,i’ve been with them for 4 years now and they’re very reliable

  14. Yury said:
    on January 4th at 10:23 pm

    Yes, fordcredit.com offered a good rate last year but the investment is not FDIC insured. So, this is slightly
    diffrent from CD option.

  15. Bob E. said:
    on January 12th at 03:32 pm

    Good info. Thanks all.

  16. Lynn K said:
    on January 15th at 07:29 pm

    There may be some confusion with the name Millenium (one “n”) paying the 9% and Millennium Bank, N.A. (two “n”’s) an FDIC bank I have delt with in the good old USA

  17. Bali said:
    on January 25th at 02:03 am

    what about world saving bank ? any one knows about this
    Bank. located in CA and texas. ‘
    FDIC…. Pays good but not too good.

    Anyone who knows about Good FDIC bank with highest CD
    rates. Please post.

    Also how safe it is to open internet baking ?
    thanks all

  18. jl said:
    on January 31st at 01:54 am

    with millenium you should subtract at least 1% from the posted rates to cover their fees

  19. kj said:
    on January 31st at 01:56 am

    forget millenium- i’ll pay you 19%. just send me your money. trust me bro!

  20. SD CA said:
    on February 8th at 03:20 pm

    Bali,

    I’ve done business with World Savings for years. I’ve found them to be entirely reliable. Staff is young, bright and, in my experience, very competent.

    Of their several branches, one has been, for at least 25 years, located 3 miles away from my home in San Diego CA

    Check them out at worldsavings.com

  21. ajg said:
    on February 9th at 06:56 pm

    Is CountryWide reliable?

  22. niti said:
    on February 11th at 07:52 pm

    i have intervest national bank good interest rates,, i like to find a bank with non tax interest,, i dont like 1099 form,, any info please ??

  23. A.A.J.F.- said:
    on February 13th at 11:36 am

    Countrywide Bank is excellent!

  24. aliana said:
    on February 21st at 11:21 pm

    LOOKING FOR A GOOD CD RATE — OR FIXED RATE ACCOUNT FOR 5 YEARS — where my money could be maintained in Euros somewhere in Europe or in Australia

  25. RDF said:
    on March 2nd at 09:54 pm

    Countrywide is a highly reliable bank. There rates are the highest around!

  26. Nan said:
    on March 5th at 05:36 pm

    Thank you, thank you! I was about to invest $100,000 with Milennium for one year!

  27. Adam said:
    on March 6th at 12:15 am

    If it sounds too good to be true it isn’t. Always do alot of research before you send anyone your cash!!!

  28. Jack said:
    on March 11th at 03:38 pm

    Patelco C.U. in California has 12mo CD’s at 5.75 currently (3/10/07)

  29. Pat said:
    on March 13th at 04:55 pm

    I see gossip here about Millennium Bank, but I don’t see any comments from anyone who has had actual experience with Milennium. Has anyone out there actually deposited money into Millennium?

  30. EM said:
    on March 16th at 12:24 pm

    “I see gossip here about Millennium Bank, but I don’t see any comments from anyone who has had actual experience with Milennium. Has anyone out there actually deposited money into Millennium?”

    “This bank is in the Caribbean and is NOT FDIC-insured.”

    How do you know it’s a bad idea to pet a rattle snake? Some things are just that obvious, this appears to be one of them. Ever hear “If it seems to good to be true….”

    If it looks, acts, and sounds, like a rattler, do you want to go touch it just to make sure?

    Even if some anonymous person came on here with a positive response, how could you trust it?

    If only actual experience will convince you, give them your money and let us know how it turns out. :)

  31. R.A.D. said:
    on March 19th at 02:29 am

    World Savings in California has been my bank for the past 8 years. It is reliable, FDIC-insured, and, so far, the agents are competent to a degree. Just watch out for the newly-hired agents that have to go to their superiors for answers to your questions. You might walk away scratching your head! (ha). The bank rates at World Savings are usually a little higher than the competing banks in my town, but I still would like to find a FDIC-insured bank that would pay me 8% for a jumbo CD invested for 5 years. About 10 years ago, they were out there!

  32. Moneyzilla said:
    on March 22nd at 05:14 am

    and they’re gone!

    vanished like a thief in the night…

  33. Benwad said:
    on March 24th at 05:19 am

    How about the Zions Direct CD auctions?
    Anyone had experience with them yet?

  34. Rob of NYC said:
    on March 25th at 05:04 pm

    Attached is an Q&A with some officers of Millenium. If this does not stop someone from giving them any money - I don’t what will.

    http://www.investmentinternational.com/productA/Millennium_Bank.htm

  35. WofGB said:
    on March 25th at 08:29 pm

    Any one has experience with AMTrust Direct, the internet bank link of business for Ohio Savings Bank? Is it reliable? Any other comments about them?

  36. Rae said:
    on April 1st at 03:33 pm

    I have CD’s and IRA’S with World, AMTrust,Countrywide, Capital One and Downey Savings and have had excellent service with all. I am 69 and looking for 1year high interest 100K IRAS. Something around 7-8?IC any suggestions. By the way… internet banking is GREAT!!

  37. Michael said:
    on April 12th at 04:11 am

    I banked with World Savings in CA over 20 years ago and have watched them over the years. Same company all these years. Usually good rates.

  38. LiveLow said:
    on April 13th at 10:02 am

    How about HSBC bank? How’s their rating?

  39. vagabond said:
    on April 17th at 06:24 pm

    I ahve been with eloan for several years. Check bankrate.com… eloan has some of the highest CD rates and good money market rates.

  40. vagabond said:
    on April 17th at 06:28 pm

    HSBC offers 6% money market rate TILL THE END OF APRIL… about 15 days from now. Then rates go back down. Check Bankrate.com

  41. handy said:
    on May 4th at 06:20 am

    well, has anybody heard of Everbank? I found Everbank to be very interesting.

    I made some investment with Foreign Currency, earned 13% a year, then when I converted my Icelandic Krona back into US dollars, I gained some money on the conversion since US dollar was getting weaker.

    Everbank is the only bank I know who offers Foreign Currency, Gold Investment, metals, etc to globally diversify your portfolio. This is very needed at the moment considering how the US Economy will turn out nowadays. People start trading in EUROS.

  42. Effie Latif said:
    on May 26th at 06:04 pm

    I have red all these posting, and seems like every one looking for more and more and little bit more. I have invested all my life in short, firm, secure investments and firm believer.”Slow and steady wins the race” today I won!

  43. LoveMoney said:
    on June 2nd at 03:54 am

    I looked at this bank. The rates are attractive, but there is no FDIC insurance. A bank in my area, which is very tiny, only 3 branches, negotiated a higher rate. It is doing that with people who have a certain amount of money with them so as not to lose deposits. Interest rates are not startling for CD’s. You lock your money up, and you really do no get much. The small bank in which I have a CD coming due guaranteed me 6.375 yield, over what they are offering. With some banks, you can negiotiate. I wonder if a person would see his/her money again with Millenieum bank. People investing in CD’s may take lower rates, but FDIC insurance insures that one cannot lose money. I wouldn’t trust this bank at all. That is my opinion. On person asked about how to find the highest rate CD’s. Do a search and also go to Bankrate.com.

  44. LoveMoney said:
    on June 2nd at 04:27 am

    I don’t trust this bank. I think one might not see his/her money again. FDIC insurance is still the best for deposit accounts. The internet will provide banks will good rates with FDIC insurance. I have money in the stock and bond markets, and I would but more in them than I woudl Millenium.

  45. checkitout said:
    on June 13th at 06:27 pm

    Are you getting the yield the bank is posting or advertising?
    Lately I have found this out when I use one of the cd interest rate calculators. It always come short.

  46. checkitout said:
    on June 13th at 06:38 pm

    To cd investors make sure that you get the right amount of interest on the day of maturity. If your cds have already matured you will be able to check it out if you have really earned the right amount of interest money by using one of the available online cd interest rate calculators.

  47. CD Market Pro said:
    on June 16th at 11:47 pm

    There are a few ‘rate services’ out there, however, NONE offer the handholding that most institutional and jumbo CD investors require. After reading the entire ‘thread’ of conversation over the past year, it would appear to me that many investors NEED an experienced professional offering (not just rates), moreover, independant counsel and the assistance needed to properly manage a CD portfolio of any relevant ’size’. There are a couple of those types of firms out there. But it would appear that many in this forum want a ‘great rate’, however, there is a WIDE variance in the parameters by which one measures safety. Unless one is going to exceed the insurance limitations of the FDIC or NCUA there is little else that matters. When comparing a 7% to a 5% CD the answer is simple, however, in terms of insurance It’s like being a ‘little bit pregnant’: you either are OR are NOT (FDIC or NCUA) federally insured. If your not sure go to http://www.FDIC.gov OR http://www.NCUA.gov

  48. AUTO said:
    on July 18th at 03:28 pm

    IF I OPEN A CD WITH $1000000 DOLLARS IN A FDIC BANK, SHOULD I SPLIT IN TEN ACOUNT SINCE THE FDIC COVER ONLY $100000 DOLLARS FOR EACH ACOUNT?

  49. WaY2Vi3t4U said:
    on July 28th at 07:30 pm

    yes, you should unless you want to risk all your money.

  50. AUTO said:
    on July 29th at 03:17 am

    IF MILLENIUM BANK IS A CROOK, WHY IT IS STILL IN BUSINESS?

  51. Paul said:
    on August 14th at 01:15 pm

    Millennium Bank will return higher interest rates due to the proportion of risk. They’re not federally insured, okay. That makes the investment risker which = higher interest rates. Has anyone tried to buy a smaller 1 year CD to see how well they do? Is there any real way to calculate the extra risk for the additional 2-3% returns?

  52. AUTO said:
    on August 20th at 02:20 pm

    HAS ANYONE DEAL WITH FINS BANK? THEY PAY 6.5 TO 8% WITH STEP UP CALLERBLE CD. BUT I DO NOT UNDERSTANT HOW IT WORK? CAN ANYONE EXPLAIN? THANK YOU IN ADVANCE.

    Step-Up Bonus Rate Callable CDs are FDIC insured and pay interest at a fixed rate for each period and then step-up to a new, higher rate of interest for the next period. At the end of the non-callable term, the CDs may be called for the full amount of the deposit. When called, the bank returns the deposited amount with interest. If not called, the CD remains callable every 6 months thereafter. Only the bank can exercise a call, not the depositor. Early withdrawals are not permitted but these CDs can be sold or can be redeemed fully upon the death of an owner or co-owner. CDs sold prior to maturity are subject to market conditions and could result in a loss. These CDs are held in a brokerage account and there is no placement fee. Eligible

  53. IP richboy said:
    on August 28th at 08:56 am

    “IF I OPEN A CD WITH $1000000 DOLLARS IN A FDIC BANK, SHOULD I SPLIT IN TEN ACOUNT SINCE THE FDIC COVER ONLY $100000 DOLLARS FOR EACH ACOUNT?”

    not only 10 accts but 10 banks, as each depositor is insured by the bank holding his/her funds… so time to increase those allowances if you are having trouble finding 10 banks with good rates, god bless the butter gun;)(meaning your kid is gonna need 500,000 dollars to invest “in his own name” if you wanna keep that extra 100k in the same kool acct.

  54. romulus said:
    on September 20th at 05:11 am

    so if i were to invest 100k in a CD, for a certain amount of years, and it obviously collects interest, once the CD matures, would i want to withdraw the earned interest or leave it for another term,so it keeps accumulating let’s say for 35 years? (obviously, i would need to re-invest it). reason i am asking, is that the FDIC covers ony 100k, so that means anything over is not risk-free. so 30 years from now, my 100k is 1 mil, and if the bank goes belly up, I lose 900k?
    any answers, folks. thank you

  55. rgd said:
    on September 28th at 07:36 pm

    I deposited a lot of money with the offshore bank and it is a good bank to deal with. The 7.5% yeild is not that unrealistic if you consider that the interest rates in most countries are much higher than the US. Just do it. There is very little risk if any at all. FDIC is an ambiguous concept.

  56. wdd said:
    on October 4th at 10:21 pm

    NetBank just went into receivership (the oldest internet bank) and FDIC took over and ING bought the accounts and all seems to be moving smoothly for investors who had less than $100K. They are covering the $100K with insurance and 50% of the “Uninsured” amount over $100K with “assets” - so I lost money and I am sure many did - because we didn’t have enough sense to be wary of placing more than $100K in any CD or set of CDs where it might accrue interst and be over $100K at the time of receivership. TRUST THIS - if you put more than $100K any one account, CD or otherwise, you are dumb. I was dumb and I just got smart the hard way. And, if you are considering putting your savings in these uninsured institutions, enjoy the risky ride.

  57. Dan said:
    on October 12th at 05:02 am

    You are FDIC covered up to $200,000 if in both you and your spouse’s names, and as I understand it you are only covered that much in any bank, you should open other accounts in different banks. GMAC money market 4.90% has been very convenient for the past couple years. Some one tried to hack them so they shut down Internet operations for a few days, but you could still deal with them over the phone. This can and does happen to any bank. Very good on the phone 24 hrs. a day when you want information, and very helpful, and yes like any business you can ask a question that they have to ask their supervisor for help. but not very often.

  58. Bali said:
    on November 15th at 04:05 am

    Any one has any experience with Jefferson pilot insurance
    company. I have annunity with them. please any comment.
    thanks

  59. Zoe Graves said:
    on December 14th at 04:06 pm

    Well, I hope I didn’t “google” too late. I did invest $100,000. in Millenium Bank in a 1-year CD. I’ll let you know in about 10 months when I ask for my money back. So far, they have been exceptionally nice (maybe too nice?) An American bank rep from Texas has called me periodically to tell me what phase they were in of opening the CD, when I could expect to receive the official paperwork (which was FedEx’d to me when he told me it would be), and I was sent a beautiful basket of fruit and nuts for Christmas. Of course, this will not make a dent if I lose my money, but so far they have been nothing but nice.

  60. AUTO said:
    on December 24th at 02:02 am

    THANK YOU ZOE GRAVES. IF EVERYTHINGS WORK OUT OK WITH THIS MLN BANK. I WILL PUT IN $1000000 IN MARCH. I PLAN TO RETIRE. PLEASE KEEP IN TOUCH. ONE QUESTION, DO YOU CHECK YOUR BALANCE OFTEN?

  61. joshua said:
    on February 14th at 07:24 pm

    I have been with Millennium Bank now for about 6 years and am very happy I have opened a total of 5 CD’s some smaller for emergency money and a larrrge one. I had to closed the smallest one to help my son out and received my money back and am very happy with their way of working with me on it. I also like the down home feeling they have.

  62. Bart said:
    on April 30th at 06:23 pm

    As for Zions Bank - yes they are a good bank. I live in Utah where their hq is. As a kid I had a savings account with them. As an adult, I seen my father get and pay off several business lines of credit through them. I personally bank most with ING, an online FDIC insured bank, but Zions has is a legit institution.

  63. Gopal said:
    on May 5th at 07:41 pm

    I picked up lots of good information. I would like to know whether this 100K limiit also applies for financial institutions holding the 401(k) accounts?

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