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Millennium Bank 8% CD


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#1 haha0550

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Posted 11 July 2005 - 04:54 PM

Did anyone have experience with Millennium Bank advitised 8% CD ? I just talked to them, it is a foreign bank resides outside of United States. Not FDIC insured. Just wondering if it is a trick or even a trap. Please advise............

#2 jpsmoney

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Posted 12 July 2005 - 04:31 AM

QUOTE(haha0550 @ Jul 11 2005, 09:54 AM)
Did anyone have experience with Millennium Bank advitised 8% CD ? I just talked to them, it is a foreign bank resides outside of United States. Not FDIC insured. Just wondering if it is a trick or even a trap. Please advise............
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Like you said, it's an offshore bank and is NOT FDIC insured. I've never dealt with them before, but because of this you can't compare their 8% rate with other insured CDs. There are lots of places you can get 8% back on your money, all of which require more risk, such as with this bank. You can bet they can't just pay 8% interest to everyone without doing some risky things. If you are willing to take on more risk, I'd first look into the regulated bond/stock market.

#3 haha0550

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Posted 12 July 2005 - 05:18 PM

Thank you for your opinion. There are a lot of place i may have 8% returen, but none of them are garunteed for so long. I believe those private banking will have those better return. but this specific one really make me worry. I googled that bank did not get a lot research result and couple article is very negative. so I think i should avoid this kind of deal. by the way I saw your blog. Good stuff. Do you have more investment ideas?

QUOTE(jpsmoney @ Jul 12 2005, 12:31 AM)
QUOTE(haha0550 @ Jul 11 2005, 09:54 AM)
Did anyone have experience with Millennium Bank advitised 8% CD ? I just talked to them, it is a foreign bank resides outside of United States. Not FDIC insured. Just wondering if it is a trick or even a trap. Please advise............
View Post



Like you said, it's an offshore bank and is NOT FDIC insured. I've never dealt with them before, but because of this you can't compare their 8% rate with other insured CDs. There are lots of places you can get 8% back on your money, all of which require more risk, such as with this bank. You can bet they can't just pay 8% interest to everyone without doing some risky things. If you are willing to take on more risk, I'd first look into the regulated bond/stock market.
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#4 SanteeClause

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Posted 24 July 2005 - 11:35 PM

Hello everyone !
Glad to be a New Member of this Form !
a Bit of Info may be Helpful For you All
so Here goes:

Never Reject an OffShore institution Out of Hand !
OffShore is Just a Matter of Where Your Feet are !

I'm From nyc and the Financial Communety,
so i Know what i'm Talking about !

Even though Most of You focus on FDIC,i'm Here to tell you:
FORGET about it ! the Real Money is in Other Issues,Not fdic !

FDIC will Only cover you to$100,000 Anyway,so What happens to
the Rest of your $900,000 if somethin goes South ?

That's what i thaught ! You didn't Know that Did you ?!

when Searching for Good Rates,you Also must look at Other issues:

1: Issuers 2: Ratings if Any 3: Ranking if you Cared at all! I don't !

4: AUM. Do your Homework! 5: Legal Jurisdiction of Issuers!

as i Said Earlier: OffShore,is Only a matter of where your Feet are!

If you're in Manhatten,( nyc) the Rest of the World is OffShore !

By the Way: in the World of OffShore Banking,
NYC,NY Is the Best and Largest OffShore Baning Center !
after All,it Doe's Bost Thousands of Banks,both Our's and Others !

i hope i've Helped some of you,to Higher Rates !

your Friend in Banking:
SanteeClause





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