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Millennium Bank 8% CD
Started by haha0550, Jul 11 2005 04:54 PM
3 replies to this topic
#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............
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?
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.
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............
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.
#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
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
