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Millennium Bank CD Rates – 1 Year CD Rates 5.75% to 6.75%

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Millennium Bank of St. Vincent and The Grenadines (in the West Indies) is offering some of the best Certificate of Deposit (CD) rates. There are two caveats, the first is your deposit is NOT FDIC insured since this bank is a foreign financial institution, the second is, to qualify for the Premium CD rate, your deposit can NOT be redeemed prior to maturity. This bank should not be confused with Millennium Bank of Des Plaines, Illinois.

If you are willing to relinquish the right to redeem your CD before maturity and you can sleep at night even though the account isn't FDIC insured then take a look at rates. 

Premium Certificate Minimum Deposit Interest Rate
1 Year CD $5,000 5.75%
$25,000 6.25%
$100,000 6.75%
3 Year CD $5,000 6.00%
$25,000 6.50%
$100,000 7.00%
4 Year CD $5,000 6.25%
$25,000 7.00%
$100,000 7.50%
5 Year CD $5,000 6.50%
$25,000 7.25%
$100,000 7.75%

To apply for an account you have to download the application, fill it out and send it to Millennium Bank. The bank also requires you to send them a letter of reference from your existing bank. The easiest way to go about this is to just call Millennium Bank toll free at 1-888-776-7720 and talk to one of their account representatives. Here is a link to the Bank's applications if you choose to do it on your own.

Millennium Bank is a wholly-owned subsidiary of United Trust of Switzerland S.A. a Geneva based private trust established in 1931. You can make deposits and withdrawals in dollars to avoid any currency transaction costs. The interest you earn on your account is tax-exempt in St. Vincent and the Grenadines.

Author: Brian McKay
July 25th, 2008