Fellow Masters, since we published this article cheering Millennium Bank, some analysis and cause for concern has come to the forefront, here's more on that subject

Warning: Millennium Bank Too Good to Be True?

Should you go ahead with Millennium Bank, do excercise caution, here is the original story.

Millennium Bank is now offering a one year CD at 6% APY with a minimum deposit of $5,000.  However if you can pony up $25,000, you can cash in on their 6.5% APY and with that $100K you have laying around they will give you 7%.  However, Millennium Bank operates outside of the U.S., so you won't get the FDIC Insurance, thus we would recommend keeping your contribution below $50K.

Here is the link to their website and their current High Yield CD offers - click here:

MLNBANK.com 

They have some 4 and 5 years CD deals but come on, the market is going to get better toward the end of the year, so you would just be throwing your money away allowing them 4 or 5 years to jack with your money.

Here's some info about mlnbank.com:

Millennium Bank is a subsidiary of United Trust of Switzerland, SA, a Swiss-registered private trust company that was founded in 1931. United Trust of Switzerland is located in the heart of Geneva's financial district and has its registered office in the Canton of Zug. United Trust of Switzerland's extensive experience in the financial services sector provides Millennium Bank with a solid foundation and access to correspondent banking relationships. These correspondent relationships allow Millennium Bank's customers to expeditiously conduct their cross-border, multi-currency transactions.

Dedication to excellence, customer service, and respect for privacy represent the key core principles of Millennium Bank.  We fully understand the direct correlation between client satisfaction and the viability of our business.

Location

Millennium Bank is located in Kingstown which is the capital of St. Vincent and the Grenadines (SVG).  This quiet, small group of islands has a history as an international private financial center dating back to 1976, when the first laws were passed to allow the formation of international companies, insurance companies, trusts and banks. SVG is self-governing, and has judicial independence and stable political and fiscal infrastructures, unaffected by changes in North American or European economies.

St. Vincent and the Grenadines is situated within 100 nautical miles of Barbados, St. Lucia and Grenada. Known as ''the jewels of the Caribbean'' St. Vincent and the Grenadines is a sovereign nation having achieved independence from Great Britain in 1979. It is a member of the British Commonwealth, the Organization of American States (OAS) and holds a seat in good standing at the United Nations.

   
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