Have you used Millennium bank? Do you think they can be trusted?

Question

Note: I'm only interested in investing in CDs right now as far as the scope of this question is concerned.

This bank if offering substantially better CDs (see http://www.mlnbank.com/EN/services/premcds.htm?gclid=CL_6l83D9JQCFRdinAodK3NPqQ )

than are available in the United States right now (see: http://www.bankrate.com/gookeyword/rate/dep_ratehome.asp?params=CT,72&product=15&pop=nopop&ec_id=GOOG_ag_Connecticut_CDs_ky_Phrase_k_cds )

Its an international bank (see: http://www.mlnbank.com/EN/about/faq.htm ) but I've never heard of them before and would like to get some ppls opinions if putting one's money there is a good idea or a bad idea.

Also note that while they say that they are not FDIC insured, they say being part of IFSA compensates for that...very curious to know if anyone knows about that or not, too.

Thanks guys!

Answer 1

When a bank on a small Caribbean island offers extremely high interest rates, higher than anyone else,  I get very suspicious. This "United Trust of Switzerland" sounds very suspicious.  Why is a Swiss trust operating out of the Caribbean?   I would assume it is unsafe until proven otherwise.

Answer 2

When I put my money in the bank, I want & expect it to be safe and secure.  That is why I look for FDIC protection.  I have heard of the Federal Deposit Incorance Corporation.  I have not heard of IFSA.  Have you heard of IFSA??  Have you done any research on IFSA, is there even a IFSA??  Is there any money in IFSA?  

Putting my money in a non u.s. bank, without FDIC protection would not interest me.  If I want risk, I can get that in the stock market.  I did a google search, & I found enough articles about this bank, which would dissuade me from using them.  

People that stretch for returns, frequently find themselves parted from their money.

Answer 3

Deal with a bank that is in your neighborhood, and has a building to sit in, and has people at the counter.

Stay off the internet, where money is involved.