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I wonder if you could help me or refer me to someone who could help me. I have been sick and have been living on long term medical disability leave for a few years and have some money that I safely had saved in CD's. I wanted to reinvest in CDs (I don't have much money) but I keep coming across Millennium Bank in Switzerland which has very high rates for their CDs. Is there some way to find out if they are legal and safe? Is it okay to open CDs in other countries? Their website is www.mlnbank.com and they have up to 9% rates for 5 year CDs.
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Re: Is This 9% CD For Real?
According to their site: "Premium Certificates of Deposit are NON-REDEEMABLE until maturity." Your money would be locked away for 5 years, no chance of redeeming early.
Also no FDIC insurance. Without that, I personally wouldn't invest my money in some bank I found on the Internet -- especially a foreign one. -
Re: Is This 9% CD For Real?
9% is amazing! However, the rabbit hole is deep....
The domain name is registered by a supposed international firm called MelbourneIT. Predictably, their website is an Australian entity.
Now, the address? All it lists is "SAINT VINCENT AND THE GRENADINES". (Yes, and it was written in all-caps.) That's... an island in the Caribbeans. That's also a blaring RED FLAG by the way!
At least we can zoom in on an exact address of the hostmaster, Verio, which is listed at Boca Raton, Florida....
Now, let's contrast this with UBS, another online financial entity that's claiming to be in Switzerland. But there, you'll see that they have an exact address and phone # for their administrative office listed in Zurich, which is... ready for this? Switzerland!
(They've got branch locations all over Switzerland too.)
Why in the world is a financial institute that claims to be in Switzerland not be in Switzerland? Yes, the Swiss do have a strict confidencial policy, but that's with their financial dealings, not with the information for the business itself. In fact, some Swiss banks will come straight out and even brag about where they are located, including exact phone numbers, address information, and even directions and maps to help you get there!
Not only is Millenium bank sketchy at best, but I'd go so far as to calling it an out-right scam, and I advise everyone on here to stay away from Millenium "bank".Comment
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Re: Is This 9% CD For Real?
I would stick to a U.S., FDIC-insured bank.
And thankx to broken arrow for doing that bit of research! Steer clear! Case closed!Comment
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