Dedicated to Deposits: Deals, Data, and Discussion

4.25% 9-Month CD at Millennium Bank in Virginia - Nationally Available

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Update 12/18/08: These CD rates have fallen again. Please check the bank's website for the latest rates.

Update 11/11/08: The 9-month CD yield has fallen to 3.75% APY, and the 3-month special CD has ended. There is now a special 3.75% APY 6-month CD.

Millennium Bank continues to offer some competitive short-term CD rates. These include a special 4.25% APY 9-month CD and a 3.60% APY 3-month CD. The minimum deposit is $5,000.

At the time of my last post for this bank, new accounts were only available to residents in the bank's market area (Virginia, Maryland and DC). However, I noticed this was no longer specified in the bank's rate table. So I called the bank this morning, and I received confirmation that they now accept applications from any state. The application must be downloaded, filled out and mailed. They require copies of 2 forms of ID. In the application, it states that they will honor the rate according to the postmark on the envelope in which they receive the account request. Refer to the application for all of the instructions.

According to the CSR, the grace period is 10 calendar days. Written instructions are required to close the CD. Domestic outgoing wire transfers cost $25.

Branches are located in the Virginia cities of Reston, Herndon, Sterling and Warrenton.

This Millennium Bank should not be confused with the offshore non-FDIC Millennium Bank that I researched in 2005. This Virginia Millennium Bank is a US bank that has been FDIC insured since 1999 (FDIC Certificate # 35096). The bank's financial ratings for soundness are mixed: 4 stars (sound) at Bankrate.com and 2 stars (problematic) at BauerFinancial. Both are based on 6/30/08 data.

Other High Certificate of Deposit Rates

As you can see from my weekly rate summary, a 4.25% APY for a 9-month term is near the top for banks. You can get 4.40% APY 9-month CD at BankUnited (see post). For a 10-month term, a 4.45% APY CD is available at Century Bank Direct (see post).

Related Pages: Virginia, CD rates

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
9-mo rate has dropped to 3.75%

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Comment #2 by Anonymous posted on
Anonymous
Both the 6 and 9 month CD are now 3%. I had a CD account with them several years ago. I mailed my application and redeemed my funds also by mail. No problems with either opening or closing.

1