Dedicated to Deposits: Deals, Data, and Discussion

2.60% 14-Month CD & 2.40% 9-Month CD at Millennium Bank - VA, MD & DC Only


Millennium Bank continues to offer some competitive short-term special CD rates. The rates just went down today by 10 basis points, so hopefully, these should last for a while. The specials include a 2.60% APY 14-month CD and a 2.40% APY 9-month CD. Minimum deposit is $5,000.

New accounts are only accepted for those in Virginia, Maryland and DC. For a while they had been accepting customers from any state, but some time after my November 2008 post, they changed back to only allowing VA, MD and DC residents. If you qualify, you should be able to apply without a branch visit. 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.

When I last contacted the bank, I was told that the CD 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 now-defunct offshore 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 weak: 1 star (lowest) at and 1 star (troubled) at BauerFinancial. Both are based on 12/31/08 data.

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.

  Tags: Virginia, Maryland, CD rates

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Comment #1 by mapgirl (anonymous) posted on

I opened a CD with Millennium Bank 2 yrs ago when Jonathan Clements featured them in the WSJ. Back then they had a $1K minimum, not the $5K they have now.

They're very nice people there. (The Reston office is a few blks from my old company.)

But if you are a DC area resident, there are also decent deals at HEW Federal Credit which has locations in DC and a lower minimum on CD's.

Comment #2 by Anonymous posted on
Corus Bank recently increased their 1yr CD rate slightly from 2.74% APY to 2.76% APY. (A sign of better things to come?)