FAQ : why bank with us, private banking : Millennium Bank

Frequently Asked Questions

Where is Millennium Bank physically located?
Millennium Bank is located in Kingstown, the capital city of St. Vincent and the Grenadines. Saint Vincent and the Grenadines is located in the West Indies within a one hundred mile radius of Barbados, St. Lucia and Grenada. St. Vincent and the Grenadines is a member of the British Commonwealth of Nations, the Organization of American States and has a seat in good standing at the United Nations.

Who owns Millennium Bank?
Millennium Bank is a wholly-owned subsidiary of United Trust of Switzerland S.A. a Geneva based private trust established in 1931.

How do I make a deposit in Millennium Bank?
Deposits are made by wire transfer, personal check, certified check, cashier’s check, bank draft or bank money order. An electronic wire transfer from your local bank is the ideal option because it is fast, efficient and there is no waiting period for clearance. For other deposit methods there is a six week waiting period for clearance.

How do I open an account?
Begin by choosing an account that suits you. Simply click on the Financial Services tab located on the main menu bar at the top of the page. There you will find a variety of accounts to choose from. Once you have chosen the account that suits you, click on the Help Me Invest tab located on the same page. Fill it out and send it to us. A representative willl contact you promptly.If you require assistance click on the Contact Us tab to obtain our telephone numbers (toll free from the U.S. or Canada), fax number or email address and one of our professional customer service representatives will be happy to guide you through the process.

What is the minimum deposit required to open an account?
To open a Daily Interest Savings Account a minimum deposit of $1000 USD is required. To open an IRA retirement account, or to obtain a traditional or premium certificate of deposit, a minimum deposit of $5000 USD is required.

Can I make a deposit in my own currency thus avoiding currency conversion charges?
You can make a deposit and avoid currency conversion charges in any of the six following currencies: U.S. Dollar, Euro, Swiss Franc, Canadian Dollar, Japanese Yen and British Sterling.

Will my account be subject to taxation?
Income derived from interest in your account is tax-exempt in St. Vincent and the Grenadines, a tax free jurisdiction. The Government of St. Vincent and the Grenadines does not impose a tax on income derived from interest.

How is the interest calculated on my account?
The interest paid in Millennium Bank’s Daily Interest Savings Account is compounded annually and paid monthly on your minimum daily balance. The interest paid in one of our certificates of deposit is compounded annually and paid annually.

How do I keep track of the progress of my account? How do I know what the current balance is?
Millennium Bank’s website has a convenient and secure on-line account services login section. This password protected area allows you to monitor the progress of your account on a daily basis. Once you have opened an account with Millennium Bank, you will be provided with a secure password which will allow only you to access your account, make further transactions or reach our customer services personnel.

Can I withdraw funds at will from my account?
Unless you invest in a Premium Certificate of Deposit where there are pre-established time restrictions involved, you can withdraw funds from your account. As long as you maintain the required minimum balance, you can withdraw at will from your Daily Interest Savings Account. To redeem or withdraw from a Traditional Certificate of Deposit you must give 90 days notice and pay an early redemption penalty (for more information, click Financial Services on the menu bar and go to Traditional Certificates of Deposit section).

In the event that I move or change jobs, how can I inform you of a change of address or telephone number?
You must provide us with this information in writing either by fax or letter. For security purposes, one of our representatives will guide you through the process. This is done exclusively to safeguard the funds in your account. Simply click on Contact Us to obtain our telephone numbers, fax number, email address or mailing address.

Are deposits in Millennium Bank protected by FDIC insurance or any similar deposit insurance plan?
Deposits in all private or offshore banks in the Caribbean and around the world are not protected by FDIC insurance or any other insurance plan. Deposits in Millennium Bank are safeguarded by established laws and regulations strongly enforced by the International Financial Services Authority (IFSA). This strict regulatory audit and monitoring system ensures that private or offshore banks are financially viable at all times therefore eliminating the requirement for deposit insurance. For further information click on the URL on our website’s home page under International Financial Services Authority.

Will information concerning my account ever be divulged or reported to any third parties?
All bank accounts and transactions of our clients are strictly private and confidential. Any form of disclosure is a criminal offense in St. Vincent and the Grenadines and punishable by imprisonment and penalty. Your privacy is fully assured with one obvious exception. In the event of a criminal investigation all banks worldwide, including Millennium Bank, are obligated by law to cooperate with authorities.