Top Multi-year Guaranteed Annuity Rates as of mm/dd/yyyy
Includes both fee and non-fee-based annuities
Top Rates in your state as of mm/dd/yyyy
Includes both fee and non-fee-based annuities
Rate Guaranteed # Years
| Company | Rating | Product Name | Minimum Premium | Free Withdrawals | Guaranteed Rate | Availability |
|---|---|---|---|---|---|---|
| Guarantee Period: 3 years | ||||||
| Aspida Life Insurance Company | A- | Aspida Advisory MYGA | $100,000.00 | 5.35% | ||
| Farmers Life Insurance Company | B++ | Safeguard Plus | $10,000.00 | 5.20% | ||
| Aspida Life Insurance Company | A- | Aspida Advisory MYGA | $25,000.00 | 5.20% | ||
| Guarantee Period: 5 years | ||||||
| Heartland National Life Insurance Company | B++ | Secure Rate 10 | $5,000.00 | 5.50% | ||
| Aspida Life Insurance Company | A- | Aspida Advisory MYGA | $100,000.00 | 5.50% | ||
| Farmers Life Insurance Company | B++ | Safeguard Plus | $10,000.00 | 5.45% | ||
| Guarantee Period: 7 years | ||||||
| Atlantic Coast Life | B+ | Safe Harbor Bonus Guarantee | $5,000.00 | 5.55% | ||
| Heartland National Life Insurance Company | B++ | Secure Rate 10 | $5,000.00 | 5.55% | ||
| Aspida Life Insurance Company | A- | Aspida Advisory MYGA | $100,000.00 | 5.50% | ||
| Guarantee Period: 10 years | ||||||
| Atlantic Coast Life | B+ | Safe Harbor Bonus Guarantee | $5,000.00 | 5.80% | ||
| Heartland National Life Insurance Company | B++ | Secure Rate 10 | $5,000.00 | 5.70% | ||
| EquiTrust Life Insurance Company | B++ | Certainty Select | $10,000.00 | 5.45% | ||
Guarantee Period: 3 years
| Company | Aspida Life Insurance Company |
|---|---|
| Rating | A- |
| Product Name | Aspida Advisory MYGA |
| Min. Premium | $100,000.00 |
| Free Withdrawals | |
| Guaranteed Rate | 5.35% |
Guarantee Period: 5 years
| Company | Heartland National Life Insurance Company |
|---|---|
| Rating | B++ |
| Product Name | Secure Rate 10 |
| Min. Premium | $5,000.00 |
| Free Withdrawals | |
| Guaranteed Rate | 5.50% |
Guarantee Period: 7 years
| Company | Atlantic Coast Life |
|---|---|
| Rating | B+ |
| Product Name | Safe Harbor Bonus Guarantee |
| Min. Premium | $5,000.00 |
| Free Withdrawals | |
| Guaranteed Rate | 5.55% |
Guarantee Period: 10 years
| Company | Atlantic Coast Life |
|---|---|
| Rating | B+ |
| Product Name | Safe Harbor Bonus Guarantee |
| Min. Premium | $5,000.00 |
| Free Withdrawals | |
| Guaranteed Rate | 5.80% |
Check Top Rates in Your State
Understanding Fixed Annuities
Fixed annuities are a type of insurance product that provides a guaranteed stream of income, making them an attractive option for individuals seeking financial security in retirement. When you purchase a fixed annuity, you agree to pay a lump sum or series of payments to an insurance company. In return, the company promises to provide you with regular, predetermined payments based on the best fixed annuity rates over a specified period or for the rest of your life. The key feature of fixed annuities is the guarantee of both principal and interest, which are insulated from market fluctuations. This makes them a low-risk option compared to variable annuities or other investment products. Fixed annuities can be immediate, where payments start almost immediately, or deferred, where the income begins at a future date. However, they also come with certain limitations, such as lower returns compared to other investments and potential penalties for early withdrawals. Understanding these factors is crucial for determining whether a fixed annuity aligns with your financial goals.
How to Compare Fixed Annuities
Comparing fixed annuities involves looking at a few key factors to help you choose the best option for your financial needs. Start by comparing the interest rates offered by different insurance companies, as this rate determines how much your money will grow over time. Be sure to be on the lookout for the top fixed annuity rates! Next, consider the length of the surrender period, which is the time you must wait before you can withdraw your money without paying a penalty. Shorter surrender periods offer more flexibility, but they might come with lower interest rates. Also, check the fees and any additional features, such as death benefits or inflation protection, which can add value to the annuity. You’ll also want to make sure the insurance company offering the annuity has a strong financial rating, as this indicates they are reliable and likely to meet their long-term commitments. By considering these factors, you can find the best fixed annuity for your retirement goals.
About Multi-year Guaranteed Annuity (MYGA) Rates
Fixed annuities are often referred to as Multi-Year Guaranteed Annuities (MYGAs), which are a specific type of fixed annuity that guarantees a fixed interest rate for a set period, typically ranging from 3 to 10 years. The "multi-year" aspect means that once you purchase the annuity, the interest rate is locked in for the entire term, providing predictable and stable growth. MYGAs are popular because they offer higher interest rates than traditional savings accounts or certificates of deposit (CDs) while still providing the security of a fixed return. At the end of the guaranteed period, you can either withdraw your money, possibly reinvest in another MYGA, or convert it into a different type of annuity. Understanding that MYGA is just a subtype of fixed annuities can help you see it as a tool for securing a reliable income stream with the added benefit of knowing exactly how much your investment will grow over a specified period.
Fixed Annuity FAQs
What are the main differences between fixed annuities and certificates of deposit (CDs)?
The main differences lie in their purpose, interest rates, and tax treatment. Fixed annuities are insurance products designed to provide income, often for retirement, and typically offer higher interest rates than CDs. CDs, offered by banks, are savings products with a fixed interest rate for a set term. Unlike CDs, the interest earned on fixed annuities grows tax-deferred until you withdraw the money.
What determines the interest rates offered on fixed annuities?
Interest rates on fixed annuities are primarily influenced by the broader economic environment, particularly prevailing interest rates set by the Federal Reserve. When market interest rates are high, insurance companies can offer higher rates on fixed annuities. Conversely, when market rates are low, annuity rates tend to be lower as well.
When can I start making withdrawals from my fixed annuity?
You can typically start making withdrawals from your fixed annuity at any time, but doing so during the surrender period (the first few years after purchasing the annuity) may result in surrender charges. If you make withdrawals before age 59½, you might incur a 10% early withdrawal penalty from the IRS, along with ordinary income taxes on the withdrawn amount.
What are surrender charges, and how do they work?
Surrender charges are fees that the insurance company imposes if you withdraw more than a specified amount from your fixed annuity during the surrender period. These charges typically decrease over time and eventually disappear once the surrender period ends. For example, a 7-year surrender period might start with a 7% fee in the first year, reducing by 1% each subsequent year until it reaches 0%.
How does an MYGA work?
When you purchase an MYGA, you pay a lump sum to the insurance company. In return, the company guarantees the best fixed interest rate for the duration of the chosen term. At the end of the term, you can either withdraw your funds, roll them into another annuity, or, in some cases, renew the MYGA at the current rates offered by the insurer.
Start by Requesting a Custom Quote: Your First Step to Buying an Annuity
Annuity FYI recommends requesting a custom quote as a first step for all prospective annuity buyers by simply completing the information request form below.
Annuity Information Request Form
Please complete this form to request annuity information and an application for the product you selected from the table. You can also use this form to request general information and personalized quotes.
