fbpx Multi Year Guaranteed Annuity Rates (2024 Update) - Seniorsmutual.com | Senior Insurance Experts

Multi Year Guaranteed Annuity Rates (2024 Update)

Below are the current Multi Year Guaranteed Annuity Rates.

MYGA rates change very month, so it’s important to get high rates as soon as possible if they are trending down.

To apply with any company give us a call at 469-290-8975.

What Are Multi Year Guaranteed Annuities?

MYGAs are fixed interest rate annuities for a certain time period, very similar to bank CDs.

Is A MYGA Better Than A Bank CD?

MYGA rates are quite a bit higher than the highest bank CDs, so you can get more return on them.

However, every situation is different and the best option for you might change.

What Is The Downside Of A MYGA?

The biggest downside of a MYGA is they are not insured by the FDIC. This means if the insurance company goes bankrupt, your deposit is not insured.

While this is extremely rare to happen, it is something to keep in mind.

How Much Does A MYGA Cost?

There are generally no fees for MYGAs. You invest a certain amount to get a return guaranteed every year for the number of years you select.

As of the time of writing this article, you can get a 3 year MYGA with a return of 5.9%.

What Happens At The End Of A MYGA?

At the end of a MYGA term, the money plus interest is paid back to you.

What you do with it at that point is up to you.

You can invest in another MYGA, annuitize the money for lifetime guaranteed income, or any other number of options.