Current MYGA Rates:
Compare Today’s Best Guaranteed Annuity Rates

A multi-year guaranteed annuity locks in a fixed interest rate for a set term — no market exposure, no surprises. Compare current MYGA rates from highly rated insurance carriers, understand what drives those rates, and find out whether a MYGA belongs in your retirement savings strategy.

Current MYGA Rates — [Month Year]

The rate table below shows current MYGA rates from highly rated carriers. Rates are updated regularly and reflect the most recent available data. All carriers shown carry a minimum AM Best financial strength rating of A- (Excellent).

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Carrier	AM Best	Term	Rate	Effective Date
[Carrier A]	A+	3-Year	X.XX%	[Date]
[Carrier B]	A	5-Year	X.XX%	[Date]
[Carrier C]	A+	5-Year	X.XX%	[Date]
[Carrier D]	A	7-Year	X.XX%	[Date]
[Carrier E]	A-	10-Year	X.XX%	[Date]

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How to Read This Rate Table

Carrier: The name of the issuing insurance company.
AM Best Rating: The carrier’s financial strength rating from AM Best, the leading insurance industry rating agency. Ratings of A- or higher indicate Excellent or Superior financial strength.
Term: The number of years the guaranteed rate is locked in. Your principal and interest are accessible without surrender charges after the term ends.
Guaranteed Rate: The annual interest rate guaranteed for the full term. This rate will not change during the contract period.
Effective Date: The date this rate became effective. Always verify current rates directly before purchasing.

What Is a MYGA?

A MYGA — multi-year guaranteed annuity — is a contract between you and an insurance company. You deposit a lump sum, the insurer guarantees a fixed interest rate for a defined term (typically 3, 5, 7, or 10 years), your principal is fully protected, and interest accumulates tax-deferred. At the end of the term, you receive your principal plus all accumulated interest.

MYGAs are among the simplest, most transparent products in the retirement savings space. The rate you’re told on day one is exactly what you earn — no moving parts, no market exposure, no surprises.

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How MYGA Rates Work

What Drives MYGA Rate Changes?

MYGA rates are set by insurance companies based primarily on the yield environment for long-duration investment-grade bonds — the primary assets insurers use to back MYGA guarantees. When bond yields rise (as in a rising interest rate environment), insurance carriers can offer higher MYGA rates. When bond yields fall, MYGA rates typically follow.

This is why MYGA rates have historically outpaced bank CD rates: insurance companies invest in longer-duration bonds than banks typically use for CD funding, and those bonds generally yield more. The spread between MYGA rates and CD rates tends to be most pronounced at mid-to-long terms (5–10 years).

You deposit a lump sum with a highly rated insurance carrier.
The carrier locks in a guaranteed interest rate for the full contract term.
Interest accumulates annually inside the contract, compounding tax-deferred.
At maturity, your full balance (principal + accumulated interest) is available to withdraw, roll into a new contract, or convert to income.
Early withdrawals above the free-withdrawal amount (usually 10%/year) are subject to surrender charges that decline annually to zero at maturity.

Current Interest Rate Environment

MYGA rates reflect the broader interest rate environment. In periods of elevated interest rates, carriers can offer meaningfully higher guaranteed returns because the underlying bond yields that support MYGA guarantees are themselves higher. Savers who lock in a rate during a high-rate period secure that return for the full term, regardless of where rates move afterward.

Conversely, in lower-rate environments, MYGA rates compress — but they typically still outperform comparable bank CDs. The tax deferral advantage of a MYGA over a CD remains constant regardless of the rate environment.

Real-World Example:

A 64-year-old pre-retiree has $90,000 in a money market account earning 0.4% annually. She plans to retire at 68 and doesn’t need this money before then. Moving $85,000 into a 5-year MYGA at the current guaranteed rate locks in the return for the full term, eliminates any market anxiety about the funds, and defers the tax liability until she begins withdrawals in retirement — potentially at a lower marginal rate.

Comparing MYGA Rates by Term Length

Short-Term MYGAs (2–3 Years)

Short-term MYGAs offer the most liquidity flexibility — the surrender period ends quickly, and you can reassess options at maturity. Rates are typically lower than mid-term products, but still competitive with or above short-term CD alternatives. Best for savers who want to lock in a guaranteed rate but expect to need flexibility within a few years.

Mid-Term MYGAs (5 Years)

Five-year MYGAs represent the sweet spot for most retirees and pre-retirees: a meaningful rate premium over shorter terms, a surrender period that aligns with most medium-range savings horizons, and sufficient time for tax-deferred compounding to produce a real dollar difference. The 5-year MYGA is the most widely purchased term.

Long-Term MYGAs (7–10 Years)

Long-term MYGAs offer the highest guaranteed rates and the most compounding time, but require a longer commitment. They work best for savers with a clear use-case for the funds at the far end of the term — a legacy reserve, a healthcare fund, or a future income supplement — who can afford to set the money aside for the full period.

MYGA vs. CD: Which Offers Better Returns?

MYGAs and CDs serve similar purposes — guaranteed returns on funds you won’t need for a defined period — but differ in meaningful ways.

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Feature	MYGA	CD
Issuer	Insurance company	Bank
Protection	State guaranty association (typically up to $250K)	FDIC insured (up to $250K)
Rate	Often higher, especially at 5+ year terms	Generally lower
Tax Treatment	Tax-deferred — no annual tax on interest	Taxable each year as ordinary income
Liquidity	10%/year free withdrawal; surrender charge on excess	Penalty for early withdrawal
Minimum Deposit	Typically $5,000–$25,000	Varies; often lower
Suitable For	Retirees wanting rate + tax deferral advantage	Short-term savers; FDIC preference

The bottom line:

For a retiree with a 5-year time horizon who holds funds in a taxable account, a MYGA typically outperforms a CD on both the pre-tax rate and after-tax return. The tax deferral alone — avoiding annual 1099-INT income — can be worth a full percentage point or more depending on the retiree’s marginal rate.

MYGA vs. Fixed Annuity: What’s the Difference?

Both MYGAs and traditional fixed annuities offer guaranteed rates, but they’re structured for different purposes. A MYGA is a pure accumulation product: you’re growing a lump sum at a guaranteed rate for a defined term. A traditional fixed annuity may include annuitization features — the ability to convert the balance into a guaranteed income stream — and may carry different fee structures.

If your goal is accumulation and flexibility at maturity, a MYGA is typically the cleaner, more transparent choice. If your goal is to eventually convert savings to guaranteed lifetime income, an income annuity or fixed annuity with income features may be more appropriate.

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Tax Advantages of MYGAs

Interest earned in a non-qualified MYGA (funded with after-tax dollars) accumulates tax-deferred. You owe ordinary income tax only when you withdraw — not each year as interest accrues. This contrasts with a bank CD, where you receive a 1099-INT annually whether or not you touched the money.

For retirees actively managing taxable income — those monitoring Medicare IRMAA thresholds, managing Roth conversion opportunities, or simply minimizing taxable income in a given year — the ability to defer MYGA interest to a future year provides meaningful planning flexibility.

In a qualified account (traditional IRA), the tax deferral benefit is redundant since the IRA already defers taxes. MYGAs inside IRAs still make sense when principal protection and a guaranteed rate are priorities, but the tax deferral advantage over a CD is not additive in that context.

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How to Compare MYGA Carriers

Understanding AM Best Ratings

Not all MYGA rates are created equal. A higher rate from a lower-rated carrier is not automatically the better choice. The guarantee behind a MYGA is only as strong as the financial health of the insurance company issuing it. Evaluating carrier financial strength is a non-negotiable step in the comparison process.

AM Best Rating	What It Means for MYGA Buyers
A++ / A+ (Superior)	Highest tier. The carrier has an exceptional ability to meet financial obligations. Preferred for large MYGA deposits.
A / A- (Excellent)	Strong financial stability. Appropriate for most MYGA purchases. Silver Bay only shows rates from A- and above.
B++ / B+ (Good)	Adequate financial strength, but below the threshold Silver Bay recommends for primary retirement savings.
B and Below	Not recommended for MYGA purchases that serve as core retirement reserves.

Additional carrier evaluation factors:

Full-term rate guarantee: confirm the rate is guaranteed for the entire term, not just an introductory year.
Free-withdrawal provision: most carriers allow 10% of account value annually without surrender charges; verify this before committing.
Surrender charge schedule: understand the declining schedule and confirm no funds are needed before the surrender period ends.
Maturity options: confirm the options available when the term ends (withdrawal, rollover, income conversion).
State availability: not all carriers offer all products in all states; your advisor will confirm availability.

Who Should Consider a MYGA?

MYGAs work best for:

Pre-retirees (ages 55–70) with a specific savings horizon and funds they genuinely won’t need for the contract term
Retirees managing taxable income who want to defer interest recognition to future years
Savers rolling over maturing CDs who want to compare guaranteed alternatives
Anyone holding excess cash in a low-yield savings account for a defined future purpose
Retirees building a safe-money allocation within a broader retirement income strategy

MYGAs are less suitable for savers who may need full liquidity before the term ends, those with very short time horizons (under 2 years), or those whose primary goal is growth potential tied to market performance.

Common MYGA Mistakes to Avoid

Chasing the highest rate regardless of carrier strength: a top rate from a poorly rated carrier is not a good trade. Carrier financial strength is part of the return equation.
Overcommitting funds: locking in more than you can genuinely set aside for the full term creates forced early withdrawals and surrender charges.
Misunderstanding the surrender schedule: not reading how much can be withdrawn annually without penalty before committing.
Ignoring the free-withdrawal provision: most contracts allow 10%/year penalty-free; knowing this in advance helps with planning.
Confusing a teaser rate for the full-term rate: some carriers offer a higher first-year rate that steps down — always confirm the rate is guaranteed for the entire term.
No maturity plan: having no plan for what to do at maturity is a common oversight. Know your options before the contract ends.

Questions to Ask Before Purchasing a MYGA

What is the carrier’s AM Best financial strength rating?
Is this rate guaranteed for the full term — or is it a first-year teaser?
What is the free-withdrawal provision (typically 10% of account value per year)?
What is the complete surrender charge schedule, year by year?
What are my options at maturity — withdrawal, rollover, income conversion?
Is the rate the same for qualified (IRA) and non-qualified funds?
What state guaranty association protections apply in my state?
What is the minimum deposit required for this product?

Ready to explore your options?

Schedule a complimentary annuity and retirement income review. We’ll help you compare solutions and determine which annuity strategy aligns with your retirement goals.