A MYGA (Multi-Year Guaranteed Annuity) is an insurance product that locks in a guaranteed interest rate for a specified period, typically 2–7 years. Like a CD, it offers a predictable, fixed return. However, MYGAs grow on a tax-deferred basis, meaning you do not owe taxes on interest until you withdraw it. MYGAs often offer higher rates than bank CDs, though they are subject to insurance company surrender periods.