Today’s Best 10-Year Fixed Annuity (MYGA) Rates
We've made it easy for you to compare today's best 10 year fixed annuity rates from the top annuity annuity providers all in one place.
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Top 10-Year MYGA Rates Preview
- Atlantic Coast Life B++*5.80%
- Farmers Life B++*5.80%
- Axonic A-*5.70%
*Illustrative snapshot. See the live table below for full comparison including carrier strength, liquidity, and renewal options. Rates vary by state.
Rates subject to change without notice. Availability & features vary by state and insurer. Guarantees are backed by the claims‑paying ability of the issuing insurance company. Not a bank product. Not FDIC insured. State guaranty association limits apply (vary by state). Logos are property of their respective insurers; shown for educational platform availability only and do not imply endorsement. Company availability, financial strength ratings, and product terms are subject to change.
Logos are property of their respective insurers. Display is for educational comparison and platform availability only.
Best 10 Year Fixed Annuity Rates
What is a 10 Year Fixed Annuity?
A 10-year fixed annuity pays a guaranteed interest rate for 10 years. If you do not want to commit to a 10 year fixed annuity you can compare visit our fixed annuity rates page to compare interest rates for all annuities.
After the initial 10-year guarantee period, you will have the option to either renew for another 10 years at the new declared interest rate, withdraw your annuity account value, convert your annuity to monthly income payments, or transfer to a new annuity using a tax-free 1035 exchange.
As stated above, in addition to providing a guaranteed rate of return for the initial 10-year investment term, 10-year fixed annuities provide the opportunity to turn your savings into lifelong, pension-like income. The fixed annuity rate guarantee is backed by the financial strength of the issuing insurance company.
IMPORTANT NOTE: You have likely heard of a fixed annuity referred to as any of these other names:
- CD-type annuity
- Multi-Year Guaranteed Annuity (MYGA)
- Single-Premium Deferred Annuity (SPDA)
- Traditional Fixed Annuity
- Flexible-Premium Deferred Annuity (FPDA)
How 10 Year Fixed Annuities Work
- Accumulation phase:
You pay premiums to the insurance company, and the money grows at a guaranteed interest rate. The interest is tax-deferred, meaning you don’t pay taxes on the earnings until you withdraw them.
- Annuitization (payout) phase:
After the accumulation period, you can receive a series of fixed, predictable payments. These payments can be for a set number of years or for your lifetime, and the amount is guaranteed not to fall below a certain level.
Key Features
- Guaranteed return: Provides a fixed rate of return with principal protection, unaffected by market fluctuations.
- Tax-deferred growth: Earnings are not taxed until you withdraw them.
- Predictable income: Offers a guaranteed income stream for retirement.
- Liquidity: Can be less liquid than other options due to surrender charges for early withdrawals.
- Surrender charges: You may face penalties for withdrawing more than a small percentage of your money before the surrender period ends.
- Inflation risk: A fixed rate of return may not keep pace with inflation, especially over the long term.
Fixed Annuities vs. CDs
Fixed annuities work very much like a certificate of deposit (CD). Both a fixed annuity and a CD provide principal protection, meaning your account value will not decrease due to market performance.
A fixed annuity, or MYGA, guarantees a set interest rate for a specified period of time, just like a CD. However, Fixed annuity guarantees are backed by the claims-paying ability of the issuing insurance company and are not insured by the FDIC like a CD.
While not FDIC-insured, State Insurance Guaranty Associations provide a safety net for their state’s annuity policyholders. These Guaranty Associations guarantee policyholders continue to receive coverage (up to the limits spelled out by state law) even if their insurer is declared insolvent.
| FEATURES | FIXED ANNUITY | CD |
|---|---|---|
| Issued By | Insurance Companies | Banks |
| Investment Amount | $2,000 - $1,000,000 | Essentially Any Amount |
| Investment Term | 2 years - 10 years | 3 months - 5 years |
| Interest Rates (APY) | Varies by product. | Varies by bank, term and investment amount. |
| Liquidity | Usually, 10% annually or interest earned. | Almost always accumulated interest. |
| Guarantees | Backed by Insurer & State Guaranty Associations. | Backed by the FDIC. |
| Death Benefit | May avoid probate. | Probate process required. |
What Happens at the End of a 10 Year Fixed Annuity?
At the end of a 10 year annuity you will have a few choices. One of them will be to look at the current fixed annuity rates and do a tax-free transfer to a new annuity at a new insurance company. This is done via a 1035 exchange.
The Internal Revenue Service (IRS) allows you to exchange an annuity policy that you own for a new annuity policy without paying tax on the investment gains earned on the original contract. This can be a substantial benefit.
This rule is governed by Section 1035 of the Internal Revenue Code which is why these are called 1035 Exchanges.
Below is a direct link to the complete text of the code.
U.S. Code > Title 26 > Subtitle A > Chapter 1 > Subchapter O > Part III > Section 1035
There are a couple of important rules that must be followed in order to receive the benefits of a 1035 Exchange.
- The tax code says that the old annuity policy must be exchanged for a new policy – you cannot receive a check and apply the proceeds to the purchase of a new insurance policy.
- You can 1035 exchange from a life insurance policy to an annuity
- You can 1035 exchange from an annuity to a long-term care policy.
- You can not 1035 exchange from an annuity to a life insurance policy
Here is an example of an actual 1035 Exchange form you would need to complete to move from one annuity to another via a 1035 Exchange.
10 Year Fixed Annuity Rates FAQs
What is a 10 year fixed annuity?
How is interest credited on a fixed annuity?
Can I access my money during the 10-year term?
What happens at the end of the 10 years?
How are taxes handled?
Interest grows tax-deferred. Withdrawals are taxed as ordinary income and may be subject to a 10% IRS penalty if taken before age 59½. Non-qualified funds, IRAs, and Roth IRAs each have different tax treatments—consult a tax advisor.
Are there fees in a 10-year fixed annuity?
There are typically no explicit annual fees; costs are priced into the credited rate. However, surrender charges can apply if you withdraw more than your free amount during the term.
What is a Market Value Adjustment (MVA)?
An MVA, market value adjustment, can adjust your surrender value up or down if you take excess withdrawals during the term, based on interest rate movements since purchase. If rates rose, the MVA may reduce value; if rates fell, it may increase value.
How do RMDs work with a 10 year annuity?
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