Best 3 Year Fixed Annuity Rates
My Annuity Store's Best 3 Year Fixed Annuity Rates November 2020
The table below lists the best 3 year fixed annuity rates available today (updated November 6, 2020).
| Insurer | Product | Term | Rate |
|---|---|---|---|
| American Equity Investment Life Insurance Company | GuaranteeShield 3 | 3 yrs | 2.4 |
| Athene IA | Athene Max Rate 3 Low Band | 3 yrs | 1.3 |
| Fidelity & Guaranty Life | FG Guarantee-Platinum 3 | 3 yrs | 2.1 |
| Global Atlantic Financial Group | SecureFore 3 | 3 yrs | 1.5 |
| Great American Life Insurance Company | SecureGain 3 Low Band | 3 yrs | 1.35 |
| Guaranty Income Life | Guaranty Rate Lock 3 Low Band | 3 yrs | 2 |
| Guaranty Income Life | RateWise Annuity 3 Year | 3 yrs | 1.85 |
| Guaranty Income Life | RateWise Annuity 3 Year (Liquidity) | 3 yrs | 1.75 |
| Guggenheim Life and Annuity Company | Preserve MYGA 3 Low Band | 3 yrs | 1.6 |
| North American Company | Guarantee Choice 3 Low Band | 3 yrs | 1.4 |
| Oxford Life Insurance Company | Multi-Select 3 | 3 yrs | 1.6 |
| Sagicor Life Insurance Company | Milestone MYGA 3 Mid Band | 3 yrs | 1.7 |
| Sagicor Life Insurance Company | Milestone MYGA 3 FL Mid Band | 3 yrs | 1.7 |
| The Standard | Focused Growth Annuity 3 Low Band | 3 yrs | 1.6 |
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Finding the Best Fixed Annuity Rate For You
Fixed annuities, or MYGAs, are the simplest of all annuities making them the easiest variety to shop for and compare. However, there are still a few important items to consider besides just looking for the highest guaranteed rate of return.
Duration: Typically the longer contract you purchase the higher your guaranteed interest rate will be. But that is not the case, especially given the current inverted yield curve.
Liquidity: Most all fixed annuities have some type of annual free withdrawals, but the amount available varies by product. You’ll see most of the fixed annuities at our marketplace provide interest-only withdrawals annually. Others allow for 10% Free Withdrawals (10% of previous years account value) annually.
Insurer Company’s Financial Rating: An Insurance Company’s Financial Rating is important because it is an indicator of an insurers’ ability to fulfill financial commitments to it’s policyholders. Usually, a lesser rated insurance company will offer higher fixed annuity rates, but that is not always the case.
Fixed Annuity vs. CD's
Fixed annuities are 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.
You can view your states limits at our State Guarantee Associations Explained page.
| FIXED ANNUITY | CD (CERTIFICATE OF DEPOSIT) | |
|---|---|---|
| SOLD BY | Insurance Companies | Banks |
| AMOUNT YOU CAN INVEST | $2,000 - $1,000,000 | Essentially Any Amount |
| INVESTMENT DURATION | 3 years - 10 years | 3 months - 5 years |
| INTEREST RATES | Varies by insurer, term and investment amount. Typically higher than CDs | Varies by financial institution, term and investment amount. |
| LIQUIDITY | Varies by insurer and annuity. Usually either 10% of account value or accumulated interest annually. | Almost always accumulated interest. |
| GUARANTEES | Backed by the claims paying ability of issuing Insurer and by State Guaranty Funds. | Backed by the FDIC up to $250,000 per depositor, per institution. |
| DEATH BENEFIT | Asset passed directly to beneficiary without going through the probate process | Probate process required to pass asset to heirs |
Fixed Annuity FAQs
Yes. Insurance companies as a whole have a long history of stability, even through our nation’s most difficult economic times. Fixed annuities, unlike variable annuities, are backed by the full faith and credit of the issuing insurance company.
A CD-type annuity is an industry coined term to describe a multi-year guarantee annuity. The interest rate is guaranteed in advance for a set number of years, similar to a bank CD.
In the broadest terms, an annuity is a contract between you and an insurance company, where you make a premium payment(s) in exchange for the benefits defined in the contract.
With fixed annuities, there are no fees, upfront loads or sales charges. 100% of your money goes into your contract without any expense to you. The only time you might experience a fee, is if you choose to add an optional rider that comes with a cost.
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Annuities are distributed by My Annuity Store, Inc. Guarantees are subject to the claims-paying ability of the insurer. My Annuity Store, Inc. does not advise clients on the purchase of non-fixed annuity products. The information presented here is not of tax or legal nature and is not intended to be a recommendation to purchase a fixed annuity, fixed index annuity, variable annuity contract, registered index linked annuity (RILA), immediate annuity (SPIA), longevity annuity, or Qualified Longevity Annuity Contract (QLAC).
The contract features described may not be current and may not apply in the state in which you reside. Annuities are issued by Insurance companies and contracts are ‘state-specific’. Insurance companies also change their products and information often and without notice. Annuities are subject to the terms and conditions of the specific contract issued by the insurer, are not FDIC or NCUA insured, are not bank guaranteed, may lose value, and are not a deposit. Please call (855) 583-1104 if you have any questions or concerns.
The information presented here is not a representation regarding the suitability of any concept or product(s) for an individual and it does not provide tax, accounting or legal advice. It is important to read the prospectus carefully and consider your objectives, risks, fees and charges associated with the contract. You should always consult your own financial planning, tax, and legal counsel to determine if a fixed annuity, immediate annuity, longevity annuity, or Qualified Longevity Annuity Contract are suitable in your financial situation.