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Best Fixed Annuity Rates March 2023

Today's Best Annuity Rates

As of March 20, 2023, Ibexis offers the best fixed annuity rate of 5.80%* for a 5 year fixed annuity. Fixed annuities provide a guaranteed rate for a specified period of time and are often referred to as a “CD Type Annuity” because of their similarities to a Certificate of Deposit.

Best Fixed Annuity Rates Today by Term

TermInsurerCompany DetailsAnnuity RateAM BestApplication
1 Year Clear spring annuity logo Clear SpringPreserve MYGA4.30%A-
2 Years Silac insurance company logo SILACSecure Savings Elite5.00%B+
3 Years Atlantic coast life annuity logo Atlantic Coast LifeSafe Haven5.63%B++
4 Years Nassau logo NassauSimple Annuity5.25%B++
5 Years Ibexis annuity logo Ibexis MYGA Plus5.80% SimpleA-
6 Years Nassau logo NassauSimple Annuity5.50%B++
7 YearsAspida annuity logoAspidaSynergy Choice5.60%A-
8 Years American national annuity logo American NationalPalladium MYG5.30%A
9 Years American national annuity logo American NationalPalladium MYG5.30%A
10 Years American national annuity logo American NationalPalladium MYG5.30%A

*NOTE: Click on the insurance company or annuity product name for more details. You can find fixed index annuity rates here if you are looking for them instead.

Best 3 Year Annuity Rates

Atlantic Coast Life currently has the best 3 year fixed annuity rate of 5.63%.

TermInsurerAnnuityRateAM BestApply Online
3 Years Atlantic coast life annuity logo Atlantic Coast LifeSafe Haven5.63%B++
3 Years Farmers life annuity logo Farmers LifeSafeguard Plus5.50%B++
3 Years Silac insurance company logo
SILACSecure Savings Elite5.50%B+
3 Years American life logo American LifeAmerican Classic5.35%B++

Best 5 Year Fixed Annuity Rates

The best 5 year fixed annuity rate today is 5.80% available in the Ibexis MYGA Plus Annuity.

TermInsurerAnnuityRateAM Best
5 Years Ibexis annuity logo Ibexis LifeIbexis MYGA Plus5.80% SimpleA-
5 Years Farmers life annuity logo Farmers LifeSafeguard Plus5.75%B++
5 Years Atlantic coast life logo Atlantic Coast LifeSafe Haven 55.55%B++
5 Years Aspida annuity logo ASPIDASynergy Choice5.50%A-
5 Years Americo financial annuity logo AMERICOPlatinum Assure5.40%A

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Best 7 Year Annuity Rates

As of March 20, 2023, the best 7 year fixed annuity rate is 5.60% offered by ASPIDA Life Insurance Company. 

TermInsurerAnnuityRateAM BestApply
7 Years Aspida annuity logo ASPIDASynergy Choice5.60%A-
7 Years Atlantic coast life logo Atlantic Coast LifeSafe Harbor 5.54%B++
7 Years Farmers life annuity logo Farmers LifeSafeguard Plus5.45%B++
7 Years Americo financial annuity logo AMERICOPlatinum Assure5.30%A

Best 10 Year Annuity Rates

American National currently offers the best 10 year fixed annuity rate of 5.30% as of March 20, 2023.

TermInsurerInsurer ReviewAnnuityRateAM BestApplication
10 Years American national annuity logo American NationalPalladium MYG5.30%A
10 Years Security sentinel life logo Sentinel SecurityPersonal Choice5.25%B++
10 Years Atlantic coast life annuity logo Atlantic Coast LifeSafe Haven5.25%B++
10 Years Oxford life logo Oxford LifeMulti-Select5.25%A

Search All Fixed Annuity Rates

Understanding Annuity Rates

It is important to understand the different types of annuities as annuity rates and guarantees vary drastically from contract to contract.

Fixed annuities provide a specified interest rate for a guaranteed period of time; usually the longer you invest the higher your rate will be.

Index annuity icon

Fixed Index Annuity Rates

Earn interest based on the performance of a stock market index offering more upside potential along with downside protection.

Fixed annuity icon: a small grey safe with gold coins.

Fixed Annuity Rates

Fixed annuity interest rates are set by the insurance company and guaranteed for the initial contract term.

Income annuity quote icon of money coming out of bank atm machine

Immediate Annuity Rates

Single premium immediate annuities payments are guaranteed for life or a certain number of years.

Variable annuity icon

Variable Annuity Rates

Earn investment returns based on the performance of “subaccounts." You can lose money in a variable annuity.

Annuities vs CDs

Fixed annuities work very much like a certificate of deposit (CD) but they typically provide higher guarantees than CD rates. Below are some of the similarities between the two:

  • Both pay a guaranteed rate for a set number of years
  • Both provide principal protection
  • Both typically allow free withdrawals of interest
  • Both provide full account value lump-sum death benefit
  • Fixed Annuities grow tax-deferred
  • Fixed Annuities can provide guaranteed lifetime income
  • CDs are FDIC Insured
  • Fixed Annuities are guaranteed by the claims-paying ability of the issuing life insurance company and State Guaranty Associations

CD/ Annuity Comparison Chart

Issued ByInsurance CompaniesBanks
Investment Amount$2,000 - $1,000,000Essentially Any Amount
Investment Term2 years - 10 years3 months - 5 years
Interest Rates (APY)Varies by product.Varies by bank, term and investment amount.
LiquidityUsually, 10% annually or interest earned.Almost always accumulated interest.
GuaranteesBacked by Insurer & State Guaranty Associations.Backed by the FDIC.
Death BenefitMay avoid probate.Probate process required.

The Federal Reserve and Interest Rates

Annuity rates are influenced by US Treasury rates because insurance companies invest much of their assets in high-quality bonds and U.S. Treasuries.

This is why current annuity rates often mirror the interest rates available in other fixed-income investments, primarily bonds and U.S. Treasuries. When bond rates increase, annuity rates usually go up as well.

Federal reserve building

The Federal Reserve signaled it would begin steadily raising interest rates in mid-March, its latest step toward removing stimulus to bring down inflation.

Last week’s data showed that US consumer prices are rising at the fastest pace since the early 1980s. This has led to speculation that the Federal Reserve will raise interest rates by 0.5% at its next meeting.

Fed Chairman Jerome Powell said Wednesday that the central bank was ready to raise rates at its March 15-16 meeting and could continue to lift them faster than it did during the past decade.

How are Annuity Rates Established?

The rate of return on an annuity is a crucial factor to consider when choosing an annuity product. Annuity rates are typically based on several factors, including the age and health of the individual purchasing the annuity, the length of the payout period, and current interest rates.

One of the main factors that determine annuity rates is the current interest rate environment. In general, annuity rates tend to be higher when interest rates are higher, as insurance companies can earn more on the money they receive from annuity purchasers. Conversely, when interest rates are low, you can expect annuity rates to be lower as well.

The age of the annuitant and the payout option determine the annuity payment amount for an immediate annuity Insurance companies use actuarial tables to determine life expectancy, and individuals who are expected to live longer will receive lower annuity payments than those who are expected to live shorter lives. 

Additionally, those who select a  joint-life payout option will receive lower payments than a single annuitant. This is because the payments are guaranteed to last for the lives of both the husband and wife.

Overall, the factors that determine annuity rates can be complex, and it’s important to carefully consider all of the factors involved before making a decision.

Are Annuities Safe?

While most industry sectors struggled, Annuity Company Financial Reserves actually went up during the Covid-19 Pandemic hitting an all-time high of $4.4 Trillion; according to data recently published by the American Council of Life Insurers (ACLI).

You can access the complete 235-page 2022 ACLI Life Insurers Playbook here.

Annuity Company Reserves

YearReserves YearReserves
1950$5,600 1999$1,780,699

Source: National Association of Insurance Commissioners (NAIC) data.
Note: The NAIC does not endorse any analysis or conclusions based on the use of the historical data they have researched.

Today's Best Fixed Annuities

Best Fixed Annuity Companies

The table below the details 10 best U.S. fixed annuity companies by sales. When buying a deferred annuity, factor in the life insurance company’s financial ratings.

RankAnnuity CompanyFixed Sales
1New York Life$14,857,784
2Mass Mutual$11,900,949
3Athene Annuity & Life$9,714,648
4Corebridge Financial$7,146,379
5Western Southern Group$6,230,513
6Global Atlantic Financial Group$5,159,947
7Pacific Life$4,512,947
8USAA Life$4,155,154
9Fidelity & Guaranty Life$3,740,550
10Brighthouse Financial$3,704,850
11Symetra Financial$2,954,492
12Sammons Financial Companies$2,745,169
13Reliance Standard$1,457,344
15Delaware Life$1,148,882
16American National (ANICO)$937,996
17Security Benefit Life$926,412
18The Standard$750,428
19Thrivent Financial$744,781
20Mutual of Omaha$688,054

What is a Fixed Annuity?

Fixed annuities offer a guaranteed rate of return for a set period of time. For example, when you buy a 5-year annuity your interest rate is guaranteed for the length of the contract but a new rate is declared at the end of the annuity.

The fixed annuity contract will explain whether, how, and when this can happen. Although the word “fixed” might suggest otherwise, the interest rate on a fixed annuity can change over time.

Older female holding red shoe to her ear like a phone with text in caption bubble, "how are annuities taxed"

How Are Annuities Taxed?

The interest you earn in an annuity grows tax-deferred which means you don’t have to pay taxes on your earnings until you take it out of the annuity. Generally speaking, earnings from annuities are taxed at your ordinary income tax rate using the LIFO (last in first out) method

  • Roth IRA Annuity Taxation – A Roth IRA annuity is treated like an ordinary Roth IRA and you will not pay taxes.
  • Qualified Annuity Taxation – Any annuity purchased with qualified funds, like a 401(k) or IRA, is considered a qualified annuity. When you begin to make withdraws from a qualified annuity you will pay normal federal income taxes.
  • Non-Qualified Annuity Taxation – A non-qualified annuity is an annuity that is not purchased with tax-advantaged funds, such as from a 401(k) or IRA. You will only pay tax on your earnings with you withdraw your money.

Fixed Annuity Pros and Cons


  • Guaranteed Annuity Rates
  • Grow Tax-Deferred
  • Principal Protection
  • You can exchange your fixed annuity for a new one via a 1035 Exchange 
  • The most simple type of annuity
  • Usually provide some liquidity
  • Low investment minimums
  • Full account value passes directly to your loved ones at death


  • Withdrawals before age 59½ may have a 10% IRS penalty
  • Offer limited lifetime Income Options
  • Surrender charges for excess withdrawals during the initial surrender period
  • Fixed annuities don’t offer equity-type returns  
  • Limited Liquidity
  • Annuity rates may not keep up with inflation

Frequently Asked Questions

Annuities are not insured by the FDIC. Instead, they are backed by the claims-paying ability of the issuing life insurance company and by State Guaranty Associations.

Fixed annuities do not have annual fees in general. However, there are some fixed annuity products that offer optional income riders, death benefit riders, or long-term care riders for an additional annual fee.

Yes, you can buy a 5 year annuity. A 5 year fixed annuity is an annuity contract with a five-year surrender charge schedule (CDSC). When you purchase a 5-year fixed annuity the interest rate is guaranteed for the initial 5-year contract period and you agree to keep the annuity for the 5-year contract term.

Who has the highest annuity rates?

2-Year: 5.00%
3-Year: 5.53%
4-Year: 5.25%
5-Year: 5.80%
6-Year: 5.67%
7-Year: 5.64%
8-Year: 5.30%
9-Year: 5.30%
10-Year: 5.35%

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