Fidelity Investments Annuity Review (2026)

Fidelity Investments is one of the world’s largest financial services firms, with more than $14 trillion in assets under administration. But for annuity buyers, an important distinction applies: Fidelity operates primarily as an annuity marketplace and issues one proprietary variable annuity — not MYGAs or fixed index annuities. This page explains what Fidelity offers, what it doesn’t, and how to compare your options if you’re looking for guaranteed fixed rates.

Important: Fidelity Investments (Fidelity.com) and Fidelity & Guaranty Life (F&G) are completely separate, unrelated companies. Fidelity Investments is a Boston-based investment firm founded by the Johnson family. Fidelity & Guaranty Life is a Des Moines-based insurance company. They share no corporate connection, no common ownership, and no shared products.

Fidelity at a Glance

What Annuity Products Does Fidelity Offer?

Fidelity’s annuity lineup is narrower than many buyers expect. Here’s what’s actually available:

• Fidelity Personal Retirement Annuity (FPRA): A low-cost variable annuity issued by Fidelity Insurance Company of Boston (FICB), a Fidelity subsidiary. Expense ratios run as low as 0.10%–0.25% annually — far below the industry average for variable annuities. There are no surrender charges and no additional insurance charges beyond the fund expenses. The FPRA is available for both IRA and non-qualified (taxable) accounts. Your returns depend entirely on the underlying investment sub-accounts you choose — there is no guaranteed rate.
• Fidelity Deferred Income Annuity: Available through a partnership with MetLife (underwritten by New England Life Insurance Company), this product converts a lump sum into guaranteed future income starting at a date you choose. It’s designed for buyers who want to secure retirement income years before they’ll need it.
• Third-party annuity platform: Fidelity also makes a limited selection of variable annuities from other carriers available to investment advisory clients. This is not a full independent marketplace — it’s a curated list tied to Fidelity’s advisory relationships.

Does Fidelity Offer MYGAs?

No. Fidelity does not offer multi-year guaranteed annuities (MYGAs). If you’re looking for a 3-, 5-, or 7-year guaranteed fixed rate from an insurance company — the kind of product that competes directly with bank CDs — Fidelity is not the right platform.

For competitive MYGA rates, you need an independent annuity broker who can compare products from multiple carriers. A platform like Fidelity or Schwab is built around their own product relationships, not an open marketplace of 20+ insurance companies competing for your premium dollar.

Who Is Fidelity Best For?

Fidelity’s annuity offerings make the most sense in specific circumstances:

• Existing Fidelity customers who want to add a variable annuity: If you already hold your IRA or brokerage account at Fidelity, the FPRA lets you add tax-deferred growth without moving your assets elsewhere. The cost structure is genuinely competitive for a VA.
• Cost-conscious VA buyers: The FPRA’s 0.10%–0.25% expense ratio is among the lowest available for any variable annuity. If you want a VA and expense minimization is the priority, Fidelity deserves a look.
• Long-term accumulation clients focused on market-linked growth: The FPRA is appropriate for buyers who want equity market exposure in a tax-deferred wrapper and are comfortable accepting variable (not guaranteed) returns.

Looking for a MYGA or Fixed Annuity?

If you came to this page because you’re researching fixed guaranteed annuity rates, Fidelity won’t have what you’re looking for. My Annuity Store compares current rates from 20+ A-rated MYGA carriers including MassMutual, Athene, North American, Midland National, and others — side by side, with no sales pressure.

Get a free rate comparison or call 855-583-1104 to speak with an independent annuity specialist.

Contact Fidelity Investments