The Best Annuity and CD Rates in Indiana

In this guide, we will compare the best CD rates to the best annuity rates in Indiana.

CURRENT AVERAGE CD RATES IN – INDIANA

1 YEAR CD: 0.27%

18-MONTH CD: 0.20%

2-YEAR CD: 0.31%

5-YEAR CD: 0.39%

*LAST UPDATED: March 21, 2021

The Best CD Rates and Annuity Rates- Indiana Local

Best 2 Year CD Rates and Fixed Annuity Rates – Indiana

Rate Type

Company

Rate (APY)

Minimum

2-Year CD Rate

Advantage Plus of Indiana FCU

0.60%

$500.00

2-Year Fixed Annuity Rate

SILAC Secure Savings Elite 2

2.15%

$10,000.00

Best 3 Year CD Rates and Fixed Annuity Rates – Indiana

Rate Type

Company

Rate (APY)

Minimum

3-Year CD Rate

Advantage Plus of Indiana FCU

0.75%

$500.00

3-Year Fixed Annuity Rate

Liberty Bankers Bankers Elite 3

2.25%

$10,000

Best 5 Year CD Rates and Fixed Annuity Rates – Indiana

Rate Type

Company

Rate (APY)

Minimum

5-Year CD Rate

Centra Credit Union

0.95%

$500.00

5-Year Fixed Annuity Rate

Nassau Re

3.10% APY

$10,000.00

3 Month CD Rates

Best 3-Month CD Rates

Rate

Term

Minimum

Spectrum Federal Credit Union

0.50% APY

3 Months

$500.00

Service Credit Union

0.40% APY

3 Months

$500.00

Chevron Federal Credit Union

0.50% APY

3 Months

$500.00

6 Month CD Rates

Best 6-Month CD Rates

Rate

Term

Minimum

CommunityWide Federal Credit Union

0.70% APY

6 Months

$1,000.00

NASA Federal Credit Union

0.75% APY

9 Months

$10,000.00

GreenState Credit Union

0.80% APY

8 Months

$1,000.00

1 Year CD Rates

Best 1-Year CD Rates

Rate

Term

Minimum

Credit Union of Denver

0.90% APY

12 Months

$5,000.00

Hiway Federal Credit Union

0.85% APY

12 Months

$25000.00

Evansville Teachers Federal Credit Union

0.85% APY

12 Months

$1,000.00

2 Year CD Rates

Best 2-Year CD Rates

Rate

Term

Minimum

Evansville Teachers Federal Credit Union

1.04% APY

24 Months

$1,000.00

Georgia’s Own Credit Union

1.00% APY

24 Months

$500.00

MAC Federal Credit Union

1.00% APY

24 Months

$500.00

SILAC Secure Savings Elite 2

2.15% APY

24 Months

$10,000.00

Oceanview Harbourview 2

1.75% APY

24 Months

$20,000.00

3 Year CD Rates

Best 3-Year CD Rates

Rate

Term

Minimum

Abound Credit Union

1.20% APY

37 Months

$500.00

MAC Federal Credit Union

1.10% APY

36 Months

$1,000.00

Delta Community Credit Union

1.05% APY

36 Months

$1,000.00

Bankers Elite 3

2.25% APY

36 Months

$10,000.00

Oceanview Harbourview 32.25% APY36 months$10,000

4 Year CD Rates

Best 4-Year CD Rates

Rate

Term

Minimum

MAC Federal Credit Union

1.25% APY

48 Months

$1,000.00

Affinity Plus Federal Credit Union

1.20% APY

48 Months

$500.00

Hiway Federal Credit Union

1.10% APY

48 Months

$25,000.00

Oceanview Harbourview 4

2.60% APY

48 Months

$10,0000.00

5 Year CD Rates

Best 5-Year CD Rates

Rate

Term

Minimum

Affinity Plus Federal Credit Union

1.50% APY

60 Months

$500.00

Alabama Credit Union

1.36% APY

60 Months

$1,000.00

Associated Credit Union

1.35% APY

60 Months

$200.00

Nassau Re

3.10% APY

60 Months

$10,000.00

Today's Best Fixed Annuity Rates by Term

CD vs Annuity Comparison Table

The below table compares and contrasts some of the key similarities and differences between a CD and a multi-year guarantee annuity. The main difference is an annuity’s interest grows tax-deferred while the interest you earn in a CD is taxable in the year it is earned, regardless of whether or not you spend it.

CDs are Considered to be More Safe Than Annuities

Bank CDs are considered an extremely safe investment because the FDIC insures them up to $250,000.

Although annuities are not insured by the federal government, they’re also considered safe because they’re insured by the issuing insurance company and, in most cases, also by state guaranty associations. It is important to make sure your annuity is issued by a highly rated insurance company.

 

Annuities Almost Always Pay Higher Interest Rates than CDs

As seen in the tables above, annuity rates are typically higher than CD interest rates.

 

Annuities Grow Tax-Deferred while CD Interest is Taxable 

Annuities grow tax-deferred while CDs do not. Tax-deferred growth means the interest compounds, so you earn interest on the funds that would have been used to pay taxes.

The IRS requires that the earnings on CDs not held in tax-preferred retirement accounts are taxed annually. This means you pay taxes on interest earned in a CD whether you spend it or not. To see the difference try this taxable vs tax-deferred investment calculator.

 

Both CDs and Annuities Offer Some Liquidity

Annuities are not as flexible as CDs, and they have higher penalties for early withdrawals greater than the contracts free withdrawal amount. Annuity annual free withdrawal amounts vary by company but are usually either 10% of the annuity account value or interest earned.

If you close a CD earlier than scheduled, the penalty you pay is lower than the penalty you would pay if you were to withdraw funds early from an annuity.

And whereas penalties for early withdrawals from a CD typically increase each time the CD is renewed, penalties for early withdrawals from an annuity are fixed.

In addition to the penalties imposed under the annuity contract, annuity owners under the age of 59½ must pay the IRS a penalty of 10 percent for early withdrawal from an annuity.

We do our best to insure our rates are accurate but rates change frequently and we can not guarantee our published rates. We have sourced our CD rates from Bankrate.com and our fixed annuity rates are sourced directly from each insurer. Before travelling to your local bank or credit union we suggest you visit their website or call them prior.

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