The Best Fixed Annuity and CD Rates in Indiana 2022

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The Best Annuity and CD Rates in Indiana Picture of 3 glass jars filled with coins labeled savings, pension and retirement

The Best CD Rates and Annuity Rates in Indiana

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

TermBankAPYMinimum Deposit
6 MonthsThe First National Bank Of Monterey 1.11%$1,000
1 YearBedford Federal Savings Bank0.90%$100,000
2 YearsBedford Federal Savings Bank1.15%$100,000
3 YearsBedford Federal Savings Bank1.30%$100,000
4 YearsBedford Federal Savings Bank1.40%$100,000
5 YearsCommunity First Bank of Indiana1.40%$1,000

CDs vs Fixed Annuity

A multi year guaranteed annuity (MYGA) is essentially a CD that is issued by an insurance company rather than a bank. The table below compares and contrasts some of the key differences and similarities between the two.

 FIXED ANNUITYCD
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.

Today's Best Guaranteed Annuity Rates

Fixed annuity rates are guaranteed for a set number number of years.

TermInsurer AnnuityRateAM BestW/Ds 
2 Years Americo financial annuity logo AmericoPlatinum Assure4.30%AGreen check mark
3 Years Guaranty income life insurance company logo Guaranty Income LifeGuaranty Rate Lock5.30%A-Green check mark
4 Years Guaranty income life insurance company logo Guaranty Income LifeGuaranty Rate Lock5.40%A-Green check mark
5 Years Ibexis annuity logo Ibexis MYGA Plus6.00%A-Green check mark
6 Years Oceanview annuity logo OceanviewHarbourview5.30%A-Green check mark
7 Years Aspida annuity logo ASPIDASynergy Choice5.55%A-Red check mark
8 Years Oxford life insurance company logo Oxford LifeMulti-Select 4.95%AGreen check mark
9 Years Oxford life logo Oxford LifeMulti-Select 4.95%AGreen check mark
10 Years Oceanview annuity logo OceanviewHarbourview5.20%A-Green check mark

Today's Best CD Rates Nationally

BankTermRate
Bethpage FCU3 Months1.75%
Lafayette Federal Credit Union5 Years4.42%
Spectrum Federal Credit Union6 Months2.25%
Spectrum Federal Credit Union3 Months2.15%
Bread Savings5 Years4.25%
Bread Savings4 Years4.15%
Bread Savings3 Years4.00%
Lafayette Federal Credit Union4 Years4.32%
Lafayette Federal Credit Union3 Years4.22%
Alliant Credit Union5 Years3.60%
Amarillo National Bank6 Months2.15%
American First Credit Union2 Years3.80%
American First Credit Union1 Year3.50%
American Heritage FCU5 Years4.00%
American Heritage FCU4 Years4.00%
American Heritage FCU2 Years3.75%
American Heritage FCU3 Years3.65%
Andrews Federal CU4 Years3.25%
Apple Bank6 Months2.25%
Barclays5 Years3.50%
Barclays4 Years3.25%
Bethpage FCU4 Years3.20%
Bread Savings2 Years3.75%
Bread Savings1 Year3.60%
Capital One5 Years3.50%
Capital One3 Years3.40%
Capital One2 Years3.30%
Capital One1 Year3.25%
CFG Bank5 Years3.70%
CFG Bank3 Years3.65%
CFG Bank1 Year3.56%
Chevron Federal Credit Union6 Months2.25%
Chevron Federal Credit Union3 Months2.15%
Citadel Credit Union3 Years3.50%
CommunityWide FCU4 Years3.25%
CommunityWide FCU1 Year3.25%
CommunityWide FCU6 Months3.25%
Connexus Credit Union3 Years3.61%
Connexus Credit Union2 Years3.56%
Connexus Credit Union1 Year3.51%
Crescent Bank5 Years3.60%
Crescent Bank4 Years3.55%
Crescent Bank3 Years3.50%
Crescent Bank2 Years3.40%
Discover Bank4 Years3.20%
EECU3 Months1.26%
EFCU Financial5 Years3.50%
Evansville Teachers FCU4 Years3.25%
Evansville Teachers FCU6 Months2.25%
Evansville Teachers FCU3 Months2.00%
First Internet Bank5 Years3.66%
First Internet Bank4 Years3.61%
First Internet Bank3 Years3.56%
First Internet Bank2 Years3.51%
First Internet Bank1 Year3.40%
First Internet Bank6 Months2.63%
First National Bank of America5 Years3.55%
First National Bank of America3 Years3.40%
First National Bank of America1 Year3.25%
Franklin Mint FCU4 Years3.25%
Freedom Credit Union3 Years4.08%
Freedom Credit Union2 Years3.56%
Freedom Credit Union6 Months2.02%
Hudson Valley Credit Union3 Years3.50%
Hudson Valley Credit Union2 Years3.50%
Hudson Valley Credit Union4 Years3.25%
Intrust Bank5 Years3.50%
Intrust Bank4 Years3.50%
Intrust Bank3 Years3.50%
Intrust Bank2 Years3.50%
Intrust Bank6 Months2.65%
KS State Bank5 Years3.70%
Lafayette Federal Credit Union2 Years4.11%
Lafayette Federal Credit Union1 Year3.80%
LiveOak Bank2 Years3.50%
LiveOak Bank1 Year3.50%
LiveOak Bank6 Months2.75%
Luana Savings Bank6 Months2.69%
Luana Savings Bank3 Months2.17%
Marcus by Goldman Sachs4 Years3.20%
Merchants Bank of Indiana6 Months2.63%
Merchants Bank of Indiana3 Months2.63%
Merrick Bank5 Years3.75%
Merrick Bank4 Years3.75%
Merrick Bank3 Years3.75%
Merrick Bank2 Years3.70%
Merrick Bank1 Year3.60%
Merrick Bank6 Months2.80%
Merrick Bank3 Months2.45%
Mountain America Credit Union5 Years3.75%
Mountain America Credit Union4 Years3.25%
My eBanc3 Years3.51%
My eBanc1 Year3.30%
My eBanc6 Months2.84%
MYSB Direct5 Years3.75%
MYSB Direct4 Years3.50%
MYSB Direct3 Years3.50%
PENFED Credit Union5 Years3.60%
PENFED Credit Union3 Years3.60%
PENFED Credit Union4 Years3.50%
PENFED Credit Union2 Years3.50%
PENFED Credit Union1 Year3.15%
Popular Direct5 Years3.55%
Popular Direct3 Years3.40%
Popular Direct2 Years3.30%
Popular Direct1 Year3.20%
Popular Direct6 Months2.45%
Popular Direct3 Months1.75%
Quorum Federal Credit Union2 Years3.60%
Radius Bank - LendingClub3 Years3.25%
Rising Bank3 Years3.85%
Rising Bank2 Years3.80%
Rising Bank1 Year3.70%
Service Credit Union5 Years3.50%
Sun East FCU1 Year3.25%
Synchrony Bank5 Years3.61%
Synchrony Bank4 Years3.50%
Synchrony Bank3 Years3.50%
Synchrony Bank2 Years3.40%
Synchrony Bank1 Year3.15%
Synchrony Bank6 Months2.50%
Synchrony Bank3 Months1.75%
TAB Bank2 Years3.32%
TAB Bank1 Year3.25%
TAB Bank6 Months2.69%
TDECU6 Months2.00%
TIAA4 Years3.25%
TIAA1 Year3.15%
TotalDirectBank6 Months2.75%
TotalDirectBank3 Months2.00%
USAlliance Financial1 Year3.75%
USAlliance Financial2 Years3.40%
Wright-Patt Credit Union6 Months2.43%

3 Month CD Rates

TermBankRateMinimum
3 MonthsMerrick Bank2.45% APY$25,000.00
3 MonthsChevron Federal Credit Union2.15% APY$500.00
3 MonthsSpectrum Credit Union2.15% APY$500.00
3 MonthsTotalDirect Bank2.00% APY$25,000.00
3 MonthsSynchrony Bank1.75% APY$0.00
3 MonthsPopular Direct1.75% APY$10,000.00
3 MonthsBethpage Federal Credit Union1.75% APY$50.00
3 MonthsTIAA Bank1.20% APY$1,000.00

12 Month CD Rates

TermBankRateMinimum
12 MonthsState Bank of Texas3.85% APY$25,000.00
12 MonthsUSAlliance Financial3.75% APY$500.00
12 MonthsRising Bank3.70% APY$1,000.00
12 MonthsBread Savings3.60% APY$1,500.00
12 MonthsCommunityWide FCU3.25% APY$1,000.00
12 MonthsFirst National Bank of America3.25% APY$1,000.00

2 Year CD Rates

TermBankRateMinimum
24 MonthsRising Bank3.80% APY$1,000
24 MonthsBread Savings3.75% APY$1,500
24 MonthsAmerican Heritage Credit Union3.75% APY$500
24 MonthsMerrick Bank3.70% APY$25,000
24 MonthsSynchrony Bank3.40% APY$.01

3 Year CD Rates

TermBankRateMinimum
36 MonthsBread Savings4.00% APY$1,500
30 MonthsQuorum Federal Credit Union4.00% APY$1,000
36 MonthsMerrick Bank3.75% APY$25,000
36 MonthsPentagon Federal Credit Union3.60% APY$1,000
36 MonthsSynchrony Bank3.50% APY$0
36 MonthsFirst National Bank of America3.40% APY$1,000

4 Year CD Rates

TermBankRateMinimum
48 MonthsBread Savings4.15% APY$1,500
48 MonthsAmerican Heritage Credit Union4.00% APY$500
49 MonthsNASA Federal Credit Union3.85% APY$10,000
48 MonthsMerrick Bank3.75% APY$25,000
48 MonthsPenFed Credit Union3.50% APY$1,000
48 MonthsSynchrony Bank3.50% APY$0

5 Year CD Rates

TermBankRateMinimum
60 MonthsBread Savings4.25% APY$1,500
60 MonthsAmerican Heritage Credit Union4.00% APY$500
60 MonthsSynchrony Bank3.61% APY$0
60 MonthsPenFed Credit Union3.60% APY$1,000
60 MonthsAlliant Credit Union3.60% APY$1,000
60 MonthsPopular Direct3.55% APY$10,000
60 MonthsFirst National Bank of America3.55% APY$1,000
60 MonthsMarcus by Goldman Sachs3.30% APY$500
60 MonthsConnexus Credit Union3.01% APY$5,000

Key Take-Aways

A certificate of deposit is very similar to a fixed annuity. If you are looking for a safe and steady way to grow your retirement savings you can learn more about fixed “CD Type Annuities” here.

If you would like a personalized annuity quote you can contact us or use one of our fixed annuity calculators to see how much an annuity would pay you.

What is a CD (Certificate of Deposit)?

A CD, or certificate of deposit, is a bank account with a fixed interest rate that’s generally higher than that of a regular savings account, and a fixed date of withdrawal, known as the maturity date. Common terms range from three months to five years.

Pros: The ability to lock in rates when they’re high is one of the most attractive features of a CD, especially since regular savings accounts have variable rates subject to change at any time. Even outside of high-rate environments, though, CDs provide a safe, federally insured place for short-term savings.

Cons: You’ll generally have to pay a penalty if you withdraw your money before a CD matures; the penalty can be equal to several months or a year’s worth of interest.

 

What else to consider: Fixed Annuities provide guaranteed rates for a set number of years and typically pay higher interest rates than a CD.


What is a no-penalty CD?

A no-penalty CD is a type of CD that doesn’t have a penalty for withdrawing money before the term ends. It can be appealing if you want the traditionally higher yield of a CD, compared to regular savings accounts, but you might need the money sooner than you expect.

 

What happens if I withdraw from a CD early?

Most CDs have an early withdrawal penalty that tends to range from several months to a year’s worth of interest earned, depending on the CD term length and the bank’s policy. No-penalty CDs are the only type of CD that lets you withdraw money from a CD early without a fee.

FAQs


While not FDIC insured, State 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. Source: “Learn to Invest, Investment Types, Annuities, Fixed Annuities.”  Financial Industry Regulatory Authority (FINRA).  Visit FINRA’s Fixed Annuities Webpage

You can not lose money in a fixed annuity. However, guarantees are backed by the claims-paying ability of the issuing insurance company so it is important to consider an insurer’s financial rating when shopping for an annuity.

Fixed Annuities do not have any fees or expenses unless you add an additional rider that was not mentioned on this page.

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