Today's Top
Annuity Rates

2 Year

3 Year

6.15% Simple
5 Year

10 Year

SILAC Secure Savings Elite 5 Year Fixed Annuity

Retirees with grandchildren
Table of Contents
    Add a header to begin generating the table of contents
    Scroll to Top

    SILAC Secure Savings Elite 5 Year Fixed Annuity

    Minimum Deposit: $10,000 | 2.95% APY for 5 Years

    SILAC Secure Savings Elite 5 is a 5-year fixed annuity designed to be a high-yield retirement savings account. It is a CD Type of Annuity that pays 2.95% for 5 years.

    SILAC Secure Savings Elite Product Details

    SILAC Secure Savings Elite 5 is a multi-year guaranteed annuity offering clients a guaranteed interest rate for 5 years with principal protection.


    In order to get the highest interest, rate your annuity will have no annual free withdrawals. However, if you would like you can add Free RMD withdrawals or 5% free annual withdrawals for a .06% reduction in your annual interest rate. Free systematic interest withdrawals can be added for a .10% reduction in interest rate. Example: 2.95% minus .06% = 2.89% Annual Interest Rate.


    Interest rate for each guarantee period is set at issue and guaranteed for the duration selected. Premium must be held for the full interest rate guarantee period to receive the full amount of interest. At the end of the guarantee period, you have a 30-day window within which to select one of three options:

    • Surrender any amount of the contract free of charge.
    • Renew the contract for another guarantee period of the same duration, if available.
    • Renew the contract for a different interest rate guarantee period available at that time.

    If you do not elect one of these options, the contract will renew automatically for another 5-year term. (A reminder will be mailed to you directly from the insurance company and you will also receive a phone call, email, and letter from My Annuity Store.)

    Interest rate credited for the new guarantee period will be based on the rates in place at that time and declared in advance. Interest rates for future guarantee periods will never be less than the minimum guaranteed interest rate of 1%.

    ACCESS TO YOUR MONEY (Free Withdrawals)

    Annual free withdrawals up to 5% or interest earned is available for .06% reduction in interest rate; RMD Free Withdrawals are available for a .10% reduction in annual interest rate (if elected at issue) without a surrender charge or market value adjustment (MVA) applied.

    Withdrawals more than the annual free withdrawal amount may be subject to a surrender charge prior to the end of the guarantee period. 

    Withdrawals of income will be subject to tax and, if prior to age 59½ may be subject to a 10% IRS penalty.

    Withdrawn amounts will not receive the full interest credit.


    Surrender charges and MVA will be waived upon the contract owner’s death or annuitization after the first contract year.

    During the 30-day window period at the end of the guarantee period, you can surrender any amount of the contract without a surrender charge. 

    Nursing home and terminal illness waivers:

    Surrender charges will also be waived if owner is admitted into a licensed nursing home, or

    If owner is diagnosed with a terminal illness that is expected to result in death within six months (24 months in MA).

    Waivers are subject to state approval and certain conditions. See contract for details.


    The MVA is intended to reflect the change in the interest crediting rate from the start of the guarantee period to the time of surrender or withdrawal, as well as an adjustment for the time remaining in the guarantee period.

    The MVA can be positive or negative. There is no limit on a positive MVA. A negative MVA may not cause the amount received upon surrender to be less than 87.5% of premium accumulated at 1%, reduced for net withdrawals.


    You can annuitize your contract after the first year without a penalty.


    Payable on the death of any owner

    • Death benefit is equal to contract value (no surrender charges or MVA will apply)

    Death benefit proceeds are paid directly to named living beneficiaries and may not be subject to the probate process.

    Fixed Annuity Rate (Up to)


    Minimum Premium


    Maximum Premium


    Contract Length

    5 Years

    Company Rating (A.M. Best)

    B+ (Good)

    Maximum Issue Age

    Age 85

    Insurance Company


    Premium Type

    Single Premium (does not accept additional deposits)

    Annuitization Required


    Annual Penalty-Free Withdrawals

    5% Annual Free withdrawals or free RMD withdrawals may be added for a reduction of .06% in interest rate.

    Free withdrawals of interest may be added for a .10% interest rate reduction.

    State Availability

    Available states: AL, AK, AZ, AR, CO, CT, DE, DC, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MI, MS, MO, MT, NE, NV, NH, NM, NC, ND, OH, OK, RI, SC, SD, TN, TX, UT, VT, WV, WI, WY,

    Types of Funds

    Non-Qualified, 401k, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, Stretch IRA, Inherited IRA


    In general, annuities grow tax-deferred meaning you don’t pay taxes until you withdraw your money from the annuity. When your withdrawal from your annuity the interest earned will be taxed at your ordinary income tax rate.

    Non-Qualified Annuity

    Non-qualified funds are cash, checking, savings, life insurance cash value, etc. Only the interest you have earned will be taxed as ordinary income.

    Qualified Annuity

    Qualified funds are 401k, IRA, SEP, 403b, TSA, etc. Both principal and interest will be taxed as ordinary income as you withdraw money.

    Roth IRA Annuity

    Withdrawals from Roth IRA annuities are tax-free if the IRS requirements are met.


    If you withdraw money from your annuity before you turn age 59½, you may receive a 10% IRS penalty in addition to paying ordinary income taxes.

    Pros of the SILAC Secure Savings Elite 5 Year Fixed Annuity

    Pays a guaranteed interest rate much higher than current CD Rates are paying.

    Your interest grows tax-deferred meaning you do not pay taxes on your interest until you withdraw it from your annuity.

    Death benefit is full account value and may avoid probate.

    Liquidity options to provide you the access to your your money.

    Get a SILAC Annuity Quote

    SILAC Annuity Reviews

    Up Next in Fixed Annuity

    Secure growth 5 from Nationwide insurance company

    Nationwide Secure Growth 5

    The Nationwide Secure Growth 5 Annuity is an individual, single-purchase payment, deferred fixed annuity designed for long-term savings.

    Get Annuity Quote

    Jason Caudill Picture standing chest up.
    NBC logo
    ABC Logo
    fox logo
    MarketWatch logo
    Investopedia logo
    CBS Logo
    My Annuity Store, Inc. Logo
    Request an Annuity Quote