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3 Year Annuity Rates | July 2022
Highest Current Three Year Fixed Annuity Rates

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Company / Product Length Minimum Premium Rate Rating
Guggenheim Life and Annuity / Preserve MYGA 3 High-Band 3 yrs. $250,000 4.10% A-
American Life / American Classic 3 yrs. $1000 4.00% B++
Guggenheim Life and Annuity / Preserve MYGA 3 Low-Band 3 yrs. $10,000 4.00% A-
Brighthouse Financial / Fixed Rate Annuity 3 High-Band 3 yrs. $100,000 3.90% A
American National / Palladium MYG 3 High-Band 3 yrs. $250,000 3.90% A
Midland National Life / Guarantee Pro 3 High-Band 3 yrs. $100,000 3.80% A+
North American / Guarantee Plus 3 High-Band 3 yrs. $100,000 3.80% A+
American National / Palladium MYG 3 Low-Band 3 yrs. $100,000 3.75% A
Oceanview / Harbourview 3 High-Band 3 yrs. $80,000 3.70% A-
Brighthouse Financial / Fixed Rate Annuity 3 Low-Band 3 yrs. $25,000 3.65% A
Pacific Guardian / Diamond Head 3 3 yrs. $10,000 3.65% A
Fidelity & Guaranty / FG Guarantee-Platinum 3 Annuity 3 yrs. $20,000 3.65% A-
Oxford Life / Multi-Select 3 3 yrs. $20,000 3.60% A
Guaranty Income LIC / Guaranty Rate Lock 3 3 yrs. $100,000 3.60% B++
Guaranty Income LIC / Guaranty Rate Lock 3 3 yrs. $250,000 3.60% B++
Liberty Bankers Life / Bankers Elite 3 3 yrs. $10,000 3.50% A-
Oceanview / Harbourview 3 Low-Band 3 yrs. $20,000 3.50% A-
Sagicor / Milestone MYGA 3 High-Band 3 yrs. $100,000 3.50% A-
Midland National Life / Guarantee Pro 3 Low-Band 3 yrs. $10,000 3.40% A+
Americo / Platinum Assure Series 3 3 yrs. $20,000 3.40% A
North American / Guarantee Plus 3 Low-Band 3 yrs. $10,000 3.35% A+
Delaware Life / Pinnacle MYGA 3 3 yrs. $10,000 3.30% A-
Mass Mutual / Stable Voyage 3 3 yrs. $100,000 3.25% A++
Minnesota Life / SecureOption Choice 3 High-Band 3 yrs. $100,000 3.25% A+
Sagicor / Milestone MYGA 3 Low-Band 3 yrs. $50,000 3.25% A-
New York Life / Secure Term MVA II 3 High-Band 3 yrs. $100,000 3.20% A++
Great American / SecureGain 3 3 yrs. $100,000 3.15% A+
Minnesota Life / SecureOption Choice 3 Low-Band 3 yrs. $25,000 3.10% A+
Equitrust Life / Certainty Select 3 3 yrs. $10,000 3.10% B++
Mass Mutual / Stable Voyage 3 3 yrs. $10,000 3.00% A++
Great American / SecureGain 3 3 yrs. $10,000 2.90% A+
Investors Heritage / Heritage Builder MYGA 3 3 yrs. $25,000 2.00% B++
American Equity / GuaranteeShield 3 3 yrs. $10,000 1.45% A-

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Click to Learn about The July Product of the Month. This 5 year program has no fees and a historical rate of return of 6.53%.

Multi-year Guaranteed Annuity Frequently Asked Questions:

What is a multi-year guaranteed annuity (MYGA)?

A multi-year guaranteed annuity (MYGA) is a single-premium deferred annuity with a fixed interest rate. After choosing the desired contract length, the owner of the policy makes one lump-sum investment. The insurance company guarantees a fixed rate of return for the entire duration of the contract, provided the owner keeps the funds (with the exception of free-withdrawals) in the account. After the guaranteed period expires, the owner may lump-sum out of the account penalty free. A MYGA is comparable to a bank CD, however you’ll also enjoy tax advantages that bank accounts and CDs don’t offer.

Do MYGAs offer withdrawals from my account?

Most deferred annuity contracts allow a specified amount to be withdrawn penalty-free. The allowable withdrawal amount will differ from company-to-company, so be sure to read the product specifics carefully. MYGA annuities typically allow either penalty-free withdrawals of your earned interest, or penalty-free withdrawals of 10% of your contract value each year.

What fees will be charged for early termination of the policy?

Most multi-year guaranteed annuity contracts have a surrender charge that declines over time. The surrender charge could be as high as 10% if you surrender your contract in the first year. Oftentimes, the surrender fee will decline by 1% each contract year. A surrender fee would be charged to any withdrawal greater than the penalty-free amount allowed by your deferred annuity contract.

How does a MYGA differ from a Bank Certificate of Deposit (CD)?

A major difference between a CD and an annuity is in the tax status of these products. Interest earned on CDs is taxable at the end of each year. An annuity has a tax deferred status, which allows you to postpone paying income tax on gains until after you make a withdrawal. Usually, MYGAs offer higher interest rates than CDs, and compound interest increases the difference.

Another difference is CDs are insured by the FDIC, while annuities are not. However, MYGAs are insured by the individual states. It is usually in the range of $100,000 to $500,000. Make sure to research your state guaranty association before you invest.

What happens at the end of the annuity contract?

You have several choices once the annuity surrender period expires. You can either you take your money in a lump sum, reinvest it in another annuity, or keep the annuity in place at the declared renewal rate. In most cases, you have 30 days to inform the insurance company of your intentions. If you don’t give any instructions to the insurance company then the annuity will automatically renew at the interest rate available at that time.