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Below you will find the highest current interest rates and product guidelines for 4 year multi-year guaranteed annuities (MYGA). MYGA's are fixed annuities that are commonly referred to as CD-Type annuities. You can read a detailed description of multi-year guaranteed annuities here. MYGA's guarantee a fixed rate of return for the entire duration of the contracts, typically ranging from 3 to 10 years. The key distinction between a MYGA and other types of fixed annuities is the term of the guaranteed rate. A MYGA annuity's rate is guaranteed for the full contract term. Other types of fixed annuities still offer a guaranteed rate, though it may only be for a portion of the term.
Annuity rates vary by state and can change daily. Receive the most up-to-date rates with Today's MYGA Report.
| Company / Product | Length | Minimum Premium | Rate | Rating |
|---|
| Integrity Life / MultiVantage 4 | 4 yrs. | $20,000 | 4.55% | A+ |
| Oxford Life / Multi-Select 4 | 4 yrs. | $20,000 | 4.50% | A |
| Oceanview / Harbourview 4 High-Band | 4 yrs. | $80,000 | 4.25% | A- |
| Americo / Platinum Assure Series 4 | 4 yrs. | $20,000 | 4.20% | A |
| Clear Spring / Preserve MYGA 4 High-Band | 4 yrs. | $250,000 | 4.10% | A- |
| Sagicor / Milestone MYGA 4 High-Band | 4 yrs. | $100,000 | 4.10% | A- |
| Oceanview / Harbourview 4 Low-Band | 4 yrs. | $20,000 | 4.05% | A- |
| Mass Mutual / Stable Voyage 4 | 4 yrs. | $100,000 | 4.00% | A++ |
| Pacific Guardian / Diamond Head 4 | 4 yrs. | $10,000 | 4.00% | A |
| Clear Spring / Preserve MYGA 4 Low-Band | 4 yrs. | $10,000 | 4.00% | A- |
| New York Life / Secure Term MVA II 4 High-Band | 4 yrs. | $100,000 | 3.85% | A++ |
| Sagicor / Milestone MYGA 4 Low-Band | 4 yrs. | $50,000 | 3.85% | A- |
| Mass Mutual / Stable Voyage 4 | 4 yrs. | $10,000 | 3.75% | A++ |
| American General / VisionMYG 4 High-Band | 4 yrs. | $100,000 | 3.75% | A |
| Guaranty Income LIC / Guaranty Rate Lock 4 | 4 yrs. | $100,000 | 3.65% | B++ |
| Guaranty Income LIC / Guaranty Rate Lock 4 | 4 yrs. | $250,000 | 3.65% | B++ |
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.
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.
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.
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.
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.
