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CD’s vs. Fixed Rate Annuities

Multi-Year Guaranteed Annuities (MYGA’s) often make a great alternative to Certificates of Deposit (CD’s.)  Like CD’s, MYGA’s offer a guaranteed fixed interest rate for an agreed period of time.   In addition to favorable rates, another advantage to MYGA’s is tax deferral, you don’t pay taxes on the interest until you take it out. Whereas, with CD’s you pay tax on the interest each year.  So what’s the catch?  Not really a catch, but rather a consideration… Similar to CD’s, if you withdraw the funds early you would be subject to a penalty.  In other words, if you select a 60 month annuity, be certain the money you put in can stay the entire period to avoid these early withdrawal penalties. At the end of the agreed period, you are free to take your principal and interest penalty free.  If leaving the funds in your account for the selected time frame is not a problem, annuities may be your answer to finding a better guaranteed interest rate.

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     Pyles, Brad

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