A Multi-Year Guaranteed Annuity (MYGA) is the simplest form of fixed annuity — it offers a locked-in, guaranteed interest rate for a defined term (typically 2–10 years), similar to a bank CD but with tax-deferred growth and often higher rates.
How MYGAs Work
You deposit a lump sum with an insurance company. The insurer guarantees a specific interest rate for the full contract term. At the end of the term, you can withdraw your funds, renew, or exchange to a new contract tax-free via a 1035 exchange.
MYGA vs. CD
- MYGAs frequently offer higher rates than comparable bank CDs
- MYGA interest grows tax-deferred; CD interest is taxed annually
- Both have early withdrawal penalties
- MYGAs are protected by state guaranty associations (similar to FDIC for banks)
Available Terms
We place MYGAs with terms ranging from 2 to 10 years. Longer terms typically (but not always) offer higher rates. The right term depends on when you’ll need the funds and your view on future interest rates.
Minimum Deposits
Most MYGA contracts have minimums of $5,000–$25,000. Some carriers accept as little as $2,500 for certain contracts.
Call us at 1-888-972-0024 for current MYGA rates across all available terms and carriers.