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 — see our full Annuity vs. CD comparison
- 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. For a broader look at current rates across all term lengths, see our Best Fixed Annuity Rates page.
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.