Annuity Lesson #12
Best Multi-Year Guaranteed Annuities (MYGAs)
Jeremiah Konger
CEO
"The lower withdrawal rate from investments that corresponds to using an annuity with level payments can help assets to grow and to better manage risks related to market volatility.."
As annuities go, multi-year guaranteed annuities (MYGAs) are probably the simplest type of fixed annuity available.
Essentially, MYGAs guarantee a fixed annual return for a specified period – usually between 2 and 10 years – providing individuals with long-term stability and protection against rising inflation.
However, how beneficial a multi-year guaranteed annuity can be will depend on the annuity rate. This is a percentage by which your MYGA will grow each year.
The issue is that these rates vary from one insurance company to another, making finding the best MYGA rate difficult. And here’s where Annuity Association can help.
We’ve done all the heavy lifting for you to provide you with a list of the best multi-year guaranteed annuity rates. Here are our findings.
Overview of Today’s Best MYGA Rates
*Guaranteed Yield to Surrender – the minimum amount defined by the provider the annuity contract’s owner is guaranteed to receive after the application of surrender charges and market value adjustments (MVA), if any.
Best Multi-Year Guaranteed Annuities (August 2023)
As for July 2023, the best multi-year guaranteed annuity (MYGA) rate with a 5-year surrender period was 5.40%.
When choosing the best annuity option, be also sure to check surrender charges. These are fees charged by the provider if you withdraw the money from an annuity before the surrender period ends.
Also, keep in mind that MYGA rates change constantly. That is why we recommend checking this page frequently for the latest updates regarding available MYGAs.
1-Year Best MYGA Rates
Preserve MYGA
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Guaranteed Ending Value: $104,300
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Compound Interest: 4.3%
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Guaranteed Yield to Surrender: 4.3%
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Free Withdrawal:
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First Year: Interest Only
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Years 2+: 10%
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2-Year Best MYGA Rates
Preserve MYGA
- Guaranteed Ending Value: $109,203
- Compound Interest: 4.5%
- Guaranteed Yield to Surrender: 4.5%
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Free Withdrawal:
- First Year: Interest Only
- Years 2+: 10%
Harbourview MYGA
- Guaranteed Ending Value: $108,994
- Compound Interest: 4.4%
- Guaranteed Yield to Surrender: 4.4%
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Free Withdrawal:
- First Year: None
- Years 2+: 10%
Platinum Assure
- Guaranteed Ending Value: $108,994
- Compound Interest: 4.4%
- Guaranteed Yield to Surrender: 4.4%
- Free Withdrawal: 3%
3-Year Best MYGA Rates
MYGA Plus
- Guaranteed Ending Value: $115,750
- Compound Interest: 5.25%
- Guaranteed Yield to Surrender: 5%
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Free Withdrawal:
- First Year: None
- Years 2+: 10%
Synergy Choice
- Guaranteed Ending Value: $115,432
- Compound Interest: 4.9%
- Guaranteed Yield to Surrender: 4.9%
- Free Withdrawal: None
Preserve MYGA
- Guaranteed Ending Value: $115,102
- Compound Interest: 4.8%
- Guaranteed Yield to Surrender: 4.8%
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Free Withdrawal:
- First Year: Interest Only
- Years 2+: 10%
4-Year Best MYGA Rates
Harbourview MYGA
- Guaranteed Ending Value: $122,014
- Compound Interest: 5.1%
- Guaranteed Yield to Surrender: 5.1%
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Free Withdrawal:
- First Year: None
- Years 2+: 10%
Platinum Assure
- Guaranteed Ending Value: $121,782
- Compound Interest: 5.05%
- Guaranteed Yield to Surrender: 5.05%
- Free Withdrawal: 5%
Milestone MYGA
- Guaranteed Ending Value: $120,858
- Compound Interest: 4.85%
- Guaranteed Yield to Surrender: 4.85%
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Free Withdrawal:
- First Year: None
- Years 2+: 10%
5-Year Best MYGA Rates
Platinum Assure
- Guaranteed Ending Value: $130,078
- Compound Interest: 5.4%
- Guaranteed Yield to Surrender: 5.4%
- Free Withdrawal: 5%
Milestone MYGA
- Guaranteed Ending Value: $129,462
- Compound Interest: 5.3%
- Guaranteed Yield to Surrender: 5.3%
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Free Withdrawal:
- First Year: None
- Years 2+: 10%
MYGA Plus
- Guaranteed Ending Value: $129,000
- Compound Interest: 5.8%
- Guaranteed Yield to Surrender: 5.22%
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Free Withdrawal:
- First Year: None
- Years 2+: 10%
6-Year Best MYGA Rates
Milestone MYGA
- Guaranteed Ending Value: $136,323
- Compound Interest: 5.3%
- Guaranteed Yield to Surrender: 5.3%
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Free Withdrawal:
- First Year: None
- Years 2+: 10%
Platinum Assure
- Guaranteed Ending Value: $136,323
- Compound Interest: 5.3%
- Guaranteed Yield to Surrender: 5.3%
- Free Withdrawal: 5%
Harbourview MYGA
- Guaranteed Ending Value: $135,548
- Compound Interest: 5.2%
- Guaranteed Yield to Surrender: 5.2%
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Free Withdrawal:
- First Year: None
- Years 2+: 10%
7-Year Best MYGA Rates
Palladium MYG
- Guaranteed Ending Value: $143,548
- Compound Interest: 5.3%
- Guaranteed Yield to Surrender: 5.3%
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Free Withdrawal:
- First Year: Interest Only
- Years 2+: 10%
Milestone MYGA
- Guaranteed Ending Value: $143,548
- Compound Interest: 5.3%
- Guaranteed Yield to Surrender: 5.3%
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Free Withdrawal:
- First Year: None
- Years 2+: 10%
Platinum Assure
- Guaranteed Ending Value: $143,548
- Compound Interest: 5.3%
- Guaranteed Yield to Surrender: 5.3%
- Free Withdrawal: 5%
8-Year Best MYGA Rates
Palladium MYG
- Guaranteed Ending Value: $151,127
- Compound Interest: 5.3%
- Guaranteed Yield to Surrender: 5.3%
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Free Withdrawal:
- First Year: Interest Only
- Years 2+: 10%
Multi-Select MYGA
- Guaranteed Ending Value: $146,065
- Compound Interest: 4.85%
- Guaranteed Yield to Surrender: 4.85%
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Free Withdrawal:
- First Year: Interest Only
- Years 2+: 10%
Preserve MYGA
- Guaranteed Ending Value: $145,509
- Compound Interest: 4.8%
- Guaranteed Yield to Surrender: 4.8%
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Free Withdrawal:
- First Year: Interest Only
- Years 2+: 10%
9-Year Best MYGA Rates
Palladium MYG
- Guaranteed Ending Value: $159,168
- Compound Interest: 5.3%
- Guaranteed Yield to Surrender: 5.3%
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Free Withdrawal:
- First Year: Interest Only
- Years 2+: 10%
Multi-Select MYGA
- Guaranteed Ending Value: $153,808
- Compound Interest: 4.9%
- Guaranteed Yield to Surrender: 4.9%
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Free Withdrawal:
- First Year: Interest Only
- Years 2+: 10%
Bankers Elite 9
- Guaranteed Ending Value: $153,150
- Compound Interest: 4.85%
- Guaranteed Yield to Surrender: 4.85%
- Free Withdrawal: None
10-Year Best MYGA Rates
Palladium MYG
- Guaranteed Ending Value: $167,604
- Compound Interest: 5.3%
- Guaranteed Yield to Surrender: 5.3%
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Free Withdrawal:
- First Year: Interest Only
- Years 2+: 10%
Multi-Select MYGA
- Guaranteed Ending Value: $162,115
- Compound Interest: 4.95%
- Guaranteed Yield to Surrender: 4.95%
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Free Withdrawal:
- First Year: Interest Only
- Years 2+: 10%
Focused Growth Annuity
- Guaranteed Ending Value: $162,115
- Compound Interest: 4.95%
- Guaranteed Yield to Surrender: 4.95%
- Free Withdrawal: Interest Only
Our Methodology
We’ve gone through several criteria to provide you with the final list of the best MYGA rates. On paper, choosing top providers doesn’t look overly complicated. You simply choose the insurer with the highest MYGA rate, and voila!
Unfortunately, it doesn’t work like that. Instead of overall rates, you should always consider the guaranteed yield to surrender when comparing multi-year guaranteed annuities.
That’s because while an insurer can offer an incredibly high rate of return, it can also charge hefty surrender fees, which can significantly lower the guaranteed return.
The guaranteed yield to surrender is the minimum amount defined by the provider the annuity contract’s owner is guaranteed to receive after the surrender charges and market value adjustments (MVA) apply, if any.
Of course, this is just one of many things you should consider when choosing an annuity. Be also sure to check your chosen provider’s background and read the annuity contract carefully.
And if you have any questions regarding finding the right annuity provider, schedule a consultation with one of our Annuity Association advisors. Together, we will find the annuity tailored to your needs and requirements.
Key Takeaways: How to Find the Best Multi-Year Guaranteed Annuity?
Given the number of insurance providers offering multi-year guaranteed annuities, picking the one that best suits your needs can be challenging. We hope that the list above will help you, though.
However, keep in mind that these rates are likely to change as they tend to fluctuate frequently. That is why we recommend you to come back and check our list if you’re still considering MYGAs in the near future but haven’t decided on the provider.
Also, while comparing various annuity providers, be sure to read through all the terms and conditions carefully. And remember to always look at the guaranteed yield to surrender rather than the annual rate.
And if you have any further questions regarding MYGAs or other forms of annuities, Annuity Association is here to help.
Take our annuity quiz to learn which annuity is right for you, or schedule a call with one of our advisors to learn more about finding the best annuity for your needs.
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FREQUENTLY ASKED QUESTIONS
What is a multi-year guaranteed annuity (MYGA)?
A Multi-Year Guaranteed Annuity (MYGA) is a type of annuity contract that provides a fixed interest rate of return over a specified period, typically ranging from 2 to 10 years or more. It is a form of deferred annuity, meaning that the payout or income phase of the annuity begins at a future date, typically at retirement.
The interest rate is predetermined and remains fixed throughout the contract term, offering stability and predictability to the annuity holder. At the end of the contract period, the annuity holder can choose to receive the accumulated funds as a lump sum, convert it into a lifetime income stream through annuitization, or roll it over into another annuity.
What is the difference between MYGAs and CDs (certificates of deposits)?
MYGAs (Multi-Year Guaranteed Annuities) and CDs (Certificates of Deposit) are both financial products, but they differ in terms of where they are offered and the associated risks. MYGAs are typically offered by insurance companies and provide a fixed interest rate for a predetermined period, often several years. They offer guaranteed returns and are considered low-risk investments.
CDs, on the other hand, are offered by banks and credit unions and also provide a fixed interest rate for a specific period, typically ranging from a few months to several years. While CDs are generally low-risk, they are not insured by the government and may carry some risk if the issuing institution fails.
How do annuity rates work?
Annuity rates are determined by various factors, including interest rates, the annuity provider’s financial strength, and the specific features of the annuity product.
Generally, annuity rates are influenced by prevailing interest rates in the market. When interest rates are high, annuity rates tend to be higher as well, providing more income for the annuitant.
Conversely, when interest rates are low, annuity rates are typically lower.
The annuity provider’s financial strength and risk assessment also play a role in determining rates.
What is the best multi-year guaranteed annuity?
As of July 2023, the multi-year guaranteed annuity with the best guaranteed yield to surrender was the 5-year Platinum Assure MYGA provided by Americo Financial. However, given how often these rates change, this is likely to change sooner rather than later.
How are MYGAs taxed?
In the United States, MYGAs are taxed on a deferred basis. This means that the growth and earnings within the MYGA are not taxed until they are withdrawn.
When withdrawals are made, the earnings portion of the withdrawal is subject to ordinary income tax rates. The amount of tax owed depends on the annuitant’s income tax bracket at the time of withdrawal.
Annuity Expert
Jeremiah Konger
PS - Here's 3 ways we can help you learn more about annuities.
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2. Watch Videos That Reveal What to Look For When Buying A Protected Growth Annuity.
3. Click Here To Access Our Annuity Review Vault To Compare The Pro's and Con's of Dozens of Annuities.
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