If you like to save money these are the highest rates for savers in over 20-years.

Fixed annuities offer savers a chance to earn interest higher than CDs and other bank products.

They also provide principal protection from market volatility, which is especially important for investors close to or in retirement.

While fixed annuities offer great advantages, they also have drawbacks.

One of the most significant drawbacks is that they typically have surrender charges if you need to access your money before the maturity date.

For this reason, fixed annuities are best suited for investors with a time horizon of 2 to 5 years who are not likely to need access to their money during the fixed term that you choose. These can be great for IRA’s because of this rule, especially now with these fantastic interest rates.

Keep in mind many insurance companies will let you receive your earned interest monthly or take as much as a 10% withdrawal from your funds annually if you desire during the surrender period.

Fixed annuities can be a good choice for investors looking for a low-risk way to grow their nest egg and don’t mind investing their money for the long haul.

A fixed annuity is best for people 55 years or older because you must wait until age 59.5 to withdraw any money from the annuity without penalty.

Insurance companies want a minimum deposit of $5,000 and a maximum deposit of $1,000,000.

But if you’re a saver here is the best reason why you want to invest in Fixed Savings Rates right now. Besides the high rates insurance companies are paying today. With a fixed annuity all money grows taxed deferred until income is withdrawn, qualified or non-qualified. You can also shore up your IRA, Imagine if you had 10% to 20% of your IRA guaranteed  paying  6% guaranteed for the next ten years on that percentage of your IRA.

You receive three levels of compounding interest. First, interest on your principal. Second, interest on deferred interest, if the interest earned on the principal is not withdrawn, it will earn additional interest know as compound interest. Finally, interest on your deferred tax savings due to not needing to report this income until you decide to use this money in your future. Wow! Now that is saving efficiently.

Another benefit of fixed annuities, you can use either qualified money such as an IRA or 401-K or non-qualified money such as bank savings or investment accounts. With these super high rates, this could be part of your IRA, guaranteeing this interest rate for years, lowering volatility swings during market downturns.

Are you ready to receive higher savings rates, call Mel Samick at 888-839-3536 and I will handle all the paperwork necessary to lock in your desired rate and term for your new savings account.

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Here are today’s best interest rates:

2-year fixed, minimum deposit of $20,000 at 5.20%

2-year fixed, minimum deposit of $80,000 at 5.55%

3-year fixed, minimum deposit of $80,000 at 5.50%

3-year fixed, minimum deposit of $100,000 at 5.65%

4-year fixed, minimum deposit of $25,000 at 5.85%

5-year fixed, minimum deposit of $25,000 at 5.95%

6-year fixed, minimum deposit of $10,000 at 5.80%

6-year fixed, minimum deposit of $20,000 at 5.55%

7-year fixed, minimum deposit of $100,000 at 5.35%

8-year fixed, minimum deposit of $10,000 at 5.90%

10-year fixed, minimum deposit of $10,000 at 6.00%

Rates subject to change. Not all withdrawal provisions are available so quotes may vary depending on withdrawal provisions chosen. All rates are locked and guaranteed for the specific term requested. Rates quoted as of 1/2/2024. Rates are not locked until the application is delivered to the Insurance Company.