Are There 7% Interest Savings Accounts?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Understanding High-Interest Savings Accounts

  • Guaranteed 7% Interest: No savings accounts offer a guaranteed 7% interest rate.
  • Value Stability: Traditional savings accounts ensure the principal value does not fluctuate over time.

Alternative: Multi-Year Guaranteed Annuity (MYGA)

  • Over 6% Interest: MYGAs currently offer interest rates over 6%.
  • Value Stability: The value of the investment remains constant throughout the contract term.
  • Term Length: These annuities are bound by a specific term length, during which the rate is guaranteed.
Who Offers 7% Interest Savings Accounts

Why High-Interest Savings Accounts are Rare

  • Economic Factors: Interest rates are influenced by broader economic conditions, making high rates rare.
  • Risk and Return: Higher interest rates are generally associated with higher risks.

Considerations Before Investing

  • Risk Assessment: Evaluate your risk tolerance before opting for any high-yield investment.
  • Financial Goals: Align your investment with your long-term financial objectives.

Conclusion

While a 7% interest savings account is unavailable, a multi-year guaranteed annuity can offer over 6% interest with value stability. This option requires careful consideration of your financial goals and risk appetite. Contact us today for a free quote.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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