3.80% interest on your savings? Yes, please!

Shawn Plummer

CEO, The Annuity Expert

The Fed makes the biggest interest rate hike since 2000. This is good news for savers! When the Fed raises rates, banks, credit unions, and insurance companies typically follow suit and raise their own rates on savings products like CDs and fixed annuities. If you’re like most people, you are probably tired of earning next to nothing on your savings. The average interest rate on a certificate of deposit (CD) is just 1.27%, which is pathetic! But don’t worry, there is a solution. In this guide, we will show you how to beat CD rates and earn up to 4.30% on your savings!

Here’s how it works

Instead of investing your money in a CD, you can invest it in a high-yield fixed annuity. There are many different online banks that offer these accounts, and they typically have interest rates that are much higher than traditional banks. For example, at the time of this writing, Canvas Annuity is offering a rate of up to 4.30%.

This may not be as good as 6% CD rates, but this is the highest spike in interest rates in over a decade for fixed annuities.

Earn The Highest Interest Rates On Savings Today

Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income. Why settle for less than 1% on your money when you can earn 3% and liquidity?

TermInsurance CompanyInterest Rate
24 MonthsOceanview3.50%
36 MonthsCanvas Annuity4.30%
48 MonthsOceanview4.10%
60 MonthsAmerico4.20%
72 MonthsAmerico4.30%
*Fixed annuities are only for saving money to use in retirement.

Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. Our goal is to help you find the highest interest rates for your retirement savings.

Fixed Annuities Are Almost Identical To Certificates Of Deposit

The biggest difference between a fixed annuity and a CD is that with a fixed annuity, your money is invested in an insurance company. This may sound risky, but it’s actually not. Insurance companies are regulated by state governments, and they have to maintain a certain amount of reserves. This means that your money is just as safe in a fixed annuity as it is in a CD.

Another difference is that fixed annuities have higher interest rates than CDs. This is because insurance companies can invest your money in riskier investments than banks, and they don’t have to worry about FDIC insurance.

So if you’re looking for a safe way to earn high interest on your savings, a fixed annuity is the way to go. Just make sure to do your research and choose a reputable company.

What’s The Difference Between A CD And Annuity?

CDs and annuities are both financial products that can be used to grow your savings earning a fixed interest rate, but there are some key differences between the two.

  • A CD, or certificate of deposit, is a type of savings account that offers a fixed interest rate for a set period of time. You typically cannot withdraw money from a CD without paying a penalty, but at the end of the term, you will have access to your original investment plus any interest that has accrued.
  • An annuity, on the other hand, is an insurance product that can be used as a retirement savings tool. With an annuity, you make regular payments into the account, and the money grows tax-deferred until you retire. At that point, you can take withdrawals from the account (like a savings account) or choose to receive regular payments (known as an annuity income stream).
  • Annuities also accept funds from an IRA and 401(k) too!

Both CDs and annuities can be valuable additions to your portfolio, but it’s important to understand how they work before deciding which one is right for you.

Which One Should You Choose?

Both CDs and annuities have their pros and cons, so it really depends on your individual needs and goals. If you need to access your money right away, then an annuity is probably a better choice. However, if you’re looking for a long-term investment and don’t need immediate access to your money, a CD may be the better term investment don’t need immediate access to your cash, a CD may be the way to go.

Get A Quote!

With the Federal Reserve raising the rates, Americans can actually earn an above than average interest rate on their retirement savings. So, if you’re tired of earning next to nothing on your savings, be sure to check out high-yield fixed annuities! They are a great way to earn more interest on your money. And, with rates as high as they are right now, there has never been a better time to invest in one of these accounts. So what are you waiting for? Start earning more interest today!

Do you have any questions about how high-yield fixed annuities work? Contact us now!

The Federal Reserve Increased Interest Rates By Half A Percentage Point. This Is The Biggest Increase In Two Decades. They Did This To Fight Inflation. Interest Rates For Savings Accounts Like Certificates Of Deposit And Savings Accounts Have Increased The Highest Too.

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

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

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