If you’re looking to save money and invest in a particular financial product, a fixed annuity or a certificate of deposit (CD) might be the right choice. Fixed annuities and CDs are popular investment options because they offer a guaranteed rate of return, making them an excellent choice for low-risk investments. However, the best-fixed annuity and CD rates in Illinois will depend on various factors, including the current interest rate environment, the strength of the financial institution offering the product, and the terms and conditions of the product itself. In this guide, we’ll take a closer look at the best-fixed annuity and CD rates in Illinois and what you need to know to choose the right one.
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.
| Term | Insurance Company | Interest Rate |
|---|---|---|
| N/A | UFB Bank Savings Account | 5.02% |
| N/A | UFB Bank Money Market | 5.02% |
| 12 Months | Western Alliance Bank CD | 5.01% |
| 36 Months | Oceanview Fixed Annuity | 5.00% |
| 48 Months | Americo Fixed Annuity | 5.05% |
| 5 Years | Aspida Fixed Annuity | 5.50% |
| 6 Years | American National Fixed Annuity | 5.45% |
| 10 Years | American National Fixed Annuity | 5.45% |
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. We aim to help you find the highest interest rates for your retirement savings. We may receive a small referral fee if you purchase something using a link in this article.
The Best Fixed Annuity Rates In Illinois
A fixed annuity is a type of insurance contract that provides a guaranteed income stream for a specified period. The best-fixed annuity rates in Illinois will vary based on the current interest rate environment and the strength of the financial institution offering the product. To find the best-fixed annuity rates in Illinois, you should consider the following factors:
- The financial strength of the insurance company: Choosing a financial institution with a strong reputation and a good credit rating is essential.
- The guaranteed rate of return: You’ll want to choose a fixed annuity with a guaranteed rate of return that meets your investment goals.
- Surrender charges: Some fixed annuities come with surrender charges, a fee you’ll pay if you withdraw your money early. Make sure you understand the terms and conditions of the product and if the surrender charges are reasonable.
The Best CD Rates in Illinois
A certificate of deposit (CD) is a type of savings account that pays a guaranteed rate of return over a specified period of time. The best CD rates in Illinois will depend on various factors, including the current interest rate environment, the financial strength of the institution offering the product, and the terms and conditions of the product itself. To find the best CD rates in Illinois, you should consider the following factors:
- The financial strength of the bank or credit union: Choosing a financial institution with a strong reputation and a good credit rating is essential.
- The guaranteed rate of return: You’ll want to choose a CD with a guaranteed rate of return that meets your investment goals.
- Terms and conditions: Make sure you understand the terms and conditions of the product, including any penalties for early withdrawal.
Next Steps
Choosing the ideal fixed annuity or CD is best made with research, information, and insight from a trusted financial advisor. When considering fixed annuities and CDs, don’t forget to review their long-term implications as part of your investment decision. The best-fixed annuity and CD rates in Illinois should be within reach, but it’s essential to do some research before making any investments. Thankfully, reliable resources are available online that allow you to learn more about these investment tools and find the right one for your needs.
With the proper knowledge, you can rest assured knowing that you are investing in products that maximize your earning potential while keeping risk at a minimum level. If you’re looking to invest in Illinois with a fixed annuity or CD product, contact us today for a quote!
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Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.