Welcome to our comprehensive guide, meticulously curated to help Indiana (IN) residents, especially around Indianapolis, grow their money through strategic savings and investments. The Hoosier State isn’t just known for its friendly communities and picturesque landscapes; it also boasts a diverse range of financial institutions offering some of the best opportunities for savings and investment. Our guide navigates the landscape of online CD rates, revealing current savings account interest rates that make your money work harder. We also shed light on the best money market rates today and delve into fixed annuity rates, valuable tools for achieving your financial goals. Whether you’re more inclined towards traditional banks, credit unions, or the ease and accessibility of online platforms, our guide is geared to assist you in understanding and locating the best interest rates to optimize your financial growth. So, let’s set sail on this financial journey together!
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 | APY |
|---|---|---|
| N/A | Money Market Account – Optimum Bank | 5.26% |
| N/A | Money Market Account – FVC Bank | 5.26% |
| N/A | Savings Account – CloudBank 24/7 | 5.26% |
| 12 Months | Bread Savings CD | 5.50% |
| 48 Months | Clear Spring Fixed Annuity | 5.15% |
| 5 Years | Athene Fixed Annuity | 5.30% |
| 10 Years | Equitrust Fixed Annuity | 6.00% |
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 guide.
The Best Fixed Annuity Rates In Indiana
A fixed annuity is a contract between you and an insurance company. You provide a lump sum of money, and the insurance company guarantees to pay you a fixed interest rate over a specified period.
Benefits of a Fixed Annuity
- The guaranteed rate of return
- Potential tax benefits
- Safe investment option
- Predictable income stream in retirement
Drawbacks of a Fixed Annuity
- Limited growth potential
- Surrender charges for early withdrawal
- Restrictions on accessing funds
Disclaimer: Products are subject to state availability. Please inquire below for details.
The Best CD Rates In Indiana
A CD is a low-risk investment option offered by banks and credit unions. With a CD, you deposit a lump sum of money for a specified period, usually from one month to five years. In return, the bank or credit union agrees to pay you a fixed interest rate. CDs are FDIC-insured, so your investment is guaranteed up to $250,000.
Benefits of a CD
- The guaranteed rate of return
- FDIC-insured
- Safe investment option
- Predictable interest payments
Drawbacks of a CD
- Limited growth potential
- Penalties for early withdrawal
- Access to funds may be restricted
3-Month CD Rates
Banks and credit unions have the highest CD rates for three months.
| Best 3-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Ponce Bank | 5.30% APY | 3 Months | $1.00 |
| Oklahoma State Bank | 5.35% APY | 3 Months | $1.00 |
| Western Alliance Bank | 5.21% APY | 3 Months | $1.00 |
6-Month CD Rates
The following banks and credit unions have the highest CD rates for six months.
| Best 6-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Western Alliance Bank | 5.41% APY | 6 Months | $1.00 |
| Oklahoma State Bank | 5.40% APY | 6 Months | $1.00 |
| Generations Bank | 5.41% APY | 6 Months | $1.00 |
1-Year CD Rates
The following banks and credit unions have the highest CD rates for 12 months.
| Best 12-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Western Alliance Bank | 5.51% APY | 12 Months | $1.00 |
| Bread Savings | 5.50% APY | 12 Months | $1,500.00 |
| Connexus Credit Union | 5.50% APY | 12 Months | $1.00 |
2-Year CD Rates
Banks and credit unions have the highest CD rates for 24 months.
| Best 2-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Connexus Credit Union | 4.95% APY | 24 Months | $1.00 |
| Idabel National Bank | 4.90% APY | 24 Months | $1.00 |
| Bread Savings | 5.00% APY | 24 Months | $1,500.00 |
3-Year CD Rates
Banks and credit unions have the highest CD rates for 36 months.
| Best 3-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Valley Bank | 5.60% APY | 36 Months | $500.00 |
| Bread Savings | 4.75% APY | 36 Months | $1,500.00 |
| The State Exchange Bank | 4.70% APY | 36 Months | $1.00 |
4-Year CD Rates
The following banks and credit unions have the highest CD rates for 48 months.
| Best 4-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Bread Savings | 4.50% APY | 48 Months | $1,500.00 |
| The State Exchange Bank | 4.50% APY | 48 Months | $1.00 |
| Barclays | 4.45% APY | 48 Months | $0.00 |
5-Year CD Rates
Banks and credit unions have the highest CD rates for 60 months.
| Best 5-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Bread Savings | 4.50% APY | 60 Months | $1,500.00 |
| Barclays | 4.50% APY | 60 Months | $0.00 |
| The State Exchange Bank | 4.35% APY | 60 Months | $1.00 |
How to Compare The Best Fixed Annuity and CD Rates in Indiana
When comparing fixed annuity and CD rates, it’s essential to consider several factors, including:
- The guaranteed rate of return
- Access to funds
- Potential for growth
- Surrender charges or penalties for early withdrawal
- Tax benefits
To find the best-fixed annuity and CD rates in Indiana, you can start by searching online for financial institutions in your area. It’s also good to compare rates from multiple institutions to ensure you get the best deal.
Next Steps
If you’re a resident of Indiana looking to grow your savings, you may want to consider investing in a fixed annuity or CD. Both options offer great rates and can help you reach your financial goals.
To learn more about fixed annuities and CDs, contact us today. We’ll happily answer any of your questions and provide you with a quote.
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Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.