The Best Fixed Annuity and CD Rates in Maryland (May 2024)

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Welcome to our thorough guide designed for Old Line State, Maryland residents. Whether you’re in the bustling city of Baltimore or enjoying the serene views of the Chesapeake Bay, our guide aims to help you grow your money by providing valuable insights into the best financial institutions in Maryland. We delve into the competitive banking sector, evaluating banks and credit unions to provide you with current interest rates and the banks with the highest CDs. We navigate the complex terrain of savings interest rates, money market rates, and fixed annuity rates to present the most favorable online opportunities. Our mission in this dynamic financial landscape is to simplify your journey, ensuring you get the maximum return on your investments. Let’s begin the journey to financial growth together.

Our Favorite Rates To Grow Your Money

TermSavings AccountInstitutionAPY
N/AMoney Market AccountUncle Credit Union5.23%
N/ASavings AccountNexBank5.26%
12 MonthsCDBread Savings5.25%
5 YearsFixed AnnuityWichita National6.30%

Disclaimer: This is a comparison review. The Annuity Expert is not associated with a bank or credit union. We aim to help you find the highest interest rates for your savings. We may receive a small referral fee if you purchase something using a link in this guide.

The Best Fixed Annuity Rates In Maryland

Fixed annuities are insurance products that offer a guaranteed rate of return, making them a popular option for conservative investors. With a fixed annuity, you can receive a guaranteed income stream for life or a specified period, giving you a predictable source of income in retirement.

Disclaimer: Products are subject to state availability. Please inquire below for details.

Advantages of Fixed Annuities

Disadvantages of Fixed Annuities

  • Penalties for early withdrawal
  • Limited liquidity
  • Potential for lower returns than other investments
  • The complexity of product features

The Best CD Rates In Maryland

Certificates of deposit, or CDs, are a type of savings product offered by banks and credit unions. CDs offer a guaranteed rate of return, making them a popular choice for conservative investors who want a low-risk option for their savings.

3-Month CD Rates

Banks and credit unions have the highest CD rates for three months.

Best 3-Month CD RatesRateTermMinimum
NexBank4.75% APY3 Months$250,000.00
Total Direct Bank5.51% APY3 Months$25,000.00
Peoples Bank5.30% APY3 Months$500.00

6-Month CD Rates

The following banks and credit unions have the highest CD rates for six months.

Best 6-Month CD RatesRateTermMinimum
Inova Federal Credit Union5.50% APY6 Months$200.00
My eBanc5.51% APY6 Months$50,000.00
Newtek Bank5.55% APY6 Months$2,500.00

1-Year CD Rates

The following banks and credit unions have the highest CD rates for 12 months.

Best 12-Month CD RatesRateTermMinimum
NexBank5.40% APY12 Months$250,000.00
State Bank of Texas5.40% APY12 Months$50,000.00
My eBanc5.41% APY12 Months$50,000.00

2-Year CD Rates

Banks and credit unions have the highest CD rates for 24 months.

Best 2-Year CD RatesRateTermMinimum
Crescent Bank5.00% APY24 Months$1,000.00
Eastman Credit Union5.40% APY24 Months$100,000.00
NexBank4.80% APY24 Months$10,00.00

3-Year CD Rates

Banks and credit unions have the highest CD rates for 36 months.

Best 3-Year CD RatesRateTermMinimum
Credit Human4.65% APY36 Months$500.00
Hughes Federal Credit Union4.97% APY36 Months$99,000.00
Lafayette Federal Credit Union4.52% APY36 Months$500.00

4-Year CD Rates

The following banks and credit unions have the highest CD rates for 48 months.

Best 4-Year CD RatesRateTermMinimum
Eastman Credit Union4.65% APY48 Months$1,000.00
NexBank4.45% APY48 Months$10,000.00
Credit Human4.65% APY48 Months$500.00

5-Year CD Rates

Banks and credit unions have the highest CD rates for 60 months.

Best 5-Year CD RatesRateTermMinimum
First National Bank of America4.55% APY60 Months$1,000.00
Eastman Credit Union4.75% APY60 Months$100,000.00
Virginia Credit Union4.48% APY60 Months$100,000.00

Advantages of CDs

  • The guaranteed rate of return
  • FDIC-insured for up to $250,000
  • Predictable return on investment
  • Low risk

Disadvantages of CDs

  • Penalties for early withdrawal
  • Limited flexibility
  • Potential for lower returns than other investments
  • Lack of access to funds until maturity

Comparing Fixed Annuity and CD Rates in Maryland

When comparing fixed annuity and CD rates in Maryland, it’s essential to consider the length of the investment, the guaranteed rate of return, and any potential fees or penalties. For example, while both options offer a guaranteed rate of return, CDs typically have a lower rate but are FDIC-insured. On the other hand, Fixed annuities have the potential for higher returns but may have penalties for early withdrawal.

It’s also important to consider your financial goals and risk tolerance when choosing between a fixed annuity and CD. For example, if you’re looking for a low-risk option to save for retirement, a CD may be the right choice for you. On the other hand, if you’re willing to take on a bit of risk for the potential for higher returns, a fixed annuity may be a better option.

Next Steps

Deciding between fixed annuities or CDs for your retirement savings plan can be overwhelming. But with access to the best rates in Maryland, you can reach your financial goals and set yourself up for a comfortable retirement. If you still feel unsure about what option is right for you, reach out to our team of experienced financial advisors—we are here to help. To get started, contact us today to receive a quote tailored to your needs. We believe everyone deserves a well-funded retirement free of worry and anxiety. So let us help you on the path toward success and financial freedom!

The Best Fixed Annuity And Cd Rates In Maryland (Md)

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Frequently Asked Questions

Which option is better, a fixed annuity or a CD?

There is no one-size-fits-all answer to this question, as the best option depends on your financial goals and risk tolerance. Both options offer a guaranteed rate of return, but CDs typically have a lower rate and are FDIC-insured. In contrast, fixed annuities have the potential for higher returns but may have penalties for early withdrawal.

How can I compare fixed annuity and CD rates in Maryland?

You can compare fixed annuity and CD rates by visiting the websites of insurance companies and insurance agencies.

Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.

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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