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.
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 – American First Credit Union | 5.29% |
| N/A | Money Market Account – StagePoint Federal Credit Union | 5.29% |
| N/A | Savings Account – Customers Bank | 5.30% |
| 12 Months | CD – Western Alliance | 5.51% |
| 5 Years | Clear Spring 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 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
- The guaranteed rate of return
- Tax-deferred growth
- Potential for higher returns than traditional savings accounts
- Flexibility in choosing an income stream
- Safety of principal
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 Rates | Rate | Term | Minimum |
|---|---|---|---|
| Signature Federal Credit Union | 5.55% APY | 3 Months | $500.00 |
| Western Alliance Bank | 5.51% APY | 3 Months | $1.00 |
| Ponce Bank | 5.40% 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 |
|---|---|---|---|
| TotalDirectBank | 5.76% APY | 6 Months | $25,000.00 |
| Franklin Mint Federal Credit Union | 5.60% APY | 6 Months | $500.00 |
| Western Alliance | 5.70% 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 |
|---|---|---|---|
| My eBanc | 5.77% APY | 12 Months | $50,000.00 |
| Popular Direct | 5.67% APY | 12 Months | $10,00.00 |
| State Bank of Texas | 5.85% APY | 12 Months | $50,000.00 |
2-Year CD Rates
Banks and credit unions have the highest CD rates for 24 months.
| Best 2-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Luana Savings Bank | 5.63% APY | 24 Months | $100,000.00 |
| Maple Mark Bank | 5.40% APY | 24 Months | $25,000.00 |
| Newtek Bank | 5.60% APY | 24 Months | $50,000.00 |
3-Year CD Rates
Banks and credit unions have the highest CD rates for 36 months.
| Best 3-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| U.S. Senate Federal Credit Union | 5.23% APY | 36 Months | $200,000.00 |
| Mountain Credit Union | 5.03% APY | 36 Months | $2,500.00 |
| Bread Savings | 4.90% APY | 36 Months | $1,500.00 |
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 | $1.00 |
5-Year CD Rates
Banks and credit unions have the highest CD rates for 60 months.
| Best 5-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Farmers Insurance | 5.00% APY | 60 Months | $1,000.00 |
| Barclays | 4.50% APY | 60 Months | $0.00 |
| Bread Savings | 4.50% APY | 60 Months | $1,500.00 |
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!
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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.