Navigating the financial landscape of Massachusetts, from the historic streets of Boston to the picturesque shores of Cape Cod, requires a keen understanding of the local investment climate. This comparison is your essential guide, helping you shop and compare the best and highest CD rates, money market rates, fixed annuity rates, and savings account interest rates across MA. Whether your preferences lie with established banks, community-based credit unions, or the modern convenience of online platforms, we’ve got you covered. We aim to simplify the process, offering a breakdown of the most competitive options available to grow your savings. With this guide, you’ll make sense of Massachusetts’s diverse interest rates and learn to leverage them effectively to optimize your financial growth.
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 | 5.60% |
| 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.
Understanding Fixed Annuity Rates
Fixed annuity rates are interest rates insurance companies pay on Fixed annuities. They are a type of investment in which you give an insurance company a lump sum of money, and they, in turn, agree to pay you a fixed interest rate over a set period.
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Understanding CD Rates
On the other hand, CD rates are interest rates paid on certificates of deposit. CDs are similar to savings accounts in that you deposit a lump sum for a fixed period, and the bank agrees to pay you a fixed interest rate.
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 | 5.60% 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 | 5.15% 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 | 4.85% 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 | 4.65% 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 | 4.65% 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 |
What to Look for in a Fixed Annuity or CD Rate
When comparing fixed annuity and CD rates, there are several factors to consider:
- The length of the term: The longer the term, the higher the rate.
- The rate of interest: The higher the rate, the more you’ll earn.
- The financial institution’s stability: Ensure the insurance company or bank is financially stable.
Comparing Fixed Annuity and CD Rates in Massachusetts
To compare fixed annuity and CD rates in Massachusetts, you’ll want to look at several different institutions. When comparing rates, be sure to consider the length of the term, the rate of interest, and the financial institution’s stability. You may also consider any special promotions or bonuses the institution offers.
Next Steps
All in all, fixed annuities and CDs are great options for those looking to make sure their money works hard for them. Finding the best rates on products like these isn’t always easy, but with time and research, you can find the right option.
To get the most out of your investments, consider your options carefully, looking at not just the rate of return for a particular product but also the length of term and stability of the financial institution before investing. Although your hard-earned money is essential, don’t hesitate to take that extra step when deciding.
If you still feel uncertain about where to start or need help navigating multiple offers and rates – contact us for a quote today. We understand how important it is to ensure you’re getting the best rate possible, so let us show you why more Massachusetts residents trust us with their financial decisions.
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