The Best Fixed Annuity and CD Rates in Massachusetts (April 2024)

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

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.

Our Favorite Rates To Grow Your Money

TermSavings AccountInstitutionAPY
N/AMoney Market AccountUNCLE Credit Union5.26%
N/ASavings AccountCloudbank 2475.26%
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.

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.

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

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 RatesRateTermMinimum
Ponce Bank5.25% APY3 Months$1.00
Total Direct Bank5.42% APY3 Months$25,000.00
Western Alliance Bank5.26% APY3 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 RatesRateTermMinimum
American Airlines Federal Credit Union5.50% APY6 Months$1,000.00
My eBanc5.49% APY6 Months$50,000.00
Newtek Bank5.55% APY6 Months$50,000.00

1-Year CD Rates

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

Best 12-Month CD RatesRateTermMinimum
Broadway Bank5.60% APY12 Months$500,000.00
Nex Bank5.40% APY12 Months$25,000.00
Apple Federal Credit Union5.40% APY12 Months$500.00

2-Year CD Rates

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

Best 2-Year CD RatesRateTermMinimum
Mountain Credit Union5.00% APY24 Months$2,500.00
Eastman Credit Union5.40% APY24 Months$1,000.00
Credit Human4.75% APY24 Months$500.00

3-Year CD Rates

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

Best 3-Year CD RatesRateTermMinimum
Mountain Credit Union5.15% APY36 Months$2,500.00
Hughes Federal Credit Union4.97% APY36 Months$99,000.00
Lafayette Federal Credit Union4.58% APY36 Months$100,000.00

4-Year CD Rates

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

Best 4-Year CD RatesRateTermMinimum
Bread Savings4.15% APY48 Months$1,500.00
NexBank4.45% APY48 Months$10,000.00
Fedchoice Federal Credit Union4.15% 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
Quontic4.30% APY60 Months$500.00
Lafayette Federal Credit Union4.37% APY60 Months$100,000.00
Virginia Credit Union4.48% APY60 Months$100,000.00
Best And Highest Cd, Annuity, Savings, Money Market Rates In Massachusetts (Ma)

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.

The Best Fixed Annuity Rates And The Best Cd Rates In Massachusetts.

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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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