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

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

From Jackson’s busy streets to Gulfport’s lively shores and Southaven’s growing communities, Mississippi’s money world is as varied as its landscapes. This guide helps you find and compare the best rates for CDs, savings accounts, money markets, and fixed annuities across the Magnolia State. Whether you’re saving in a big bank, local credit union, or online, we’re here to help you make the most of your money. We make Mississippi’s financial options easy to understand, giving you the knowledge to grow your savings confidently.

Our Favorite Rates To Grow Your Money

TermSavings AccountInstitutionAPY
N/AMoney Market AccountPrism Bank5.25%
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 Mississippi

Below is a list of some of the best-fixed annuity rates in MS.

The Best CD Rates In Mississippi

Below is a list of some of the best CD rates in MS.

It’s important to note that these rates are subject to change, and you should compare the rates offered by different banks and insurance companies before making a decision.

What are fixed annuities and CDs?

A fixed annuity is a contract between you and an insurance company. You make a lump-sum payment or a series of payments, and in return, the insurance company guarantees to pay you a fixed amount of money in the future, usually during your retirement. Fixed annuities are popular with retirees and people looking for a guaranteed future income.

A certificate of deposit (CD) is a savings account with a fixed interest rate and a fixed term. You deposit for a specific period, usually three months to five years, and in return, the bank guarantees to pay you a fixed interest rate for that term. CDs are considered safe investments, as they are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor per bank.

Differences between fixed annuities and CDs

While both fixed annuities and CDs offer security and stability, there are differences between the two investment options:

  • Guaranteed income: Fixed annuities offer a guaranteed source of income in the future, whereas CDs offer a guaranteed interest rate for the deposit term.
  • Access to funds: Fixed annuities typically come with surrender charges if you withdraw funds before maturity. You can withdraw funds from a CD without penalty, but only after maturity.
  • Taxation: Interest earned from CDs is taxed as ordinary income, whereas annuity income may be taxed differently, depending on the type of annuity and how it was funded.
  • Investment size: Fixed annuities typically require a more significant investment size, whereas you can open a CD account with as little as $500.

Next Steps

In conclusion, investing money is essential for your financial future, and finding the right investment option can be difficult. Knowing the pros and cons of each and which will align best with your goals and objectives is essential for making an informed decision.

Fixed annuities provide a steady growth rate on more significant contributions, while CDs offer security but usually have higher interest rates than savings accounts. However, both appear to offer great rates for Mississippi investors.

If you still feel overwhelmed by either option, you might consider speaking to an experienced financial advisor or using our online quote tool to gain more information about both options. It’s never too late to secure your financial future; contact us today for a quote!

The Best Fixed Annuity And Cd Rates In Mississippi (Ms)

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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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