The Best Fixed Annuity and CD Rates in Missouri (September 2023)

Shawn Plummer

CEO, The Annuity Expert

Amid the vibrant rhythms of St. Louis jazz and the hearty barbecue tradition of Kansas City, Missouri offers a thriving landscape for individuals eager to amplify their financial security. Welcome to our comprehensive guide to help you shop and compare Missouri’s highest CD interest rates, exceptional savings rates, top money market rates, and effective rates on deferred fixed annuities. From traditional banks and vibrant credit unions to dynamic online platforms, we delve deep into MO’s rich financial terrain to unearth opportunities that promise to grow your savings. By elucidating the complexities of interest rates, we aim to empower you to make informed decisions that elevate your financial journey. So, let’s embark on this enlightening trek through the financial Heartland of America. Let’s make your money work for you as robustly as the mighty Missouri River.

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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.

TermInsurance CompanyAPY
N/AMoney Market Account – Optimum Bank5.26%
N/AMoney Market Account – FVC Bank5.26%
N/ASavings Account – CloudBank 24/7 5.26%
12 MonthsBread Savings CD5.60%
48 MonthsClear Spring Fixed Annuity5.15%
5 YearsAthene Fixed Annuity5.30%
10 YearsEquitrust Fixed Annuity6.00%
*Fixed annuities are only for saving money to use in retirement.

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.

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Find the highest interest rates for your savings, ranging from 3 months to 10 years, all in one place.

The Best Fixed Annuity Rates In Missouri

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

The Best CD Rates In Missouri

3-Month CD Rates

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

Best 3-Month CD RatesRateTermMinimum
Ponce Bank5.30% APY3 Months$1.00
Oklahoma State Bank5.35% APY3 Months$1.00
Western Alliance Bank5.21% 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
Western Alliance Bank5.41% APY6 Months$1.00
Oklahoma State Bank5.40% APY6 Months$1.00
Generations Bank5.41% APY6 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 RatesRateTermMinimum
Western Alliance Bank5.51% APY12 Months$1.00
Bread Savings5.60% APY12 Months$1,500.00
Connexus Credit Union5.50% APY12 Months$1.00

2-Year CD Rates

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

Best 2-Year CD RatesRateTermMinimum
Connexus Credit Union4.95% APY24 Months$1.00
Idabel National Bank4.90% APY24 Months$1.00
Bread Savings5.15% APY24 Months$1,500.00

3-Year CD Rates

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

Best 3-Year CD RatesRateTermMinimum
Valley Bank5.60% APY36 Months$500.00
Bread Savings4.85% APY36 Months$1,500.00
The State Exchange Bank4.70% APY36 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 RatesRateTermMinimum
Bread Savings4.65% APY48 Months$1,500.00
The State Exchange Bank4.50% APY48 Months$1.00
Barclays4.45% APY48 Months$0.00

5-Year CD Rates

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

Best 5-Year CD RatesRateTermMinimum
Bread Savings4.65% APY60 Months$1,500.00
Barclays4.50% APY60 Months$0.00
The State Exchange Bank4.35% APY60 Months$1.00

Understanding Fixed Annuities and CDs

A fixed annuity is an insurance product that provides a guaranteed income stream in exchange for a lump sum payment. The amount of your investment, the interest rate, and the length of the annuity term determine the income you receive.

On the other hand, a CD (Certificate of Deposit) is a savings product offered by banks and credit unions. It allows you to earn a higher interest rate than a traditional savings account in exchange for leaving your money with the institution for a set period. However, CDs usually have higher interest rates and penalties for early withdrawal.

Comparing Fixed Annuity and CD Rates in Missouri

Missouri’s average fixed annuity rate is 4.5%, while the average CD rate is 3.5%. However, it’s important to note that these are just averages, and the actual rate you receive will depend on various factors, such as your age, the length of the term, and the size of your investment.

Regarding fixed annuities, the longer the term, the higher the interest rate. For example, a 5-year annuity might offer a 5% interest rate, while a 10-year annuity might offer a 5.3% interest rate. Therefore, it’s essential to consider the risks of locking in a long-term investment.

With CDs, the interest rate you receive will depend on the length of the term and the size of your investment. For example, a 12-month CD might offer a 2.75% interest rate, while a 36-month CD might offer a 3.25% interest rate. Additionally, many financial institutions offer higher rates for more extensive deposits.

Which is Better: Fixed Annuities or CDs?

The answer to this question depends on your financial goals and personal preferences. For example, fixed annuities provide a guaranteed income stream and are an excellent option for people who want a secure source of income in retirement. On the other hand, CDs are an excellent option for people who want to earn a higher interest rate on their savings and are willing to leave their money with a financial institution for a set period.

Key Considerations When Comparing Fixed Annuities and CDs in Missouri

When comparing fixed annuities and CDs in Missouri, there are a few key factors to consider:

  • Interest rates: As mentioned above, the interest rate you receive will depend on the length of the term and the size of your investment. Compare rates from multiple financial institutions to find the best deal.
  • Early withdrawal penalties: If you need to withdraw your money before the end of the term, you may be subject to penalties. Make sure to understand the penalties associated with each investment before making a decision.
  • Guarantees: Fixed annuities provide a guaranteed income stream, while CDs do not. Make sure to consider your financial goals and the level of security you require.
  • Liquidity: Fixed annuities are generally less liquid than CDs. This means it can be more difficult to access your money before the end of the term. You should consider these factors when comparing fixed annuities and CDs in Missouri.

Next Steps

Choosing a fixed annuity or CD is always wise, as they are both proven wealth-building tools. However, you must research or consult experienced advisors to find the best one. We hope this guide provided some insight into the rate comparison of fixed annuities and CDs in Missouri so that you can take the next step confidently. Whether you purchase an annuity or CD for your future, make sure it’s an informed and suitable investment move for your needs.

Lastly, don’t forget to contact us for a quote if you have any queries or interest in either of these options. Remember: never underestimate the power of investing in yourself and giving yourself financial security by carefully choosing a fixed annuity or CD!

The Best Fixed Annuity And Cd Rates In Missouri (Mo)

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

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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