The Best Fixed Annuity and CD Rates in Missouri (July 2024)

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

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.

Our Favorite Rates To Grow Your Money

TermSavings AccountInstitutionAPY
N/AMoney Market AccountHarborstone Credit Union5.25%
N/ASavings AccountWestern Alliance Bank5.27%
12 MonthsCDBread Savings5.15%
5 YearsFixed AnnuityWichita National6.50%

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 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
Merrick Bank5.25% APY3 Months$25,000.00
Total Direct Bank5.51% APY3 Months$25,000.00
Banesco USA 5.25% APY3 Months$1,000.00

6-Month CD Rates

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

Best 6-Month CD RatesRateTermMinimum
American Airlines5.35% APY6 Months$1,000.00
My eBanc5.45% APY6 Months$50,000.00
Total Direct Bank5.51% APY6 Months$25,00.00

1-Year CD Rates

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

Best 12-Month CD RatesRateTermMinimum
NexBank5.40% APY12 Months$25,000.00
Eastman Credit Union5.40% APY12 Months$100,000.00
USAlliance Financial5.40% 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
Crescent Bank4.90% APY24 Months$1,000.00
Eastman Credit Union5.40% APY24 Months$100,000.00
NexBank4.80% APY24 Months$10,00.00

3-Year CD Rates

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

Best 3-Year CD RatesRateTermMinimum
Credit Human4.65% APY36 Months$500.00
First National Bank4.37% APY36 Months$500.00
Crescent Bank4.80% APY36 Months$1,000.00

4-Year CD Rates

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

Best 4-Year CD RatesRateTermMinimum
Eastman Credit Union4.65% APY48 Months$1,000.00
Crescent Bank4.50% APY48 Months$1,000.00
Credit Human4.65% 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
First National Bank of America4.50% APY60 Months$1,000.00
Eastman Credit Union4.75% APY60 Months$100,000.00
Virginia Credit Union4.48% APY60 Months$100,000.00

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.

How We Can Help

At The Annuity Expert, we understand that finding the right investment can be overwhelming. With 15 years of experience as an insurance agency, annuity broker, and retirement planner, we’re dedicated to helping you navigate your options to find the best solutions at the lowest costs.

Your Financial Challenge

The core problem we solve is finding secure and profitable savings solutions tailored to your needs. Many savers struggle with low-interest rates and uncertain financial products, which can lead to anxiety and frustration. We recognize these challenges and are here to offer our expertise.

Our Commitment to You

We believe in transparency, reliability, and personalized service. Our goal is to provide you with the highest quality financial products that ensure your money works as hard as you do.

What We Recommend

Step 1: Initial Consultation

  • First Step: Schedule a free consultation with our experts. During this session, we will understand your financial goals and assess your current investment strategy.
  • Main Benefit: Gain clarity on your financial goals and the best path forward.

Step 2: Personalized Recommendations

  • What We Do: Based on your unique needs, we will provide tailored investment recommendations that offer the best returns and terms.
  • Main Benefit: Receive personalized advice that maximizes your investment potential.

Step 3: Secure Your Investment

  • Final Step: We assist you in opening your chosen investment accounts, ensuring all details are handled smoothly and efficiently.
  • Main Benefit: Secure a high-return investment with confidence, knowing you’ve made an informed decision.

Features and Benefits

  • Expert Advice: Personalized guidance to help you select the best investment options.
  • Updated Rates: Access to the latest and most competitive investment products.
  • Convenience: A wide range of investment options in one place.

Addressing Common Objections

  • Objection: “I’m worried about investment risks.”
    Response: We’ll help you choose a diversified portfolio that matches your risk tolerance and financial goals.
  • Objection: “Investment options seem too complex.”
    Response: Our experts simplify the process, providing clear and concise recommendations tailored to your needs.

Without our guidance, you might miss out on the best investment options and returns, potentially impacting your financial growth and stability.

By working with us, you’ll enjoy higher returns on your investments, peace of mind from secure financial products, and the confidence that comes with expert financial advice.

Imagine the relief and satisfaction of knowing your investments are growing efficiently and securely. Our tailored approach ensures you feel valued, supported, and confident in your financial future.

For free advice or a personalized quote, contact The Annuity Expert. Let us help you secure the best investment options and achieve your financial goals.

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, 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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