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.
- The Best Fixed Annuity Rates In Missouri
- The Best CD Rates In Missouri
- Understanding Fixed Annuities and CDs
- Comparing Fixed Annuity and CD Rates in Missouri
- Which is Better: Fixed Annuities or CDs?
- Key Considerations When Comparing Fixed Annuities and CDs in Missouri
- Next Steps
- Earn The Highest Interest Rates On Savings Today
- Request A Quote
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.
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 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 |
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!
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Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.