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

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.

The Best Rates To Grow Your Money

TermInsurance CompanyAPY
N/AMoney Market Account – Generations Bank5.29%
N/AMoney Market Account – American First Credit Union5.30%
N/ASavings Account – Customers Bank5.30%
12 MonthsCD – Bread Savings5.35%
5 YearsAnnuity – Wichita National6.30%
*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.

Find And Compare The Highest Interest Rates

Find the highest interest rates for your savings, ranging from 3 months to 5 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 Bank5.35% APY3 Months$1.00
Total Direct Bank5.66% APY3 Months$25,000.00
Western Alliance Bank5.36% 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
CommunityWide FCU5.50% APY6 Months$1,000.00
My eBanc5.51% 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
Hudson Valley Credit Union5.67% APY12 Months$750.00
Space Coast Credit Union5.61% APY12 Months$500.00
Lafayette Federal Credit Union5.61% APY12 Months$100,000.00

2-Year CD Rates

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

Best 2-Year CD RatesRateTermMinimum
Luana Savings Bank5.11% APY24 Months$100,000.00
Eastman Credit Union5.40% APY24 Months$1,000.00
Pelican State Bank5.27% 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 Union5.20% 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 Union4.35% 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
Farmers Insurance4.25% APY60 Months$1,000.00
Lafayette Federal Credit Union4.63% 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.

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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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, 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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