The Best Fixed Annuity and CD Rates in North Carolina (June 2024)

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

From the serene stretches of North Carolina’s coastline to the bustling economic centers of Charlotte and Raleigh, the Tar Heel State offers abundant opportunities to grow your savings. This comparison is crafted to serve as your comprehensive guide, helping you shop and compare the best CD interest rates, highest savings interest rates, bank money market rates, and the latest fixed annuity rates available across NC. Whether your savings are entrusted to large banks, local credit unions, or easily accessible online platforms, we aim to smooth your path toward financial growth. We strive to simplify the complexities of North Carolina’s financial landscape, providing you with essential insights to optimize interest rates and effectively grow your savings. With this guide, making sense of North Carolina’s financial terrain will be less of a puzzle and more of an engaging journey toward financial stability and growth.

Our Favorite Rates To Grow Your Money

TermSavings AccountInstitutionAPY
N/AMoney Market AccountHanover Bank5.30%
N/ASavings AccountFVC Bank5.28%
12 MonthsCDBread Savings5.25%
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 North Carolina

By investing a lump sum in a fixed annuity contract, you can guarantee yourself an attractive rate of return from the insurance company. Your money is invested, and any profits are used to pay you out at the predetermined interest rate for several years.

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

The Best CD Rates In North Carolina

A CD is a type of savings account offered by banks and credit unions that requires you to keep your money in the account for a set period, usually from one month to several years. In return for keeping your money in the account, the bank pays a fixed interest rate, guaranteed for the CD term. In addition, CDs are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor per bank.

3-Month CD Rates

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

Best 3-Month CD RatesRateTermMinimum
Merrick Bank5.40% APY3 Months$25,000.00
Total Direct Bank5.51% APY3 Months$25,000.00
Banc of California5.34% 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
American Airlines5.40% APY6 Months$1,000.00
My eBanc5.51% 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
State Bank of Texas5.40% APY12 Months$50,000.00
My eBanc5.41% APY12 Months$50,000.00

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
Hughes Federal Credit Union4.97% APY36 Months$99,000.00
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

Tips For Comparing Interest Rates In North Carolina

  • Compare terms: When comparing CD interest rates with fixed annuity interest rates, it’s essential to consider the length of the term. CDs typically have shorter terms, ranging from one month to several years, while fixed annuities can have terms that last for several years or even the annuity’s lifetime. But, again, consider your investment goals and risk tolerance when choosing the correct term.
  • Consider fees: Some fixed annuities may have fees, such as surrender charges or administrative fees, which can impact the overall return on your investment. Before deciding, fully understand any fees associated with a fixed annuity entirely.
  • Look at interest rate guarantees: Fixed annuities offer guaranteed interest rates, while CD interest rates can vary depending on market conditions. Consider the stability of a guaranteed interest rate when comparing fixed annuities with CDs.
  • Evaluate the insurance company or financial institution: The stability and financial health of the insurance company or financial institution offering the fixed annuity or CD are essential. Therefore, consider the insurance company’s rating, financial institution, and history before investing.
  • Consider flexibility: CDs typically have early withdrawal penalties, which can reduce your return on investment if you need to access your funds before the end of the term. Fixed annuities may also have penalties for early withdrawal, but some offer flexible options such as annuitization or withdrawal riders.
  • Seek advice from a professional: It can be helpful to speak with a financial advisor or insurance professional to understand the pros and cons of fixed annuities and CDs and to determine the best investment option for your specific needs.
Best And Highest Cd, Annuity, Savings, Money Market Rates In North Carolina

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The Best Fixed Annuity And Cd Rates In North Carolina (Nc)

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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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