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.
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 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 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 |
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.
Next Steps
It is essential that when considering any financial investments, you thoroughly explore your options so you can make the best decision for yourself according to your circumstances and financial goals. Fixed annuities and CDs are great low-risk investment choices for those who want to save extra money in North Carolina.
It is essential to research what fees, interest rate guarantees, and length of terms different insurance companies and financial institutions offer to ensure you get the best rate. Fixed annuities and CDs can be excellent options if they fit within your personal risk comfort level.
Advisors at our firm are experts in North Carolina’s annuity rates and CD rates – we would be thrilled to help review your options if they suit your needs! To get an accurate quote on fixed annuities or CDs, please contact us today!
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Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.