Whether you’re nestled in the vibrant city of Cincinnati, exploring the dynamic heart of Columbus, or captivated by the diverse culture of Cleveland, the financial landscape of Ohio offers boundless opportunities to grow your savings. This comparison is your comprehensive guide, allowing you to shop and compare the highest CD rates, savings account interest rates, money market rates, and fixed annuities rates available across Buckeye State. We will delve into the offerings from various financial institutions – from traditional banks to local credit unions and the ever-growing sphere of online platforms. To simplify your journey, we’ll help you navigate the array of interest rates in Ohio, equipping you with the knowledge to optimize your financial growth and ensure your savings flourish.
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 | 5.50% |
| 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 Ohio
A fixed annuity is a contract between you and an insurance company. You give the insurance company a lump sum of money; in return, they guarantee to pay you a fixed interest rate for a specified period.
Some of the top insurance companies offering fixed annuities in Ohio include the following. These companies have strong financial ratings and a history of stability, making them a good choice for low-risk investments.
Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.
The Best CD Rates In Ohio
The best CD (Certificate of Deposit) rates in Ohio will vary depending on several factors, including the financial stability of the bank or credit union offering the product, the length of the term, and the interest rate offered.
Some of the top banks and credit unions offering CDs in Ohio include the following. These financial institutions have a strong history of stability and offer competitive CD rates.
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 | 5.50% 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 | 5.00% 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 | 4.75% 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 | 4.50% 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 | 4.50% 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 Fixed Annuity Rates With CD Rates
When comparing fixed annuity rates with CD rates, there are several tips to keep in mind:
- Consider your financial goals: Before comparing rates, consider your financial goals and what you hope to achieve with your investment. A fixed annuity may be the better option if you’re looking for a guaranteed income stream for the rest of your life. On the other hand, if you want to grow your savings over a shorter term, a CD may be the way.
- Consider the length of the term: Both fixed annuities and CDs have terms, but the length of these terms can vary. If you’re considering a fixed annuity, consider the length of the term and the age at which you want the income payments to begin. For CDs, consider the length of the term and whether you’re comfortable with the possibility of being unable to access your money without a penalty.
- Compare the interest rate: The interest rate is one of the most critical factors when comparing fixed annuity and CD rates. Compare the interest rates different providers offer to find the best option for you.
- Consider the financial stability of the provider: The financial stability of the insurance company or bank offering the product is also an essential factor to consider. Research the provider’s financial history and rating to ensure your investment is safe.
- Read the fine print: Before investing, carefully read the terms and conditions of the product to understand any fees or penalties. This will help you make an informed decision and get the best rate possible.
Next Steps
In sum, by understanding the differences between fixed annuities and CDs, you can confidently make an informed decision regarding saving for your financial future. Evaluating Ohio’s available rates, based on terms length, interest rate, and provider reliability, is critical to finding the best option. You can find an effective way to reach your financial goals with some thoughtful consideration.
If you’re looking for someone to help guide you during this process and provide a quote tailored to your needs, contact us! We’re here to provide helpful advice and ensure you are set up for success in terms of investing. Let us show you how we can help you take control of your finances today!
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Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.