When investing your money, choosing the right option can be confusing and overwhelming. There are many different types of investment products, each with its pros and cons. However, two of the most popular options in Ohio are fixed annuities and CDs (Certificates of Deposit). This comparison will explore Ohio’s best-fixed annuity and CD rates to help you make an informed decision and find the perfect investment option.
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 | Interest Rate |
---|---|---|
N/A | UFB Bank Savings Account | 5.02% |
N/A | UFB Bank Money Market | 5.02% |
12 Months | Western Alliance Bank CD | 5.01% |
36 Months | Oceanview Fixed Annuity | 5.00% |
48 Months | Americo Fixed Annuity | 5.05% |
5 Years | Aspida Fixed Annuity | 5.50% |
6 Years | American National Fixed Annuity | 5.45% |
10 Years | American National Fixed Annuity | 5.45% |
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 article.
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.
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.
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 not being able 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. Make sure to 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 factors such as term length, interest rate, and provider reliability, is critical to finding the best option. With some thoughtful consideration, you can find an effective way to reach your financial goals.Â
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Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.