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

Shawn Plummer

CEO, The Annuity Expert

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.

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 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 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
Best And Highest Cd, Annuity, Savings, Money Market Rates In Ohio

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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!

The Best Fixed Annuity And Cd Rates In Ohio (Oh)

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Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.

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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