From the bustling streets of Philadelphia to the vibrant cityscape of Pittsburgh, the financial landscape of Pennsylvania is as diverse as its picturesque vistas. This comparison aims to be your go-to guide, helping you shop and compare the best CD interest rates, savings account rates, highest money market rates, and guaranteed annuity rates across Keystone State. Whether your savings are nestled within a large bank, a local credit union, or an accessible online platform, we’re committed to aiding you in your journey to grow your savings. This guide will simplify the diverse financial offerings in PA, providing you with the essential knowledge to optimize your financial growth and navigate the interest rates landscape confidently.
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 Pennsylvania
A fixed annuity is an investment contract that pays out a fixed rate of return over a specified period. It is often used for retirement planning to provide a predictable income stream during retirement.
Disclaimer: Products are subject to state availability. Please inquire below for details.
Advantages of Fixed Annuities
- Guaranteed income: Fixed annuities offer a guaranteed income stream, so you know exactly how much you’ll receive each year.
- Tax deferral: Earnings from a fixed annuity are tax-deferred, meaning you won’t have to pay taxes on the interest until you start withdrawing the money.
- Safety: Fixed annuities are typically insured by the state, so your investment is protected even if the insurance company goes bankrupt.
Disadvantages of Fixed Annuities
- Limited liquidity: Once you start receiving payments from a fixed annuity, you can’t change your mind and take the money out.
- Penalties for early withdrawal: If you need to withdraw money from a fixed annuity before you reach a certain age, you may face penalties and lose some of your investment.
- Lower returns: Fixed annuities generally offer lower returns than other investments, such as stocks or mutual funds.
The Best CD Rates In Pennsylvania
A certificate of deposit (CD) is a savings account that pays a fixed rate of return for a specified period. CDs are FDIC insured, so your investment is protected up to $250,000 even if the bank fails.
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 |
Advantages of CDs
- Guaranteed income: CDs offer a guaranteed rate of return, so you know exactly how much you’ll earn on your investment.
- Safety: CDs are insured by the FDIC, so your investment is protected even if the bank fails.
- Flexibility: CDs have a range of terms available, from a few months to several years, so you can choose the term that works best for your financial goals.
Disadvantages of CDs
- Penalties for early withdrawal: If you need to withdraw money from a CD before it matures, you may face penalties and lose some of your investment.
- Limited liquidity: Once you invest in a CD, you can’t access the money until it matures or you face penalties.
- Lower returns: CDs generally offer lower returns than other investments, such as stocks or mutual funds.
Next Steps
To make a wise financial decision for your future, it’s essential to consider all the options. Fixed annuities and certificates of deposit (CDs) are two of Pennsylvania’s most well-known savings tools, each offering unique benefits. This guide has given you a helpful overview of the differences between fixed annuities and CDs and an overview of today’s best-fixed annuity rates and best CD rates in Pennsylvania.
Now that you understand these long-term investments, why not take the next step? Contact us for a free personalized quote on an annuity or CD investment product that meets your needs. Our financial advisors have years of experience helping customers find the right savings solution to protect their hard-earned money and ensure their retirement dreams come true. Let us help you secure your financial future today!
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