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

Shawn Plummer

CEO, The Annuity Expert

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.

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 Bank5.32%
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 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 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

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.
Best And Highest Cd, Annuity, Savings, Money Market Rates In Pennsylvania (Pa)

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!

The Best Fixed Annuity And Cd Rates In Pennsylvania (Pa)

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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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