The Best Fixed Annuity and CD Rates in South Carolina (May 2024)

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

From Greenville to Charleston, South Carolina’s financial options are as diverse as its landscapes. This guide helps you find the best interest rates and financial opportunities in The Palmetto State, whether you’re with a big bank, local credit union, or online service. We aim to make understanding South Carolina’s financial offerings easier, especially in places like Myrtle Beach, so you can grow your savings confidently.

Our Favorite Rates To Grow Your Money

TermSavings AccountInstitutionAPY
N/AMoney Market AccountPrism Bank5.25%
N/ASavings AccountNexBank5.26%
12 MonthsCDBread Savings5.25%
5 YearsFixed AnnuityWichita National6.30%

Disclaimer: This is a comparison review. The Annuity Expert is not associated with a bank or credit union. We aim to help you find the highest interest rates for your savings. We may receive a small referral fee if you purchase something using a link in this guide.

The Best Fixed Annuity Rates in South Carolina

Fixed annuity rates in South Carolina are investment options that offer a guaranteed rate of return. The insurance company that provides the annuity agrees to pay you a fixed interest rate for a specific period, usually two to twenty years. After the agreed period, the interest rate may change, but it will still be guaranteed. Fixed annuities are generally considered low-risk investment options and are suitable for individuals who prefer a steady, predictable return on their investment.

Disclaimer: Products are subject to state availability. Please inquire below for details.

The Best CD Rates in South Carolina

CD rates in South Carolina, or certificate of deposit rates, are investment options banks offer. A CD is a type of savings account where you deposit your money for a specific period, usually from 3 months to 5 years. In return, the bank agrees to pay you a fixed interest rate on your deposit. CD rates are considered low-risk investments and suitable for individuals who want a guaranteed return on their investment.

3-Month CD Rates

Banks and credit unions have the highest CD rates for three months.

Best 3-Month CD RatesRateTermMinimum
NexBank4.75% APY3 Months$250,000.00
Total Direct Bank5.51% APY3 Months$25,000.00
Peoples Bank5.30% APY3 Months$500.00

6-Month CD Rates

The following banks and credit unions have the highest CD rates for six months.

Best 6-Month CD RatesRateTermMinimum
Inova Federal Credit Union5.50% APY6 Months$200.00
My eBanc5.51% APY6 Months$50,000.00
Newtek Bank5.35% APY6 Months$2,500.00

1-Year CD Rates

The following banks and credit unions have the highest CD rates for 12 months.

Best 12-Month CD RatesRateTermMinimum
NexBank5.40% APY12 Months$250,000.00
State Bank of Texas5.40% APY12 Months$50,000.00
My eBanc5.41% APY12 Months$50,000.00

2-Year CD Rates

Banks and credit unions have the highest CD rates for 24 months.

Best 2-Year CD RatesRateTermMinimum
Crescent Bank5.00% APY24 Months$1,000.00
Eastman Credit Union5.40% APY24 Months$100,000.00
NexBank4.80% APY24 Months$10,00.00

3-Year CD Rates

Banks and credit unions have the highest CD rates for 36 months.

Best 3-Year CD RatesRateTermMinimum
Credit Human4.65% APY36 Months$500.00
Hughes Federal Credit Union4.97% APY36 Months$99,000.00
Lafayette Federal Credit Union4.52% APY36 Months$500.00

4-Year CD Rates

The following banks and credit unions have the highest CD rates for 48 months.

Best 4-Year CD RatesRateTermMinimum
Eastman Credit Union4.65% APY48 Months$1,000.00
NexBank4.45% APY48 Months$10,000.00
Credit Human4.65% 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
First National Bank of America4.50% APY60 Months$1,000.00
Eastman Credit Union4.75% APY60 Months$100,000.00
Virginia Credit Union4.48% APY60 Months$100,000.00

Compare the Best Fixed Annuity Rates with the Best CD Rates in South Carolina

When comparing fixed annuity rates in South Carolina with CD rates, there are several factors to consider, including:

Guaranteed Return

Both fixed annuities and CD rates offer a guaranteed return on your investment. This means you can be confident that you will receive a set interest rate, regardless of market conditions.

Interest Rate

The interest rate offered by fixed annuities and CD rates in South Carolina can vary, so it’s essential to compare the rates offered by different insurance companies and banks. While fixed annuity rates may offer a higher interest rate, CD rates may be more flexible, allowing you to choose a shorter or longer term, depending on your investment goals.

Liquidity

Fixed annuities are generally considered to be less liquid than CD rates. You may be subject to penalties or fees if you need to access your money before the end of the agreed term. On the other hand, CD rates are more liquid and allow you to withdraw your money without penalty, although there may be restrictions on when you can.

Access to Funds

Fixed annuities often require you to lock in your money for a specific period, usually 5 to 20 years. This means that you may not have access to your funds for a significant period. On the other hand, CD rates usually have a shorter term, allowing you to access your money sooner.

Tax Benefits

Fixed annuities offer tax-deferred growth, meaning that you won’t have to pay taxes on your investment until you withdraw your funds. On the other hand, CD rates are taxed annually, so you will need to pay taxes on your interest earnings each year.

Next Steps

Investing your money is a big decision, and we hope this guide was helpful in learning the differences between fixed annuity rates and CD rates in South Carolina. Fixed annuities may offer higher returns than CDs, but they come with the risk of loss if you choose the wrong investments. CDs are an excellent choice for more conservative investors, as they tend to have lower interest rates but also provide safety for your investments.

Ultimately, it’s important to remember that when investing your hard-earned money, there is no one size fits all solution – so take the time to research and understand your financial goals before making a decision. If you’re still unsure which option is best for you, our team of experts is here to answer any questions or provide a quote – contact us today!

The Best Fixed Annuity And Cd Rates In South Carolina (Sc)

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, 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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