The Best Fixed Annuity and CD Rates in South Dakota (September 2023)

Shawn Plummer

CEO, The Annuity Expert

Investing your hard-earned money can be daunting, especially when facing multiple options. In South Dakota, two popular investment options are fixed annuities and CDs. Both options offer a fixed rate of return, but there are significant differences between the two that you should consider before making a final decision. In this guide, we will compare the best-fixed annuity rates in South Dakota with the best CD rates in South Dakota to help you make an informed investment decision.

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Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income.

TermInsurance CompanyAPY
N/AMoney Market Account – Optimum Bank5.26%
N/AMoney Market Account – FVC Bank5.26%
N/ASavings Account – CloudBank 24/7 5.26%
12 MonthsBread Savings CD5.60%
48 MonthsClear Spring Fixed Annuity5.15%
5 YearsAthene Fixed Annuity5.30%
10 YearsEquitrust Fixed Annuity6.00%
*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.

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The Best Fixed Annuity Rates In South Dakota

A fixed annuity is an investment contract between you and an insurance company. You make a lump sum payment, and the insurance company promises to pay you a guaranteed rate of return over a set period. Fixed annuities are popular among investors looking for a safe and secure investment option with a guaranteed rate of return.

The Best CD Rates In South Dakota

A CD, or certificate of deposit, is a savings account offered by banks and credit unions. You deposit a lump sum of money into the account, and in return, the bank promises to pay you a fixed rate of return over a set period, usually six months to five years. CDs are also safe and secure investments but typically offer a lower return rate than fixed annuities.

Comparing the Best Fixed Annuity Rates in South Dakota with the Best CD Rates in South Dakota

When it comes to comparing fixed annuity rates and CD rates in South Dakota, there are several key factors to consider, including:

  • Investment term: Fixed annuities typically have longer terms than CDs, ranging from one to several decades.
  • Accessibility to funds: Fixed annuities have strict penalties for early withdrawals, while CDs offer limited accessibility to funds, usually only allowing withdrawals after a set period.
  • Tax implications: Fixed annuities offer tax-deferred growth, meaning taxes on investment gains are deferred until the funds are withdrawn. CDs, on the other hand, are taxed annually.
  • The guaranteed rate of return: Both fixed annuities and CDs offer a guaranteed rate, but fixed annuities typically offer a higher rate than CDs.

Based on these factors, fixed annuities may be a better investment option for investors looking for a long-term investment with a higher guaranteed rate of return and willing to accept the restrictions on accessibility to funds. On the other hand, CDs may be a better option for investors looking for a short-term investment option with limited access to funds.

Next Steps

In conclusion, when it comes to investing your hard-earned money in South Dakota, fixed annuities and CDs are two popular options that offer a fixed rate of return. Our comparison guide should help you make an informed decision about which option works best for you.

Remember the differences between fixed annuities and CDs so that you can compare them side by side and come to the best financial decision protecting you and your other investments. Don’t hesitate to contact us for more information or a quote.

We are happy to answer any questions you may have about investing in South Dakota, offering resources and guidance so that you can make an informed investment decision with confidence. With our help, investing your hard-earned money will be a breeze! So contact us for a quote today – we look forward to hearing from you!

The Best Fixed Annuity And Cd Rates In South Dakota (Sd)

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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

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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