The Best Fixed Annuity and CD Rates in Tennessee (June 2024)

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

From the vibrant rhythms of Memphis and Nashville to the scenic landscapes of Chattanooga and Knoxville, Tennessee offers many opportunities to help your savings sing. This guide serves as your concert program, orchestrating your journey as you shop and compare the best interest rates on CDs, high-interest savings account rates, money market account rates, and interest rates on fixed annuities across the Volunteer State. Whether your preference harmonizes with traditional banks, local credit unions, or the streamlined symphony of online banking, our goal is to fine-tune your understanding of Tennessee’s financial composition. By decoding the complex score of interest rates, this guide is your front-row seat to a performance of savings growth that hits all the right notes in TN.

Our Favorite Rates To Grow Your Money

TermSavings AccountInstitutionAPY
N/AMoney Market AccountHanover Bank5.27%
N/ASavings AccountGreenwood Credit Union5.27%
12 MonthsCDBread Savings5.25%
5 YearsFixed AnnuityWichita National6.15%

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.

Breaking Down the Best Fixed Annuity Rates in Tennessee

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

Fixed annuities are insurance products that provide a guaranteed rate of return over a specific period. They offer several advantages, including:

  • Guaranteed income: With a fixed annuity, you’ll receive a guaranteed interest rate or income stream for a fixed period or for life, regardless of market conditions.
  • Tax deferral: Your earnings grow tax-deferred until you begin taking withdrawals, which can help you maximize your returns over time.
  • Safety: Fixed annuities are backed by the insurance company issuing them, which means your principal is protected, even if the insurance company goes bankrupt.

However, fixed annuities also have some drawbacks, including:

  • Limited liquidity: You may face penalties if you withdraw your money (above the penalty-free amount) before the end of the contract term.
  • Lack of control: Once you purchase a fixed annuity, you have little control over the investment and may not be able to access your money for several years.

Examining the Best CD Rates in Tennessee

3-Month CD Rates

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

Best 3-Month CD RatesRateTermMinimum
Merrick Bank5.40% APY3 Months$25,000.00
Total Direct Bank5.51% APY3 Months$25,000.00
Banc of California5.34% 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
Inova Federal Credit Union5.50% APY6 Months$200.00
My eBanc5.51% APY6 Months$50,000.00
Total Direct Bank5.51% APY6 Months$25,00.00

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$25,000.00
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 Bank4.90% 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
Crescent Bank4.80% APY36 Months$1,000.00

4-Year CD Rates

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

Best 4-Year CD RatesRateTermMinimum
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

Certificates of deposit, or CDs, are savings accounts that pay a fixed interest rate for a set period, usually from one month to five years. CDs offer several benefits, including:

  • Guaranteed returns: Just like with fixed annuities, the interest rate on a CD is guaranteed, which can provide peace of mind in uncertain economic times.
  • FDIC insurance: CDs are insured by the Federal Deposit Insurance Corporation (FDIC), which provides added security for your investment.
  • Flexibility: CDs come in various terms, so you can choose the length best fits your savings goals and time horizon.

However, CDs also have some drawbacks, including:

Comparing the Best Fixed Annuity Rates in Tennessee with the Best CD Rates in Tennessee

When comparing the best-fixed annuity rates in Tennessee with the best CD rates in Tennessee, there are several key factors to consider:

  • Guaranteed income: Fixed annuities offer a guaranteed interest rate or a guaranteed income stream, while CDs offer only a guaranteed rate of return.
  • Liquidity: Fixed annuities have limited liquidity, while CDs offer more flexibility.
  • Taxation: Fixed annuities offer tax-deferred growth, while CDs are taxed annually.

How We Can Help

At The Annuity Expert, we understand that finding the right investment can be overwhelming. With 15 years of experience as an insurance agency, annuity broker, and retirement planner, we’re dedicated to helping you navigate your options to find the best solutions at the lowest costs.

Your Financial Challenge

The core problem we solve is finding secure and profitable savings solutions tailored to your needs. Many savers struggle with low-interest rates and uncertain financial products, which can lead to anxiety and frustration. We recognize these challenges and are here to offer our expertise.

Our Commitment to You

We believe in transparency, reliability, and personalized service. Our goal is to provide you with the highest quality financial products that ensure your money works as hard as you do.

What We Recommend

Step 1: Initial Consultation

  • First Step: Schedule a free consultation with our experts. During this session, we will understand your financial goals and assess your current investment strategy.
  • Main Benefit: Gain clarity on your financial goals and the best path forward.

Step 2: Personalized Recommendations

  • What We Do: Based on your unique needs, we will provide tailored investment recommendations that offer the best returns and terms.
  • Main Benefit: Receive personalized advice that maximizes your investment potential.

Step 3: Secure Your Investment

  • Final Step: We assist you in opening your chosen investment accounts, ensuring all details are handled smoothly and efficiently.
  • Main Benefit: Secure a high-return investment with confidence, knowing you’ve made an informed decision.

Features and Benefits

  • Expert Advice: Personalized guidance to help you select the best investment options.
  • Updated Rates: Access to the latest and most competitive investment products.
  • Convenience: A wide range of investment options in one place.

Addressing Common Objections

  • Objection: “I’m worried about investment risks.”
    Response: We’ll help you choose a diversified portfolio that matches your risk tolerance and financial goals.
  • Objection: “Investment options seem too complex.”
    Response: Our experts simplify the process, providing clear and concise recommendations tailored to your needs.

Without our guidance, you might miss out on the best investment options and returns, potentially impacting your financial growth and stability.

By working with us, you’ll enjoy higher returns on your investments, peace of mind from secure financial products, and the confidence that comes with expert financial advice.

Imagine the relief and satisfaction of knowing your investments are growing efficiently and securely. Our tailored approach ensures you feel valued, supported, and confident in your financial future.

For free advice or a personalized quote, contact The Annuity Expert. Let us help you secure the best investment options and achieve your financial goals.

The Best Fixed Annuity And Cd Rates In Tennessee (Tn)

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

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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