The Best Fixed Annuity and CD Rates in Utah (March 2023)

Shawn Plummer

CEO, The Annuity Expert

When investing your hard-earned money, it’s essential to do your research and make an informed decision. However, with so many options available, it cannot be easy to know where to start. If you’re based in Utah, you may consider investing in a fixed annuity or a CD. Both options offer a fixed rate of return, but there are some critical differences between the two. This guide will compare Utah’s best-fixed annuity and CD rates to help you make the right choice for your financial future.

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.

TermInsurance CompanyInterest Rate
N/AUFB Bank Savings Account5.02%
N/AGreat Lakes FCU Money Market4.40%
12 MonthsWestern Alliance Bank CD5.01%
36 MonthsOceanview Fixed Annuity5.10%
48 MonthsAmerico Fixed Annuity5.05%
5 YearsAspida Fixed Annuity5.50%
7 YearsAmerican National Fixed Annuity5.45%
*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 article.

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The Best Fixed Annuity Rates In Utah

Fixed Annuity Rates in Utah:

Fixed annuities are insurance products that offer a fixed rate of return over a set period. They are a popular option for those seeking a safe and secure investment, as the insurance company guarantees the principal amount. Fixed annuity rates in Utah vary depending on the insurance provider but typically offer higher returns than traditional savings accounts.

Advantages of Fixed Annuities in Utah:

  • Guaranteed Principal: The principal amount invested in a fixed annuity is guaranteed by the insurance company, providing peace of mind for investors.
  • Fixed Rate of Return: Fixed annuities offer a fixed rate of return over a set period, allowing investors to plan their financial future confidently.
  • Tax Deferral: With a fixed annuity, the taxes on the interest earned are deferred until the funds are withdrawn, potentially allowing investors to earn more on their investment.

Disadvantages of Fixed Annuities in Utah:

  • Early Withdrawal Penalties: If funds are withdrawn from a fixed annuity before a specified time, investors may be subject to early withdrawal penalties, reducing the overall return on investment.
  • Limited Liquidity: Fixed annuities typically have limited liquidity, meaning that funds cannot be easily accessed for a set period.

Best CD Rates In Utah

A CD, or Certificate of Deposit, is a savings product banks and credit unions offer a fixed rate of return over a set period. CDs are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000, making them a safe and secure investment option. CD rates in Utah vary depending on the financial institution and the term length of the CD.

Advantages of CDs in Utah:

  • Guaranteed Principal: Like fixed annuities, CDs offer a guaranteed principal amount, providing peace of mind for investors.
  • Fixed Rate of Return: CDs also offer a fixed rate of return over a set period, allowing investors to plan their financial futures confidently.
  • FDIC Insurance: CDs are insured by the FDIC up to $250,000, providing additional security for investors.

Disadvantages of CDs in Utah:

Next Steps

In summary, investing in annuities and CDs in Utah is a wise decision to help secure your financial future. Be sure to compare different institutions and rates as they all differ. This guide highlighted some of the best options available and hopefully was a helpful guide in determining the right choice for you. As economic conditions change, you may want to review different fixed annuity and CD options periodically to ensure you are getting the best rate possible. If you have any questions or want a quote, don’t hesitate to contact us! We would be more than happy to provide objective advice on how to invest your money so that it works for you. Here’s wishing you success on your investment journey!

The Best Fixed Annuity And Cd Rates In Utah (Ut)

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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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