Navigating Utah’s financial landscape can feel as varied and expansive as the state’s awe-inspiring terrain. This comparison will serve as your roadmap to guide you through the complexities of finding the best CD rates today and savings account interest rates, money market rates, and fixed annuity rates that the Beehive State offers. Whether you have your funds with an established bank, a community-oriented credit union, or an efficient online platform, we’re here to help you grow your savings by identifying the highest interest rates available. We aim to make this journey less overwhelming and more rewarding, providing you with the knowledge you need to maximize your financial growth in Utah.
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.
| Term | Insurance Company | APY |
|---|---|---|
| N/A | Money Market Account – Optimum Bank | 5.26% |
| N/A | Money Market Account – FVC Bank | 5.26% |
| N/A | Savings Account – CloudBank 24/7 | 5.26% |
| 12 Months | Bread Savings CD | 5.60% |
| 48 Months | Clear Spring Fixed Annuity | 5.15% |
| 5 Years | Athene Fixed Annuity | 5.30% |
| 10 Years | Equitrust Fixed Annuity | 6.00% |
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.
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 popular 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.
Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.
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.
3-Month CD Rates
Banks and credit unions have the highest CD rates for three months.
| Best 3-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Ponce Bank | 5.30% APY | 3 Months | $1.00 |
| Oklahoma State Bank | 5.35% APY | 3 Months | $1.00 |
| Western Alliance Bank | 5.21% APY | 3 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 Rates | Rate | Term | Minimum |
|---|---|---|---|
| Western Alliance Bank | 5.41% APY | 6 Months | $1.00 |
| Oklahoma State Bank | 5.40% APY | 6 Months | $1.00 |
| Generations Bank | 5.41% APY | 6 Months | $1.00 |
1-Year CD Rates
The following banks and credit unions have the highest CD rates for 12 months.
| Best 12-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Western Alliance Bank | 5.51% APY | 12 Months | $1.00 |
| Bread Savings | 5.60% APY | 12 Months | $1,500.00 |
| Connexus Credit Union | 5.50% APY | 12 Months | $1.00 |
2-Year CD Rates
Banks and credit unions have the highest CD rates for 24 months.
| Best 2-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Connexus Credit Union | 4.95% APY | 24 Months | $1.00 |
| Idabel National Bank | 4.90% APY | 24 Months | $1.00 |
| Bread Savings | 5.15% APY | 24 Months | $1,500.00 |
3-Year CD Rates
Banks and credit unions have the highest CD rates for 36 months.
| Best 3-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Valley Bank | 5.60% APY | 36 Months | $500.00 |
| Bread Savings | 4.85% APY | 36 Months | $1,500.00 |
| The State Exchange Bank | 4.70% APY | 36 Months | $1.00 |
4-Year CD Rates
The following banks and credit unions have the highest CD rates for 48 months.
| Best 4-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Bread Savings | 4.65% APY | 48 Months | $1,500.00 |
| The State Exchange Bank | 4.50% APY | 48 Months | $1.00 |
| Barclays | 4.45% APY | 48 Months | $0.00 |
5-Year CD Rates
Banks and credit unions have the highest CD rates for 60 months.
| Best 5-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Bread Savings | 4.65% APY | 60 Months | $1,500.00 |
| Barclays | 4.50% APY | 60 Months | $0.00 |
| The State Exchange Bank | 4.35% APY | 60 Months | $1.00 |
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:
- Early Withdrawal Penalties: Like fixed annuities, early withdrawal from a CD may result in penalties, reducing the overall return on investment.
- Limited Liquidity: CDs also typically have limited liquidity, meaning funds cannot be easily accessed until the CD matures.
Next Steps
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, please get in touch with us! We would be more than happy to provide objective advice on investing your money so it works for you. Here’s wishing you success on your investment journey!
Request A Quote
Get help from a licensed financial professional. This service is free of charge.
Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.