The Best Fixed Annuity and CD Rates in Utah (April 2024)

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

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.

Our Favorite Rates To Grow Your Money

TermSavings AccountInstitutionAPY
N/AMoney Market AccountUNCLE Credit Union5.26%
N/ASavings AccountCloudbank 2475.26%
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 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  • Tax Deferral: With a fixed annuity, the taxes on the interest earned are deferred until the funds are withdrawn, potentially allowing investors to earn more on their investment.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  • Early Withdrawal Penalties: If funds are withdrawn from a fixed annuity before a specified time, investors may be subject to early withdrawal penalties, reducing the overall return on investment.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 RatesRateTermMinimum
Ponce Bank5.25% APY3 Months$1.00
Total Direct Bank5.42% APY3 Months$25,000.00
Western Alliance Bank5.26% 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
American Airlines Federal Credit Union5.50% APY6 Months$1,000.00
My eBanc5.49% APY6 Months$50,000.00
Newtek Bank5.55% APY6 Months$50,000.00

1-Year CD Rates

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

Best 12-Month CD RatesRateTermMinimum
Broadway Bank5.60% APY12 Months$500,000.00
Nex Bank5.40% APY12 Months$25,000.00
Apple Federal Credit Union5.40% APY12 Months$500.00

2-Year CD Rates

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

Best 2-Year CD RatesRateTermMinimum
Mountain Credit Union5.00% APY24 Months$2,500.00
Eastman Credit Union5.40% APY24 Months$1,000.00
Credit Human4.75% APY24 Months$500.00

3-Year CD Rates

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

Best 3-Year CD RatesRateTermMinimum
Mountain Credit Union5.15% APY36 Months$2,500.00
Hughes Federal Credit Union4.97% APY36 Months$99,000.00
Lafayette Federal Credit Union4.58% APY36 Months$100,000.00

4-Year CD Rates

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

Best 4-Year CD RatesRateTermMinimum
Bread Savings4.15% APY48 Months$1,500.00
NexBank4.45% APY48 Months$10,000.00
Fedchoice Federal Credit Union4.15% 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
Quontic4.30% APY60 Months$500.00
Lafayette Federal Credit Union4.37% APY60 Months$100,000.00
Virginia Credit Union4.48% APY60 Months$100,000.00

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:

Best And Highest Cd, Annuity, Savings, Money Market Rates In Utah (Ut)

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!

The Best Fixed Annuity And Best 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, 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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