Today's Best MYGA Rates — Compare 60+ Carriers

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What Is a Multi-Year Guaranteed Annuity (MYGA)?

A multi-year guaranteed annuity, or MYGA, is a type of fixed annuity that offers a guaranteed interest rate for a set period of time, typically ranging from 2 to 10 years. Think of it as the annuity equivalent of a bank CD — but often with higher rates, tax-deferred growth, and the backing of a life insurance company rather than a bank.

When you purchase a MYGA, the insurance carrier guarantees your principal and locks in a fixed interest rate for the entire term. Your money grows tax-deferred until you withdraw it, which can be a significant advantage over taxable savings accounts and CDs.

How MYGAs Compare to Bank CDs

MYGAs and CDs share a similar structure — both offer guaranteed rates for a fixed term. However, there are important differences. MYGA interest grows tax-deferred, meaning you don’t pay taxes on the growth until you withdraw it, while CD interest is taxed annually. MYGAs are backed by the financial strength and claims-paying ability of the issuing insurance company, while CDs are backed by FDIC insurance (up to $250,000). Annuities are not FDIC-insured. MYGAs often offer higher rates than CDs for comparable terms, especially in the 5–10 year range.

Who Should Consider a MYGA?

MYGAs are particularly well-suited for people who want guaranteed, predictable growth without market risk. They’re popular among pre-retirees and retirees who want a safe place to park funds earmarked for retirement income, people looking for higher yields than bank CDs with tax-deferred growth, and anyone who values the certainty of knowing exactly what their money will earn over a set period.

Understanding Carrier Ratings

Because MYGAs are backed by the issuing insurance company (not FDIC), the financial strength of the carrier matters. We display A.M. Best ratings for every carrier in our comparison tool. A.M. Best is the oldest and most widely recognized rating agency for insurance companies. Ratings of A- or higher are generally considered strong. We include carriers of all eligible ratings in our comparison, but you can filter by rating to focus on the strength level you’re most comfortable with.

Frequently Asked Questions

MYGAs are considered one of the safest fixed-income products available. Your principal and interest rate are guaranteed by the issuing insurance company. All guarantees are backed solely by the financial strength and claims-paying ability of the issuing carrier, which is why choosing MYGAs from carriers with A.M. Best ratings of A- or higher is essential.

Most MYGAs allow penalty-free withdrawals of up to 10% of your account value per year. Withdrawals beyond that amount during the surrender period will typically incur a surrender charge, which decreases each year and eventually reaches zero. If you withdraw before age 59½, you may also face a 10% IRS penalty on the earnings portion. It’s important to review the specific surrender schedule before purchasing.

One of the key advantages of MYGAs over bank CDs is tax-deferred growth. You don’t pay taxes on the interest earned until you make a withdrawal. When you do withdraw, the earnings are taxed as ordinary income. If the MYGA is held inside a qualified account like an IRA, the tax treatment follows the rules of that account type.

When your MYGA reaches the end of its guaranteed term, you typically have several options: renew with the same carrier at the current rate, transfer (1035 exchange) to a new MYGA with a different carrier for a potentially better rate, convert the funds to an income annuity for guaranteed lifetime payments, or withdraw the full amount with no surrender charges. Many people use a “laddering” strategy, purchasing MYGAs with staggered maturity dates so they regularly have access to funds and can take advantage of the best available rates.

Some MYGAs include a Market Value Adjustment provision. An MVA means that if you surrender the annuity before the end of the term, the value may be adjusted up or down based on changes in interest rates since you purchased it. If rates have risen, the MVA typically reduces your surrender value; if rates have fallen, it may increase it. MVA products sometimes offer slightly higher initial rates because the carrier shares some interest rate risk with you. In our comparison tool, we label these products so you can make an informed choice.

Content reviewed under the editorial oversight of Bart Catmull, CPA, NACD.DC, Advisory Board Chairman. Last updated: February 2026.

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