David RodeckInvesting Expert Writer
David Rodeck specializes in making insurance, investing, and financial planning understandable for readers. He has written for publications like AARP and Forbes Advisor, as well as major corporations like Fidelity and Prudential. Before writing full time, David was a financial advisor. That added a layer of expertise to his work that other writers cannot match.
David Rodeck
David RodeckInvesting Expert Writer
David Rodeck specializes in making insurance, investing, and financial planning understandable for readers. He has written for publications like AARP and Forbes Advisor, as well as major corporations like Fidelity and Prudential. Before writing full time, David was a financial advisor. That added a layer of expertise to his work that other writers cannot match.
Investing Expert Writer
Rae Hartley BeckDeputy Editor of Investing and Retirement
Rae Hartley Beck first started writing about personal finance in 2011 with a regular column in her college newspaper as a staff writer. Since then she has become a leader in the Financial Independence, Retire Early (FIRE) movement and has over 100 bylines in prominent publications including Money, Bankrate and Investopedia on all things personal finance. A former award-winning claims specialist with the Social Security Administration, Rae continues to share her expert insider knowledge with Forbes Advisor readers.
Reviewed
Rae Hartley Beck
Rae Hartley BeckDeputy Editor of Investing and Retirement
Rae Hartley Beck first started writing about personal finance in 2011 with a regular column in her college newspaper as a staff writer. Since then she has become a leader in the Financial Independence, Retire Early (FIRE) movement and has over 100 bylines in prominent publications including Money, Bankrate and Investopedia on all things personal finance. A former award-winning claims specialist with the Social Security Administration, Rae continues to share her expert insider knowledge with Forbes Advisor readers.
Deputy Editor of Investing and Retirement
Reviewed
Updated: Jun 27, 2024, 12:41pm
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
If you’re looking for a fixed annuity, some products pay much higher guaranteed annuity rates and offer more benefits than others. To help you find the right fit, we researched 215 fixed annuities from the 75 largest companies in the country. We rated them on factors like their overall returns, availability and minimum purchase requirements to identify the 10 best fixed annuity rates for 2024.
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American National Palladium MYG
5.0
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Rate
5.2%
Bonus Rate
0%
Issuer’s COMDEX Score (out of 100)
76
Compare quotes from participating carriers via Leverage's website
5.2%
0%
76
Editor's Take
The Palladium Multi-Year Guaranteed Annuity (MYG) from American National Insurance Company ranked as our best fixed annuity thanks to its sky-high base rate. This base rate is one of the highest in the entire country. While American National doesn’t offer a bonus rate, there’s really no need.
You can open a Palladium MYG fixed annuity with a guaranteed rate lasting three, five, six or seven years. You can open one with an initial deposit as low as $5,000.
Details
American National Palladium’s annuity products are available nationwide, as well as in Washington, D.C. and Puerto Rico.
As an insurer, American National Insurance Company scores well, too. It has decent financial strength ratings, a low complaint ratio, good product selection and a solid overall market presence.
Americo Platinum Assure 5
4.8
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Rate
5.4%
Bonus Rate
0%
Issuer’s COMDEX Score (out of 100)
71
Compare quotes from participating carriers via Leverage's website
Editor's Take
The Platinum Assure 5 from Americo Financial Life and Annuity Company is another fixed annuity with a stellar base rate.
This annuity has a five-year term. While Americo offers fixed annuities lasting from two to seven years, its five-year annuity is the most competitive. The Platinum Assure doesn’t pay a bonus, but just like the Palladium MYG annuity, it doesn’t need to because of its high base rate.
Details
You need to deposit at least $10,000 to open this annuity. After signing up, there is a surrender charge for canceling or making large withdrawals before five years have passed. Americo does allow you to take out up to 10% of your balance penalty-free.
As a company, Americo doesn’t have the largest market share, but it does sell its products in all 50 states, Washington, D.C. and Puerto Rico.
Midland National Oak ADVantage
4.8
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Rate
5.15%
Bonus Rate
0%
Issuer’s COMDEX Score (out of 100)
89
Compare quotes from participating carriers via Leverage's website
5.15%
0%
89
Editor's Take
Midland National’s Oak ADVantage fixed annuity pays one of the very best rates in the country. You can set up an Oak ADVantage fixed annuity for three, five or seven years. Midland National Life Insurance Company also boasts excellent financial strength ratings and great customer service.
Details
Since launching out of South Dakota in 1906, Midland National Life Insurance Company has grown into a leading annuity issuer. It has strong financial strength ratings, high customer satisfaction with few complaints and a sizable market presence.
One drawback is you need to contribute at least $50,000 to buy this fixed annuity. If you have a smaller budget, you could use another of Midland National’s fixed annuities, but the rates are not as competitive.
The company offers annuities in all 50 states, Washington, D.C. and Puerto Rico.
EquiTrust Certainty Select
4.7
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Rate
5.4%
Bonus Rate
0%
Issuer’s COMDEX Score (out of 100)
39
Compare quotes from participating carriers via Leverage's website
5.4%
0%
39
Editor's Take
In terms of product quality, EquiTrust Life Insurance Company’s Certainty Select fixed annuity is spectacular. It pays one of the highest guaranteed base rates in the country. You can set up a Certainty Select fixed annuity lasting as short as three years or as long as 10 years, and it only takes $10,000 to open this annuity.
Details
While the Certainty Select fixed annuity itself is first-class quality, it fell a few spots because of EquiTrust’s financial strength ratings. The company’s COMDEX score is low compared to other top competitors, and its credit ratings aren’t so stellar. For example, AM Best’s financial strength rating of B++ only barely counts as good.
EquiTrust annuities are available in Washington, D.C. and every state except for New York.
SILAC Secure Savings Elite 5-year
4.6
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Rate
5.35%
Bonus Rate
0%
Issuer’s COMDEX Score (out of 100)
n/a
Compare quotes from participating carriers via Leverage's website
Editor's Take
The SILAC Insurance Company makes our list due to its five-year Secure Savings rate. The company offers two types of fixed annuities: Secure Savings and Secure Savings Elite. Both options can last two, three or five years.
Secure Savings pays a lower rate but gives you some penalty-free access to your deposit before the end of the annuity term. Secure Savings Elite pays a higher rate but does not offer penalty-free early access (unless you’re willing to give up some return.)
We determined the Secure Savings Elite fixed annuity was the more competitive option, provided you don’t need early access to your money. Its five-year rate is especially attractive. You only need $10,000 to open one of these annuities.
Details
Orginally founded in 1935, the SILAC Insurance Company began offering annuities in 2018. SILAC’s products are available in Washington, D.C. and every state except for New Jersey and New York.
Brighthouse Fixed Rate Annuity MVA
4.5
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Rate
5%
Bonus Rate
0%
COMDEX score (out of 100)
77
Compare quotes from participating carriers via Leverage's website
5%
0%
77
Editor's Take
Brighthouse offers regular fixed annuities as well as fixed annuities with market value adjustments (MVA) for withdrawals. While you can open a regular fixed annuity starting at $25,000, it takes at least $100,000 to open Brighthouse’s fixed rate annuity MVA.
Both options pay a competitive interest rate. They also offer flexible access to your money, allowing you to take out up to 10% of your balance each year penalty-free. If you take more out than 10%, that’s when the MVA feature comes into play.
In addition, if market interest rates have gone up since your original purchase, Brighthouse could charge you an extra penalty to make up for their investment losses under those conditions. This is on top of the normal surrender charge. The standard fixed annuity wouldn’t change this extra penalty.
We rated the Brighthouse Fixed Rate annuity as the better option because of the higher base rate. However, keep the extra penalty in mind.
Details
Formerly part of MetLife, Brighthouse Life Insurance Company is now a major annuity company with a national presence and solid financial strength ratings. Brighthouse annuities are available in all 50 states, the District of Columbia and Puerto Rico.
Reliance Standard Eleos MVA
4.1
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Rate
4.75%
Bonus Rate
Yes
COMDEX score (out of 100)
91
Compare quotes from participating carriers via Leverage's website
4.75%
Yes
91
Editor's Take
Reliance Standard Life offers several high-quality fixed annuity products. Out of its selections, we determined the Eleos MVA was the best. This annuity not only pays a competitive base rate, but during the first year, you also qualify for an additional premium bonus. You can buy this annuity with a low minimum premium of just $10,000.
In exchange, the Eleos MVA fixed annuity does carry a bit more risk than other products. The initial base rate is only guaranteed to last for three years. After that, Reliance Standard will adjust based on market conditions.
This annuity lets you take out 10% of your balance each year penalty-free. If you take out more than that, you not only owe a surrender charge but you could also owe an additional MVA charge depending on market interest rates.
If you want more guarantees, Reliance Standard offers traditional fixed annuities, which lock in the rate for the entire time and don’t have the MVA penalty. They also don’t offer the premium bonus though.
Details
Reliance Standard Life’s products are available in every state except New York, plus Washington, D.C. and Puerto Rico.
Aspida Synergy Choice MYGA
4.0
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Rate
5.1% (5.25% for a $100,000 minimum)
Bonus Rate
No
COMDEX score (out of 100)
59
Compare quotes from participating carriers via Leverage's website
5.1% (5.25% for a $100,000 minimum)
No
59
Editor's Take
Despite being a new company, Aspida has the backing of long-term industry experts on its founding team. This experience comes across in its quality fixed annuity products.
Aspida’s Synergy Choice MYGA rated as its best option, thanks to its excellent base rate. You can set up one of these guaranteed products lasting anywhere from two to seven years. You do need to invest at least $25,000 to open one, which is on the higher side. However, you can qualify for an even higher base rate if you deposit at least $100,000.
Details
Founded in 2021, Aspida is a very new player in the annuity industry, especially since many of the top companies have been around for over a century.
Aspida lost some points due to being on the smaller side for market share and because it doesn’t sell nationwide. If it continues to expand and impress, it may rise even further up the ranks. Its annuities are offered in the District of Columbia and every state except Connecticut and New York.
Athene MaxRate 3, 5 & 7
3.9
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Rate
4.85%
Bonus Rate
5.25% for a $100,000+ purchase
COMDEX score (out of 100)
82
Compare quotes from participating carriers via Leverage's website
4.85%
5.25% for a $100,000+ purchase
82
Editor's Take
While Athene is best known for its fixed index annuities, it also offers quality fixed annuities.
Out of its products, we found the MaxRate fixed annuity to be the best. Like the name says, it pays the maximum rate at Athene. For a $10,000 minimum purchase, you qualify for a very competitive rate. If you contribute over $100,000, however, the base rate is one of the best in the country.
Athene has strong financial ratings, a large market presence and sells nationwide. However, one negative is that it has a very high complaint ratio. It fell down the ratings due to customer satisfaction and small size, according to our data, but otherwise its fixed annuity products are excellent.
Details
The Athene Annuity & Life Assurance Company is one of the largest annuity companies in the country. In 2022, Athene was No. 1 in terms of annual premiums written, making up 8.5% of total market share, according to the Insurance Information Institute.
The company’s products are available in Washington, D.C. and Puerto Rico, and every state except New York.
MassMutual Odyssey Select
3.8
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Rate
2.5%
Bonus Rate
1%
COMDEX score (out of 100)
98
Compare quotes from participating carriers via Leverage's website
2.5%
1%
98
Editor's Take
MassMutual offers a decent variety of fixed annuity products. We rated its Odyssey Select fixed annuity as its best option.
You only need to invest $5,000 to open an Odyssey Select Annuity, and MassMutual also allows you to make additional, flexible deposits to this annuity. While the base rate is a little low, this product offers a higher bonus rate for the first four years. You earn this bonus for making additional payments to your annuity.
Details
The Massachusetts Mutual Life Insurance Company, otherwise known as MassMutual, is another giant in the annuity industry. In 2022, it was No. 2 in total annuity sales behind only Athene.
Besides the Odyssey Select, MassMutual offers a good selection of other standard fixed annuities. MassMutual may not pay the highest fixed rate annuities around. However, it does a stellar job in every other category, with rock-solid financial strength ratings, high customer satisfaction and lots of other quality products to go with its fixed annuities. It’s also widely available, in all 50 states, Washington, D.C. and Puerto Rico.
Summary Table: Best Annuity Rates
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Base Rate | Bonus Rate | Issuer’s COMDEX Score (out of 100) | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| American National Palladium MYG |  | 5.0 |  | 5.2% | 0% | 76 | Learn More | Compare quotes from participating carriers via Leverage's website | |
| Americo Platinum Assure 5 |  | 4.8 | | 5.4% | 0% | 71 | Learn More | Compare quotes from participating carriers via Leverage's website | |
| Midland National Oak ADVantage |  | 4.8 | | 5.15% | 0% | 89 | Learn More | Compare quotes from participating carriers via Leverage's website | |
| EquiTrust Certainty Select |  | 4.7 |  | 5.4% | 0% | 39 | Learn More | Compare quotes from participating carriers via Leverage's website Why We Picked It | |
| SILAC Secure Savings Elite 5-year |  | 4.6 | | 5.35% | 0% | n/a | Learn More | Compare quotes from participating carriers via Leverage's website | |
| Brighthouse Fixed Rate Annuity MVA |  | 4.5 | | 5% | 0% | 77 | Learn More | Compare quotes from participating carriers via Leverage's website | |
| Reliance Standard Eleos MVA |  | 4.1 |  | 4.75% | Yes | 91 | Learn More | Compare quotes from participating carriers via Leverage's website | |
| Aspida Synergy Choice MYGA |
| 4.0 | | 5.1% (5.25% for a $100,000 minimum) | No | 59 | Learn More | Compare quotes from participating carriers via Leverage's website | |
| Athene MaxRate 3, 5 & 7 |  | 3.9 | | 4.85% | 5.25% for a $100,000+ purchase | 82 | Learn More | Compare quotes from participating carriers via Leverage's website | |
| MassMutual Odyssey Select |  | 3.8 | | 2.5% | 1% | 98 | Learn More | Compare quotes from participating carriers via Leverage's website |
Methodology
To compile our list of the best fixed annuity rates, Forbes Advisor researchers gathered product information on 215 fixed annuities sold by the 75 largest issuers in the country. We then gave each product a star rating based on the following categories:
- Return (50%). Since you are buying a fixed annuity to grow your savings, the return was the largest factor for our review. We compared each annuity’s base rate as well as whether it offered an additional bonus.
- Financial Strength (12%). An annuity company must still be in business to make all your ongoing fixed annuity payments. That’s why financial strength was another important category. We checked the grade each company received from the rating agencies AM Best and S&P. We also checked a company’s COMDEX score, which summarizes all its grades from rating agencies in one number. Last, we checked each insurer’s capital ratio, a measurement showing how much a company has in surplus capital relative to its assets.
- Market Footprint (10%). Larger companies have more possible resources to cover annuity payments. In addition, companies that make more sales are likely doing something right. For this reason, we considered the market footprint of each insurer.
- Product Variety and Flexibility (10%). The more options a fixed annuity company offers, the better the chances you can find one that fits your needs. For this reason, we considered each insurer’s total number of products available, including the possible different terms for how long a fixed annuity could last. Finally, we checked whether an annuity allowed flexible premium payments over time versus if a product only permitted one single payment.
- Minimum Purchase Requirement (8%). Fixed annuities with a lower minimum purchase requirement received a better score as they are more accessible.
- Availability (6%). We check where a company sold fixed annuities. Companies that sold in more states received a higher score as they are available to more people and have to comply with more state regulations.
- Customer Service (4%). For customer service, we checked each insurer’s complaint index score from the National Association of Insurance Commissioners (NAIC). The lower the ratio, the better as it shows an insurer received fewer complaints than average.
What Is a Fixed Annuity?
Fixed annuities are a type of annuity that grows over time by paying a guaranteed interest rate. When you sign up, you pick how many years you want the fixed annuity to last, typically between three to 10 years.
The insurance company then guarantees to pay you the annuity interest rate over this period.
There are two other types of annuities to choose from: variable annuities and fixed index annuities.
Types of Fixed Annuity Rates
Traditional Fixed Annuity Rates
Multi-Year Guaranteed Annuity Rates
How to Pick an Annuity
If you buy an annuity, it’s usually a multi-year investment for a considerable amount of your money. If you cancel before the end of the annuity term, you could owe a substantial penalty known as a surrender charge. That’s why it’s so important to research your options to pick the right fit. A quality annuity company should offer the following:
- Competitive returns and income. Each annuity company offers different rates. Make sure the one you use is paying a competitive return for the type of product.
- Low fees. Annuities charge a variety of fees. Each fee reduces your overall return. Make sure what you are paying is reasonable.
- Some early access to funds. Some annuity companies allow you to take money out early without a penalty. For example, you can withdraw up to 10% of your balance per year. This extra flexibility is a nice addition for a long-term contract.
- A good product selection. The more products an annuity company has, the more likely you can find one that fits your unique needs.
- A strong financial rating. You may rely on your annuity company to make payments for years, even decades. That’s why it’s important to use one with the financial resources to back up its claims. Check each annuity company’s financial ratings before joining.
For help picking an annuity, you could meet with a financial advisor. Look for one who wouldn’t make a commission selling you these products.
How To Find the Best Annuity Rates
If you’re looking for the best annuity rates, it is important to evaluate the rates offered at multiple companies. You should always keep in mind your personal goals, risk tolerance and the term of the annuity.
When evaluating annuity rates, remember to consider other factors than the rate itself. In particular, you will want to pay close attention to:
- Fees
- Product selection
- Financial strength of the company
To find the best annuity rates, shop around and receive multiple quotes from different insurance companies. Make sure to consider the financial strength and reputation of the insurance companies offering the annuities. A higher-rated company may offer more security, even if the rates are slightly lower.
–Daniel Masuda Lehrman, CFP, founder of Masuda Lehrman Wealth
Frequently Asked Questions (FAQs) For Fixed Annuities
What are the three different kinds of annuities?
Annuities are a type of insurance contract that grows your savings for the future. There are three different types to choose from:
- Fixed annuities pay a guaranteed return for a set number of years. You pick how long you want the fixed rate to last. It’s similar to a bank certificate of deposit.
- Variable annuities let you invest in subaccounts, which are like mutual funds. If your investments do well, your balance grows more quickly. On the other hand, your savings grow more slowly and can lose value if the investments perform poorly. Variable annuities may offer some performance guarantees, like a minimum amount of future income regardless of what happens with your investments.
- Fixed index annuities earn a return based on a market index, like the S&P 500. If the index goes up, you earn more and if it goes down, you earn less. Fixed index annuities set a limit on your highest possible gain and loss, with many promising you can’t lose money in a year.
What is an immediate annuity?
Immediate annuities start paying you income right after you buy the contract. There isn’t an ongoing investment stage to grow your balance first.
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