Canvas Annuity (Puritan Life) MYGA 3-Year Review (2026)
Quick take: Canvas Annuity Puritan Life MYGA 3-year (Future Fund 3) pays 6.30% on Canvas's own site (September 25, 2026), one of the highest 3-year MYGA rates available, sold direct-to-consumer. Puritan Life is rated B++ (Good) by AM Best, not A-.
| Term / premium band | Rate | Source, as of |
|---|---|---|
| 3-year Future Fund | 6.30% | canvasannuity.com, 9/25/2026 |
| 5-year Future Fund | 6.40% | canvasannuity.com, 9/25/2026 |
| 7-year Future Fund | 6.40% | canvasannuity.com, 9/25/2026 |
| 10-year Future Fund | 6.50% | canvasannuity.com, 9/25/2026 |
$2,000 minimum; 10% free withdrawals from year 1. Puritan Life Insurance Company of America is rated B++ (Good) by AM Best (originally issued 3/1/2018, reaffirmed 2/20/2026, per Canvas's disclosure), not A-. PlanEasy listed lower Canvas rates the same day (6.10% / 6.30% / 6.40% for 3 / 5 / 7 years); the carrier's own site is shown here. Rates change weekly. Other rate figures further down this page are as of June 27, 2026.
TL;DR, Canvas/Puritan 3-Year
- 3-year rate: 6.30% (canvasannuity.com, 9/25/2026)
- AM Best: B++ (Good), reaffirmed 2/20/2026
- Surrender period: 3 years declining
- Distribution: Canvas Annuity (direct-to-consumer platform)
- Vs 7-year sibling: -10 bps (Canvas/Puritan 7 at 6.40%)
- Best for: Yield-focused buyers wanting short-duration MYGA via direct platform
- Verdict: Top-of-market 3-year yield from a B++ carrier.
CD vs MYGA, after tax
What $100,000 earns in 3 years: CD vs MYGA, after tax
Rates used: CD 4.50%, the top nationally available 5-year CD (DepositAccounts, September 24, 2026); change it to the rate you are offered. MYGA 5.65%, the best A-rated rate we track as of October 13, 2026: Athene MaxRate 3-year (AM Best A+), $100,000 and up, effective September 25, 2026 (Athene rate card).
| CD, interest taxed every year | $110,904 |
|---|---|
| MYGA, tax-deferred, before tax | $117,926 |
| MYGA after paying tax on all the interest at withdrawal | $113,982 |
| Tax deferral alone adds about | $170 |
| MYGA ahead of the CD, after tax | $3,078 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Rate Snapshot, June 2026
| Term | APY |
|---|---|
| 3-year | ~5.90% |
| 5-year | ~6.00% |
| 7-year | ~6.20% |
Term-specific mechanics, 3-year contract
Surrender schedule (3-year)
| Year | Surrender Charge |
|---|---|
| 1 | 9% |
| 2 | 8% |
| 3 | 7% |
| 4+ | 0% |
Free withdrawal
10% per contract year. RMDs penalty-free.
MVA
Two-way MVA above the 10% free band.
Minimum guaranteed rate
Typical 1.00-3.00%.
Rates expire like milk.
The best MYGA, CD and savings rates change every few weeks. Get a short email when a rate on this page changes.
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Why the 3-year version vs other Canvas/Puritan terms
- 3-year vs 5-year: -10 bps. Tiny gap; most buyers should take the 5-year if they can hold.
- 3-year vs 7-year: -30 bps. Real but modest premium for 4 more years of lock.
- Pick the 3-year if: you specifically want max optionality at year 3.
What we like
- Top-of-market 3-year yield. 5.90% beats Aspida (~5.40%), Oceanview (~5.30%), AmFirst Waypoint (~5.20%), Sagicor (~4.80%).
- B++ AM Best rating. Good, one notch below A-.
- Direct-to-consumer Canvas platform. Cleaner application, often faster funding.
- Standard MYGA mechanics. No riders, no benefit base.
- 10% free withdrawal. Standard liquidity.
What we don't
- Only 10 bps premium on the 5-year. Most buyers should take the 5-year sibling.
- Direct-to-consumer can mean no advisor support. Canvas is a self-serve platform; no broker hand-holding.
- Limited renewal-rate disclosure on Puritan Life.
Who this 3-year version is best for
Persona: Self-directed buyer placing $25K-$100K who wants max 3-year yield with a direct-platform buying experience. Often: financially literate retiree, comfortable buying without an advisor.
Not a fit: Buyers who want broker support (use a broker-channel A- 3-year like Aspida). Buyers who can hold 5+ years (sibling 5 and 7 year pay more).
vs other Canvas/Puritan terms (sibling pages)
vs competitor 3-year MYGAs
| Product | AM Best | 3-yr APY | Notes |
|---|---|---|---|
| Canvas/Puritan 3 | B++ | ~5.90% | This product (yield leader) |
| Aspida Synergy Choice 3 | A- | ~5.40% | Broker-channel A- |
| Oceanview Harbourview 3 | A- | ~5.30% | Established A- |
| Sagicor Milestone Max 3 | A- | ~4.80% | Conservative A- |
| Ohio State Life Nex 3 | B+ | ~5.75% | Weaker credit, comparable yield |
Scoring frameworks
DBQS
Full accumulation at death. DBQS: 8/10.
IQS
No income rider. IQS: 3/10.
GPS
Top-of-market 3-year yield. GPS: 8/10.
Goldstein Complexity Index
A core part of every Goldstein review. The more complex an annuity, the worse the rating in this dimension: because complexity is where buyers get burned. Simple products (SPIAs, MYGAs) score low; products with stacked bonuses + income riders + MVA + multiple crediting strategies score high.
This product's score: 30/100, Grade A (Simple)
Pure-vanilla 3-year MYGA. Simple mechanics. Direct platform requires self-direction.
Score breakdown
| Dimension | Score | What this measures |
|---|---|---|
| Riders | 1/10 | No optional riders. |
| Crediting strategies | 1/10 | Single fixed rate. |
| Surrender complexity | 3/10 | Standard 3-year declining + MVA. |
| Benefit-base separation | 1/10 | Single accumulation value. |
| Direct-platform clarity | 4/10 | Canvas is direct-to-consumer; no advisor in the middle. Buyer must self-direct. |
How to read this
- A+/A (0-40): You can understand what you bought. Low risk of mis-selling.
- B (41-60): Read the contract carefully and get a second-opinion review before signing.
- C (61-80): Many buyers don't fully understand what they own.
- D (81-100): Demands an independent producer second opinion before signing.
Frequently Asked Questions
Sources cited
- AnnuityRateWatch broker-channel synthesis, June 2026
- Annuity.org MYGA leaderboards
- AnnuityAdvantage rate listings
- Canvas Annuity platform
- NOLHGA state guaranty coverage
Related Goldstein research
- Parent: Canvas/Puritan MYGA
- Sibling: Canvas/Puritan 7-Year
- Why 5-to-7 Year MYGA Is Best
- Best MYGA Rates 2026
- Renewal Rate Integrity
- DBQS Framework
My take
The Canvas/Puritan 3-year at 6.30% (September 25, 2026) is one of the highest 3-year MYGA rates available, from a B++ carrier. For self-directed buyers comfortable with direct-platform purchasing and B++ credit, it is hard to beat on yield. The 5-year sibling pays 6.40%, if you can hold 5 years, compare the two.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, and crediting methods change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) appointed with multiple A-rated carriers; the producer's specific appointment status with the carrier discussed in this review may vary, and this review is not an endorsement or representation of carrier appointment. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity. Past index performance does not predict future credited interest. Annuities are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change.