MYGA Rates: Current Carrier Rate Sheets and What Drives Them
A multi-year guaranteed annuity locks one interest rate for a set number of years. No market exposure, no index, no participation rate. Just a rate, a term and a contract. It is the closest thing the insurance industry has to a CD, and it is usually the highest guaranteed rate available on money you can leave alone for three years or more.
Running these numbers on a MYGA someone has already illustrated for you? Get a free, independent second opinion before you sign. I'll give you a straight read on the rate, the surrender schedule and the carrier, with no product pitch.
Where the market sat on October 14, 2026: A-rated-or-better carriers were paying about 5.50% to 6.05% on 5-year MYGAs (public carrier rate sheets), and lower-rated carriers can quote more. The best nationally available 5-year CDs paid 4.70% to 5.00% APY (Bankrate). Rates change weekly and by state, so treat those as the shape of the market rather than a quote.
Track the gap monthly: the MYGA vs CD Spread Index records the 5-year MYGA range from A-rated insurers against the top 5-year CD and the Treasury every month, with dated sources and a free CSV.
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
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.
Current MYGA rates from carrier rate sheets
Rate sheets effective October 5 to 14, 2026. MYGA rates and guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company, not by the FDIC.
| Contract | 3-year | 5-year | 7-year | Premium band | Effective |
|---|---|---|---|---|---|
| Athene MaxRate (most states) | 5.75% | 6.05% | 6.15% | $100,000+ | 10/14/2026 |
| Athene MaxRate (most states) | 5.50% | 5.80% | 5.85% | Under $100,000 | 10/14/2026 |
| Athene MaxRate (CA and 18 other states) | 5.75% | 6.00% | 6.10% | $100,000+ | 10/14/2026 |
| MassMutual Stable Voyage | 5.40% | 5.65% | n/a (4-yr 5.45%) | $100,000+ | 10/5/2026 |
| MassMutual Stable Voyage | 5.15% | 5.40% | n/a (4-yr 5.20%) | Under $100,000 | 10/5/2026 |
| A-rated-or-better market, 5-year | ~5.50%-6.05% | Varies | 10/14/2026 |
For scale: the best nationally available 5-year CDs paid about 4.70% to 5.00% APY on October 14, 2026 (Bankrate), and big-bank 5-year CDs less.
Rates by term: 3-year MYGA rates · 5-year MYGA rates · 7-year MYGA rates · 10-year MYGA rates · MYGA, CD and HYSA rate tracker
How to pick a term
- 3-year if you may need the money within 3 to 4 years. Rates are usually a little below 5-year.
- 5-year is where most buyers land: the best rate-to-commitment trade in the October 2026 sheets above.
- 7-year only if the extra rate is worth locking up longer. On Athene's 10/14/2026 cards the 7-year paid 0.05% to 0.10% more than the 5-year.
Read the liquidity terms, not just the rate
| Athene MaxRate | MassMutual Stable Voyage | |
|---|---|---|
| Free withdrawal each year | Multi-year rate x accumulated value (about the interest) | 10% of contract value |
| Surrender charges | 10% each year in most states; CA 8.3% declining | 7%, 7%, 7%, then 6%, 5% on longer terms |
| Market value adjustment | Yes | Not described in the brochure excerpt reviewed |
| Minimum | $10,000 | $10,000 |
Why the top rate is often a carrier you have not heard of
MYGA rates are priced off what the carrier can earn on its own bond portfolio, minus what it needs to keep. A smaller carrier growing its book will price aggressively to win deposits. A large household-name carrier with plenty of assets has no reason to. See what a MYGA (multi-year guaranteed annuity, a fixed interest annuity) then a lifetime-income annuity could pay you, after tax, in the annuity income calculator.
That isn't automatically a warning. It does mean the rating and the state guaranty limit matter more when you are reaching for the top of the sheet. A higher rate from a B++ carrier and a lower rate from an A carrier are different products. They are not the same product at two prices.
Video: MYGA Rates in about 2 minutes
1 min 39 sec video. AI narration of this page, accuracy-checked against the review; the tables on this page are the current source. Education, not personal advice.
Video transcript
First things first, just to make sure we're all on the same page, what exactly is a MYGA? Well, a multi-year guaranteed annuity is simply an insurance contract that pays one fixed rate for a set term. It's essentially the insurance version of a CD. But there is a very important distinction to make here. Unlike a CD, these are not FDIC insured. Any guaranteed benefits are strictly backed by the insurer's claims-paying ability and your state's Life and Health Insurance Guaranty Association. Now, a huge part of the strategy with these contracts involves how the growth is treated. You have to know the exact rule here, which is interest is tax-deferred until withdrawn, then taxed as ordinary income. Withdrawals of gain before 59.5 can carry a 10% IRS penalty. So the money grows without the tax drag every year. And then, at the end of your set term, you've got some great flexibility. You can just take the money, you can renew the contract, or you can roll it over to another annuity using a 1035 exchange. If we look at specific carrier rate sheets for that same $100,000 and up tier, Athene MaxRate pays 6.05% on the 5-year in most states, effective October 14, 2026 [the recording said 5.85%, effective September 25, 2026]. But interestingly, for Athene MaxRate in California and 18 other states, that 5-year rate is 6.00%, effective October 14, 2026 [the recording said 5.80%, effective September 25, 2026]. Then we've got MassMutual's Stable Voyage, paying 5.65% on the 5-year at $100,000 and up, effective October 5, 2026 [the recording said 5.50%, effective September 28, 2026]. The big takeaway? Your exact rate heavily depends on your deposit amount and your state. In fact, for both Athene and MassMutual, rates are 0.25% lower if you're under that $100,000 mark.
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.
We’ll email you when a rate on this page changes. Hans Goldstein · NPN 20602398.
Rather talk it through? Or book 15 minutes on Hans’s calendar.
The four numbers that decide a MYGA, in order
- The term. Match it to when the money is actually needed. This decides more outcomes than the rate does.
- The surrender schedule. Year-by-year percentages, and whether a market value adjustment applies on top.
- The free withdrawal. Most contracts allow 10% a year without charge. Some allow interest only. A few allow nothing in year one.
- The rate. Last, because the first three decide whether you ever actually receive it.
Rate bands: the mistake that costs the most
Many carriers publish one rate under $100,000 and a higher one above it. Depositing $95,000 instead of $100,000 can cost 15 to 25 basis points for the whole term. Before funding, ask where the bands are.
What determines MYGA rates
A MYGA rate is a price. The carrier takes your deposit, buys bonds and other assets with it, and promises you part of what those assets earn, for a fixed term. Six things set how much of it you see.
- Bond yields when the carrier invests. MYGA rates follow what insurers can earn on new intermediate-term bonds more than they follow the Fed's overnight rate. For scale: the 5-year Treasury par yield was 4.89% on October 16, 2026 (U.S. Treasury), and the highest A-rated 5-year MYGA we track, Athene MaxRate at $100,000+, paid 6.05% (rate card effective October 14, 2026, re-read on Athene's current-rates page October 18). That is 1.16 points above the Treasury. The Fed's target range was 3.75% to 4.00% after the September 16, 2026 increase (FOMC statement).
- The carrier's assets and appetite. A carrier that holds lower-rated or harder-to-sell assets can afford to pay more, and a smaller carrier trying to grow will price to win deposits. That is why the top of any rate sheet is usually a name you have not heard, and why the rating matters (see the carrier section below).
- The term. The rate curve is not a straight line. On Athene's October 14 card for $100,000+ in most states, 3 years paid 5.75%, 5 years 6.05% and 7 years 6.15%.
- Deposit size. Many carriers pay a higher rate above $100,000. The same Athene card paid 5.80% on 5 years under $100,000, 0.25 point less than the 6.05% above.
- Your state. On that card, California and 18 other states paid 6.00% on 5 years at $100,000+, against 6.05% in most states.
- Features you take along. Every feature is paid for out of the rate. On Athene's current-rates page on October 18, 2026, the 5-year Athene MYG at $100,000+ paid 5.95% as a standard contract, 6.05% with a market value adjustment, and 5.80% with return of premium. The MVA version paid 0.10 point more because you accept the adjustment risk; the return-of-premium version paid 0.15 point less.
What does not set your rate is the carrier's agent. The insurer pays commission out of its own margin, and the rate in a published sheet is already after it. I disclose mine on the commission page. For how rates have moved around Fed meetings, see MYGA rates after Fed moves.
How a MYGA compares on the same money
| Instrument | Backing | Tax while growing | Early access |
|---|---|---|---|
| MYGA | Carrier + state guaranty association | Deferred | Surrender charge, usually 10% a year free |
| Bank CD | FDIC $250,000 | Taxed annually | Interest penalty |
| Treasury | U.S. government | Taxed annually, state-tax exempt | Sell at market price |
| High-yield savings | FDIC $250,000 | Taxed annually | Immediate |
People underestimate the deferral. In a 32% bracket, a MYGA and a CD at the same headline rate do not produce the same money, because the CD is taxed every year on interest you have not spent. See annuity vs CD for the side-by-side.
Fixed annuity vs bonds and Treasuries
A MYGA, a bank CD and a Treasury all pay a fixed rate for a fixed term. They differ in who stands behind the promise, how the interest is taxed, and what happens if you leave early. A bond fund is a different animal: it has no fixed rate and no maturity date.
| Option | 5-year yield (date, source) | Backed by | Taxes | If you leave early |
|---|---|---|---|---|
| MYGA, highest A-rated | 6.05% (Athene MaxRate $100,000+, card effective Oct 14, 2026, confirmed Oct 18) | The insurer's claims-paying ability, then your state guaranty association up to its limit | Federal and state, deferred until withdrawal | Surrender charge above the free withdrawal; some contracts add an MVA |
| Treasury note | 4.89% par yield (U.S. Treasury, Oct 16, 2026) | U.S. government | Federal, yearly; exempt from state and local income tax | Sell at the market price, which falls if rates have risen |
| Bank CD | 5.00% APY (best on Bankrate, Oct 18, 2026) | FDIC to $250,000 per depositor, per bank | Federal and state, yearly | Early-withdrawal penalty, usually months of interest |
| Bond fund | No fixed yield | Nothing guarantees the share price | Federal and state, yearly | Sell at the share price of the day |
After tax, on $100,000 for 5 years. Hypothetical, 24% federal bracket, no state tax, rates held for the term: the 6.05% MYGA ends near $125,945 after paying tax on the gain at withdrawal. The 5.00% CD, taxed every year, ends near $120,500. The 4.89% Treasury, taxed every year, ends near $120,015 (coupons treated as compounding yearly to keep the math simple). A state income tax helps the Treasury, because its interest is exempt, and hurts the MYGA and the CD. Run your own state in the MYGA vs CD after-tax calculator.
When the Treasury is the better tool
- You may need the money before the term ends and cannot accept a surrender charge.
- You want the U.S. government behind the promise rather than an insurer.
- You live in a high-tax state and the exemption closes most of the gap.
When a MYGA is the better tool
- You will not touch the money for the full term, and you want a rate that cannot be marked down while you hold it.
- You want tax deferral on money outside an IRA.
- You want the option of a tax-free 1035 exchange at maturity (1035 exchange rules).
More on the head-to-head: is a MYGA safer than a CD, Treasury bills vs MYGA and 5-year Treasury vs 5-year MYGA.
MYGA vs CD on $250,000 for 5 years
Hypothetical, 24% federal bracket, state tax ignored: a 5.50% MYGA ends near $308,300 after paying tax on the gain at the end; a 5.00% CD taxed every year ends near $301,200. The CD keeps FDIC insurance and a small early-exit penalty; the MYGA keeps about $7,100 more.
Run your own numbers: MYGA vs CD after-tax calculator · MYGA growth calculator · MYGA monthly income calculator
How to compare MYGA carriers: AM Best, surrender schedule and MVA
Two MYGAs at the same rate are not the same product. Compare the carrier first, then the cost of leaving, then the rate.
1. The carrier's AM Best rating
AM Best grades an insurer's financial strength: A++ and A+ are Superior, A and A- are Excellent, B++ and B+ are Good, B and B- are Fair, C++ and C+ are Marginal. Your guarantee is only as good as the insurer, so the rating is the first filter. Examples as carried, with their dates, on my best 5-year MYGA page (updated October 17, 2026):
| Carrier | AM Best | Note |
|---|---|---|
| New York Life | A++ | Secure Term Fixed Annuity V paid 5.50% on 5 years at $100,000+ (rate sheet effective Oct 12, 2026) |
| Athene | A+ | MaxRate paid 6.05% on 5 years at $100,000+ (card effective Oct 14, 2026) |
| Delaware Life | A- | Negative outlook as of July 31, 2026; Pinnacle Plus paid 5.95% on 5 years at $100,000+ (sheet effective Oct 6, 2026) |
| Puritan Life (Canvas Future Fund) | B++ | Paid 6.40% on 5 years (canvasannuity.com, Oct 17, 2026), the highest on my list and a lower rating |
| Sentinel Security Life | C+ | Downgraded by AM Best on September 22, 2026 and under review with negative implications |
Ratings change. Confirm the current one at ambest.com before you fund. I stay at A- or better unless the client has a clear reason to accept less. State guaranty associations back an insurer up to a limit per owner, per insurer (commonly $250,000; see guaranty limits by state), so a larger deposit is often split across two or three carriers; MYGA laddering does that on purpose.
2. The surrender schedule and free withdrawal
The surrender schedule is the charge for taking money out above the free amount, year by year. Check three things: that the schedule is no longer than the rate term, how much you can take out free each year, and whether the first year is different. Free withdrawal runs from nothing to 10% a year from the first year (Canvas), and it is priced into the rate: American Gulf Anchor's no-withdrawal version paid 6.00% against 5.85% with the 10% free-withdrawal rider (PlanEasy, September 25, 2026). Athene MaxRate's free amount is about the year's interest.
Hypothetical: on a $250,000 MYGA with 10% free withdrawal and a 9% surrender charge, a $50,000 withdrawal costs $25,000 free plus $25,000 at 9%, a $2,250 charge. Run your own schedule in the surrender charge calculator.
3. The market value adjustment (MVA)
An MVA adjusts the surrender value of a withdrawal above the free amount, up or down, by how interest rates have moved since you bought. If rates are higher when you leave, the adjustment lowers what you get; if they are lower, it raises it. It does not apply to the free withdrawal and, on most contracts, does not apply at maturity. The MVA version usually pays a little more: on Athene's page on October 18, 2026 the 5-year MYG at $100,000+ paid 6.05% with an MVA and 5.95% without. Brighthouse's flyer for October 1 to 14, 2026 showed 5.40% with an MVA against 5.25% without, which on $100,000 over 5 years is about $923 more with no withdrawals. If you will never take more than the free amount, the MVA never bites. If you might need more, it can cut either way.
The five-line carrier checklist
- AM Best rating and outlook, with the date you checked it.
- Surrender schedule, year by year, and whether it outlasts the rate term.
- Free withdrawal in year one and after, including 0%.
- MVA: yes or no, and the rate difference it buys.
- The renewal rate on the same sheet. MassMutual's October 5, 2026 sheet shows a 2.75% one-year renewal rate against its 5.65% initial 5-year rate.
For the full list of questions to get answered in writing, see fixed annuity rates. If a quote you have already received fails any of these, send it to me for a second opinion.
What happens at the end of the term
This is where most of the value is won or lost. At maturity you can take the money, renew at the carrier's new rate, or move it to another carrier under a 1035 exchange without triggering tax. Renewal rates are frequently well below what a new buyer is offered. Put the maturity date in your calendar the day you fund the contract; carriers are not required to call you, and a contract that quietly renews at 3% undoes years of good work.
Getting an actual quote
Published rate tables go stale within days and vary by state, deposit size and age. I run live comparisons across the carriers I am appointed with. Tell me the amount, the state and how long the money can sit, and I will send back the current top three with their surrender schedules next to the rates.
Related reading
- Annuity vs CD, compared
- Fixed annuity rates explained
- Annuity reviews by carrier and product
- CD reviews
- MYGA laddering strategy explained
- Best 5-year MYGA rates, dated and sourced
Want my independent take on whether this fits your situation?
I'm Hans Goldstein, independent licensed insurance producer (NPN 20602398), appointed with multiple A-rated carriers. I run side-by-side comparisons against CDs, MYGAs, Treasuries, and MMFs every week for retirees and pre-retirees. Tell me what you're considering and I'll send back a written comparison.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
- Hans Goldstein, Enrolled Agent, admitted to practice before the IRS
- California insurance license #4273294 (look it up at the California Department of Insurance) · NPN 20602398
- Independent, not a captive agent: appointed with multiple A-rated carriers
- 5.0 on Google from 7 reviews (Goldstein & Co. LLC listing, checked October 18, 2026)
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
We’ll email it to you. Hans replies within one business day. Privacy Policy.
FAQ
What is a good MYGA rate right now?
As of October 14, 2026, A-rated-or-better carriers were paying about 5.50% to 6.05% on 5-year MYGAs (public carrier rate sheets); lower-rated carriers can quote more. Rates move weekly and the best rate is frequently from a carrier you have not heard of, which is why the rating matters as much as the number.
What is a MYGA?
A multi-year guaranteed annuity is a fixed annuity that guarantees one interest rate for a set term, usually 2 to 10 years. It is the insurance industry's equivalent of a CD, with tax deferral instead of FDIC insurance.
Do MYGA rates change after you buy?
No, not during the guarantee period. The rate you lock is contractual for the full term. What changes is the renewal rate at the end of the term, which is why the end-of-term decision matters as much as the purchase.
What is the minimum to buy a MYGA?
Most carriers start between $10,000 and $25,000. Some publish a higher rate above $100,000, so a deposit just under a band break can cost you real yield.
What determines MYGA rates?
Mostly what the insurer can earn on the bonds it buys with your deposit, which follows intermediate Treasury and corporate yields, less its costs and margin. Term, deposit size, your state, the carrier's asset mix and appetite, and features such as an MVA also move the rate. On October 14, 2026 the highest A-rated 5-year MYGA paid 6.05% (Athene MaxRate, $100,000+) against a 4.89% 5-year Treasury par yield on October 16 (U.S. Treasury).
Is a MYGA better than a Treasury?
It depends on access and taxes. On the rates above a 5-year MYGA paid about 1.16 points more than the 5-year Treasury and defers tax, but a Treasury is backed by the U.S. government, can be sold at any time at the market price, and its interest is exempt from state income tax. A MYGA charges for withdrawals above the free amount. On $100,000 for 5 years at a 24% federal bracket and no state tax, the MYGA ended near $125,945 after tax against $120,015 for the Treasury (hypothetical, rates as of October 14 to 16, 2026).
How do I compare MYGA carriers?
Compare in this order: the carrier's AM Best rating and outlook, the year-by-year surrender schedule and free withdrawal, whether there is a market value adjustment, the renewal rate, and only then the rate. A higher rate from a B++ carrier and a lower rate from an A carrier are different products.
What AM Best rating should a MYGA carrier have?
AM Best rates financial strength from A++ down to D. A++ and A+ are Superior, A and A- are Excellent, B++ and B+ are Good. I keep clients at A- or better unless they have a clear reason to accept less, and I check the outlook as well as the letter. Confirm the current rating at ambest.com before you fund.
What is a market value adjustment on a MYGA?
An MVA changes the surrender value of a withdrawal above the free amount based on how interest rates have moved since you bought: higher rates lower it, lower rates raise it. It usually does not apply to the free withdrawal or at maturity. MVA versions often pay a little more; on October 18, 2026 Athene's 5-year MYG at $100,000+ paid 6.05% with an MVA and 5.95% without.