Yield to surrender is your true annual return on a MYGA if you cash out at the end of the surrender period, after any surrender charges or market value adjustments are figured in. It is a more honest apples-to-apples number than the headline rate alone.
In plain terms: What you actually earn per year if you hold the annuity to the end of its surrender window.
The headline rate is the sticker price; yield to surrender is the out-the-door price. On a simple MYGA with no first-year bonus, the two are usually close. But when a product front-loads a bonus or bakes in fees, the yield to surrender can differ from the quoted rate, which is why comparison tools use it. As of July 30, 2026, we quote products like Axonic Incline Advisory 2 (5.20%, 2-year) with both the rate and, where it differs, the yield to surrender.
Two MYGAs with the same headline rate can pay you differently once bonuses and fees are counted. Comparing yield to surrender keeps you from being fooled by a flashy teaser rate.
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