A MYGA, or multi-year guaranteed annuity, is a fixed annuity that pays one locked interest rate for a set number of years, backed by the insurance company that issues it. Think of it as a CD's cousin from the insurance world, with tax-deferred growth.
In plain terms: A savings-style annuity that promises one interest rate for a fixed number of years.
A MYGA works like a fixed-rate mortgage in reverse. Instead of you paying a locked rate to a bank, an insurer pays a locked rate to you for the whole term. As of July 30, 2026, Axonic's Incline Advisory 2 credits 5.20% for a 2-year term ($100,000 minimum), and Oceanview's Harbourview 2 credits 5.05% ($70,000 minimum). Rates change and vary by state. Your interest grows tax deferred, meaning you are not taxed on it each year the way a bank CD taxes you.
A MYGA gives you a known rate and a known end date, so you can plan around it. The trade-off is that your money is committed for the term; pulling it out early can trigger a surrender charge.
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