Are there alternatives to CDs?

Yes! One alternative is a MYGA, which stands for Multi-Year Guaranteed Annuity.

An MYGA is similar to a CD in that it is issued for a specific amount of time with a specific rate structure. Whereas CDs are guaranteed by the FDIC, a MYGA is guaranteed by an insurance company.

MYGA advantages over CDs include:

• Higher interest rates offered
• Income taxes can be deferred until interest is paid