By Jozsef Huszar • Updated: October 25, 2026
Annuity marketing is full of big promises and small print. This annuity comparison puts six providers side by side using the numbers in their own documents: multi-year guaranteed rates, income annuity features, surrender charges and what leaving early costs. We checked fixed deferred annuities, immediate income annuities and a retirement-plan annuity on October 25, 2026. Where a provider publishes no rate, we say so instead of guessing. If you are still learning how these contracts work, start with our guide to how annuities work, then come back for the real numbers.
Quick comparison
The table below reproduces the key terms for each provider as we recorded them on October 25, 2026. Every product name links to the insurer’s own rate sheet, fee page or disclosure. Start with the Annuity Type column, because it tells you whether a product pays interest, pays income, or depends on which contract you pick. Only three rows publish rates.
| Insurer / Product | Annuity Type | Income or Growth Feature | Cost / Rate Structure | FDIC Insured |
|---|---|---|---|---|
| Fidelity Insurance Network® – Immediate Fixed Income Annuities (issued by third-party insurers) | Immediate fixed annuity; single-life or joint-life lifetime income, or payments over a fixed period | Guaranteed income for life or 5–30 years, depending on the insurer and product. Optional annual increases of 1%–5%, depending on the product; beneficiary protection options may include a guarantee period or cash refund. Minimum purchase is generally $10,000, or $20,000 for USAA. | Payout amounts depend on the insurer, purchase amount, age, income option, and contract terms. Specific payout rates and any applicable costs should be confirmed with Fidelity or the issuing insurer. | N/A |
| Charles Schwab – Single Premium Immediate Annuities (SPIAs), issued by third-party insurance companies | Single premium immediate fixed annuity | Convert a lump sum into guaranteed income for life, joint life, or a specified period, depending on the product. Some contracts offer cost-of-living adjustments, beneficiary protection, or refund options. Available issuers include MassMutual, Nationwide, New York Life, Pacific Life, Protective, USAA, and Western & Southern. | A lump-sum premium is required. Payouts depend on the insurer, age, premium, and selected income options. Optional features may reduce payouts or increase costs; purchases are generally irrevocable. Maximum purchase amounts vary by insurer, typically $1 million–$3 million, with exceptions and approval requirements. | N/A |
| New York Life – Secure Term Choice Fixed Annuity II | Multi-year guaranteed fixed deferred annuity (MYGA) | Guaranteed initial interest rate for 3–7 years, depending on the selected term and premium. Rates effective October 26, 2026, range from 4.70% to 5.45%. After the initial guarantee period, the renewal rate is guaranteed for one year and cannot fall below the contract’s guaranteed minimum interest rate. | Minimum premium $5,000; rates vary by premium tier and term. Withdrawals during the initial 3–7-year period may incur surrender charges. Premiums of $2 million or more require prior approval. | N/A |
| TIAA – TIAA Traditional Annuity | Fixed annuity available through eligible retirement plans and IRAs | Guaranteed minimum interest and potential additional interest during accumulation. Offers the option to convert savings into guaranteed lifetime income, including joint-life options and certain payment guarantees. Rates vary by contract and contribution date. For eligible retirement-plan contracts, October 2026 accumulation rates range from 3.00% to 5.95%, depending on contract type and contribution vintage. November 2026 lifetime payout rates depend on contribution history and payout option. Additional interest and income increases are not guaranteed beyond their declared periods. | Contract-specific terms and costs apply. Income annuitization is generally irrevocable once payments begin. Interest and payout rates vary by contract and may change according to the insurer’s declarations. | N/A |
| Pacific Life – Annuity Products | Fixed, fixed indexed, variable, and registered index-linked annuities (RILAs), depending on product | Product-dependent features may include tax-deferred growth, fixed or index-linked crediting, lifetime income options, and death benefits. Variable annuity investment options fluctuate with the market and can lose value. | Costs vary by contract and may include mortality and expense charges, underlying investment expenses, rider fees, withdrawal charges, and market value adjustments. Early withdrawals may trigger taxes and penalties. Rates, guarantees, and available features depend on the specific product and issuing insurer. | N/A |
| American National – Palladium® Multi-Year Guarantee (MYG) Annuity / Palladium® MYG MAX | Fixed deferred annuity (MYG); MYG MAX offers 3-, 5-, 6-, 7-, and 10-year guarantee periods | Guaranteed fixed interest rate and tax-deferred growth; options for partial withdrawals or conversion to income payments, subject to contract terms. MYG MAX omits the 10% annual free-withdrawal feature. | Advertised rate: 5.80% as of Oct. 16, 2026, for premiums of $250,000 or more; 0.15 percentage points lower for $100,000–$249,999 and 0.25 points lower below $100,000. Rates vary and may change. Taxes, possible surrender charges, and an additional tax penalty for some early withdrawals may apply. | N/A |
Notes:
¹ Annuities are insurance contracts, not bank deposits; guarantees depend on the claims-paying ability of the issuing insurer.
² Fixed indexed and variable annuities can include caps, participation rates, surrender charges, market-value adjustments, and rider fees.
³ Links: add the insurer’s current product disclosure, prospectus, or rate page to the first column before publishing.
⁴ Annuity suitability depends on age, liquidity needs, tax situation, and whether the buyer needs lifetime income.
The three deferred products with published rates range from 3.00% to 5.95% (TIAA’s lowest and highest accumulation vintages), with American National at up to 5.80% and New York Life at 4.70%–5.45% in between. The two immediate annuities, from Fidelity and Schwab, publish no payout rate, and Pacific Life’s costs depend on which of its four contract types you buy. Every row shows N/A under FDIC Insured because none of these products is a bank deposit.
How we chose and what protection applies
We started from the provider list in our research workbook and did not add or remove anyone. Two are brokerage platforms that sell income annuities issued by other insurers (Fidelity and Schwab), and four are insurers selling their own contracts (New York Life, TIAA, Pacific Life and American National). For each one we used the rate sheet, fee page or disclosure first. A third-party source appears only where the insurer’s page gave no number, and we label it.
Two caveats shape everything below. The workbook is a snapshot: New York Life’s rates take effect October 26, 2026, and American National’s advertised rate is dated October 16, 2026. And the numbers a buyer cares about most, such as immediate-annuity payouts, are quotes that change daily, so they appear here only as benchmarks.
None of these annuities is FDIC-insured. New York Life’s fact sheet for Secure Term Choice II says the product is not FDIC/NCUA insured, not a deposit and may lose value, and that its guarantees rest on the insurer’s claims-paying ability. If an insurer fails, your state’s life and health guaranty association steps in. Most states follow a model covering $250,000 in present value of annuity benefits per person, but limits vary, and California covers 80% of contract value, so check your state’s number. Our guide to annuity safety explains the backstop in more detail.
What a typical $100,000 buyer looks like
To compare fairly, we use one round amount: $100,000 in a single premium. Deferred annuities are calculated over five years, because five years sits inside the 3–7-year guarantee periods that New York Life and American National offer. The method is annual compounding with no withdrawals or additions: premium × (1 + rate)^5. Our calculation stops where the guarantee ends. At New York Life, the renewal rate after the initial period is guaranteed one year at a time and cannot fall below the contract’s guaranteed minimum interest rate, so what you earn in year six can differ from year five. American National’s brochure describes a 30-day window at the end of the guarantee period to withdraw funds without a surrender charge or any applicable market value adjustment.
You can adjust the example yourself. Double the premium and every dollar figure in Table 2 roughly doubles while the percentages stay put. Pick a seven-year term instead of five and the earnings grow, but so does the time a surrender charge applies.
Income annuities need a different yardstick, because they pay monthly checks instead of interest. Annuity.org estimates, as reported by CBS News, that $100,000 buys a 65-year-old man about $625 a month for life, a 65-year-old woman about $590, and a 65-year-old couple on a joint-life contract about $536. These are market benchmarks, not Fidelity or Schwab quotes. At $625 a month you recover your $100,000 in about 13.3 years, around age 78. Change the age or premium and every figure moves, and older buyers receive higher payouts because the insurer expects to pay for fewer years, so request live quotes before deciding.
What it earns in real life
Table 2 shows what $100,000 grows to after five years in the three deferred products that publish rates. Ranges use the lowest and highest rate each provider lists. American National’s three premium tiers are calculated separately, in the order under $100,000, $100,000–$249,999 and $250,000 or more; its tiers match those listed for the five-year MYG MAX. Read the last column first: it is the interest you actually earn.
| Provider / product | Rate used | Value after 5 years | Interest earned |
|---|---|---|---|
| New York Life – Secure Term Choice Fixed Annuity II | 4.70%–5.45% | $125,815–$130,387 | $25,815–$30,387 |
| TIAA – TIAA Traditional Annuity | 3.00%–5.95% | $115,927–$133,507 | $15,927–$33,507 |
| American National – Palladium® Multi-Year Guarantee (MYG) Annuity / Palladium® MYG MAX | 5.55% / 5.65% / 5.80% | $131,006 / $131,628 / $132,565 | $31,006 / $31,628 / $32,565 |
On $100,000, American National’s three tiers earn $31,006 to $32,565 in five years, the highest floor in the table, but the top tier needs $250,000 and the MAX version has no free-withdrawal feature. New York Life earns $25,815 to $30,387, a gap of $4,572 between its lowest and highest rates, so your term and premium band matter. TIAA spans $15,927 to $33,507, the widest range, because its rates depend on contract type and contribution vintage and are not guaranteed beyond declared periods. Fidelity and Schwab have no comparable rate; their value is the monthly income described above.
A high rate means little if you cannot reach your money, so the next table shows what leaving early costs.
What happens if you miss the conditions
For annuities, the condition is time. Table 3 shows the surrender charge, as a percentage and in dollars on a $100,000 contract, if you withdraw everything in policy year 1, 3 or 5. We applied each percentage to the full $100,000 and ignored interest and free-withdrawal allowances. New York Life’s schedule comes from its own fact sheet; American National’s comes from broker-published MYG MAX schedules, so confirm it in the insurer’s brochure.
| Provider / product | Guarantee period | Year 1 | Year 3 | Year 5 |
|---|---|---|---|---|
| New York Life – Secure Term Choice Fixed Annuity II | 3 years | 7% ($7,000) | 7% ($7,000) | None ($0) |
| New York Life – Secure Term Choice Fixed Annuity II | 5 years | 7% ($7,000) | 7% ($7,000) | 5% ($5,000) |
| American National – Palladium® Multi-Year Guarantee (MYG) Annuity / Palladium® MYG MAX | MYG MAX, 3 years | 8% ($8,000) | 7.4% ($7,400) | None ($0) |
| American National – Palladium® Multi-Year Guarantee (MYG) Annuity / Palladium® MYG MAX | MYG MAX, 5 years | 8% ($8,000) | 7.4% ($7,400) | 5.6% ($5,600) |
Leaving early is expensive everywhere. In year 1 the charge is $7,000 at New York Life and $8,000 at American National, and in year 3 it is still $7,000 and $7,400. Two details soften the New York Life figures: you can withdraw 10% of the value each year without a charge, and after the second anniversary surrender charges can never exceed the interest credited. American National’s MYG MAX has no free withdrawals. Taking money out before age 59½ can also trigger a 10% IRS additional tax on the taxable part, so $25,000 of interest would add $2,500.
Income annuities lock you in differently: Schwab notes that purchases are generally irrevocable, and TIAA says the same once income payments begin. Those trade-offs decide who should look at which product.
Which one fits you
You want a guaranteed rate for three to seven years
New York Life’s Secure Term Choice II suits savers who want a predictable rate with some flexibility. Its 4.70%–5.45% range turns $100,000 into $125,815–$130,387 over five years, it charges no annual policy fee, and you can take 10% out each year without a surrender charge. American National’s Palladium MYG earns more on paper, $31,006–$32,565, so it suits money you are sure you will not touch for the full term.
You need income you cannot outlive
Fidelity and Schwab are the two shelves for lifetime income. Both sell contracts issued by other insurers, so you compare quotes rather than one rate: Schwab lists seven issuers, and Fidelity’s minimum is generally $10,000 ($20,000 for USAA). At the roughly $625 a month benchmark, $100,000 pays back in about 13.3 years, so these contracts reward a long life and punish a short one. Because purchases are generally irrevocable, keep emergency cash outside the contract.
You already save in a retirement plan or IRA
TIAA Traditional is built for retirement-plan and IRA savers. October 2026 accumulation rates run from 3.00% to 5.95% depending on contract type and contribution vintage, which is $15,927 to $33,507 of interest on $100,000 over five years if rates held. Ask which vintage your contributions fall into before comparing it with a fixed-rate contract, and remember that income annuitization is generally irrevocable once payments begin.
You want market-linked growth and accept complexity
Pacific Life sells fixed, fixed indexed, variable and registered index-linked annuities, so costs depend on the contract: mortality and expense charges, investment expenses, rider fees, withdrawal charges and market value adjustments. We found no rate or fee percentage for it in our sources (N/A), and variable options can lose value. Read the specific prospectus before you commit.
The bottom line: for a plain guaranteed rate, New York Life and American National give the clearest numbers. For income, get live quotes through Fidelity or Schwab and compare payouts per $100,000; for retirement-plan money, ask TIAA which vintage rate applies to you. Whichever you choose, match the surrender period to the date you will actually need the cash.
What we did not cover
We left out promotional bonuses, optional riders and relationship pricing. New York Life’s optional Enhanced Beneficiary Benefit Rider, for example, carries a 0.30% annual charge, and its Interest Opportunity Rider lowers your starting rate, so both change the math. We also did not cover state availability, fixed indexed and variable annuity returns, taxes on income payments, or any provider outside the six in our workbook.
Frequently Asked Questions
What happens if I need the money for a medical emergency?
New York Life’s Secure Term Choice II includes a Living Needs Benefit/Unemployment Rider at no extra fee. It may waive surrender charges if you live in a health care facility for 60 consecutive days, have 12 months or less to live, are totally disabled for 12 months, or collect unemployment for 60 days. The policy must be in force for at least one year.
Can I add money to a multi-year annuity later?
Not with New York Life’s Secure Term Choice II: its fact sheet says additional premiums are not permitted, so each purchase is a single premium. To save more, you would open another contract, which may carry a different rate and start its own surrender-charge clock. Stagger purchases deliberately if you want access to money at different dates.
Does an annuity make sense inside an IRA?
Often not for the tax deferral alone. New York Life’s fact sheet notes that tax-qualified retirement plans already provide tax deferral, so an annuity adds no extra tax benefit there. The reasons to buy one inside an IRA are guarantees or lifetime income, which is why TIAA Traditional is offered through eligible plans and IRAs.
How much do I need to start?
It depends on the product. New York Life’s Secure Term Choice II starts at $5,000, and Fidelity’s immediate annuities generally start at $10,000, or $20,000 for USAA. Schwab requires a lump sum and sets maximums by insurer, typically $1 million to $3 million. American National pays more as the premium passes $100,000 and $250,000.
Methodology and last update
We researched every figure on October 25, 2026, using the workbook’s rate sheets, insurer fact sheets, IRS and guaranty-association pages, and labelled third-party sources where noted. We recalculate numbers ourselves and refresh this article monthly. This article is general information, not personalized financial advice; rates, fees and availability change, so confirm every term with the insurer before you buy.