Best MYGA Annuities in South Carolina for 2026: 3, 5 & 7-Year Options

Best MYGA Annuities in South Carolina for 2026: 3, 5 & 7-Year Options

South Carolina retirees looking for predictable growth without direct exposure to stock market losses are increasingly considering Multi-Year Guaranteed Annuities (MYGAs).

MYGA rates remain attractive in 2026, but choosing an annuity should involve much more than simply finding the highest advertised interest rate.

At Mintco Financial, we compare multiple insurance companies, guarantee periods, financial-strength ratings, surrender schedules and liquidity provisions to help South Carolina residents understand their options.

Watch Mike Minter explain MYGA annuities, interest rates, liquidity and what consumers should consider before choosing a contract.

What Is a MYGA?

A Multi-Year Guaranteed Annuity, or MYGA, is a type of fixed annuity issued by an insurance company.

You deposit a lump sum with the insurance company, and the company guarantees a stated interest rate for a specific period, subject to the terms of the contract.

Common MYGA guarantee periods include:

• 2 years
• 3 years
• 5 years
• 7 years
• 10 years

Unlike investments tied directly to the stock market, the interest credited to a traditional MYGA does not fluctuate with daily stock market movements.

MYGA Rates in South Carolina in 2026

MYGA rates continue to attract attention from South Carolina residents seeking predictable interest and principal protection from direct market losses.

However, MYGA rates can change frequently, and not every insurance company or annuity product is available in every state.

Minimum deposits, age limits, liquidity provisions and surrender periods can also vary considerably between insurance companies.

See our latest South Carolina MYGA rate comparison here.

3-Year MYGA vs. 5-Year MYGA

One of the most common questions we receive is whether a 3-year or 5-year MYGA is the better choice.

There is no single answer for everyone. The appropriate term depends on your financial situation, liquidity needs and retirement goals.

When a 3-Year MYGA May Be Worth Considering

A three-year MYGA may appeal to someone who:

• Prefers a shorter commitment
• Wants to reevaluate rates in a few years
• May need access to the money sooner
• Does not want a long surrender-charge period
• Wants a guaranteed rate for a relatively short period

When a 5-Year MYGA May Be Worth Considering

A five-year MYGA may appeal to someone who:

• Wants to guarantee today’s rate for a longer period
• Does not anticipate needing the money soon
• Wants predictable accumulation
• Is comfortable with the contract’s surrender period

The highest advertised interest rate should not be the only factor in selecting a MYGA.

Keep Emergency Money Outside Your MYGA

This is one of the most important considerations Mike Minter discusses when reviewing annuities with clients.

Before purchasing a MYGA, you should generally maintain sufficient liquid emergency savings outside of the annuity.

MYGAs are typically designed for money you do not expect to need during the guarantee and surrender period.

If you withdraw more than your contract permits, surrender charges or other adjustments may apply.

How Much Money Can You Withdraw From a MYGA?

This varies by contract.

Some MYGA contracts may permit an annual withdrawal of up to a specified percentage of the account value without a surrender charge after certain requirements have been met.

Other contracts may offer less liquidity.

Before purchasing a MYGA, ask:

• How much can I withdraw each year?
• When do penalty-free withdrawals begin?
• What is the surrender-charge schedule?
• Does the contract contain a Market Value Adjustment?
• What happens if I need all of my money early?
• What happens if I die during the guarantee period?

Don’t Choose a MYGA Based Only on the Highest Rate

It is easy to focus on a headline advertising the highest MYGA rate.

But two annuities offering similar rates can have very different contract provisions.

A higher-rate MYGA could potentially have:

• Less annual liquidity
• A higher minimum deposit
• A longer surrender schedule
• Different death-benefit provisions
• A Market Value Adjustment
• A different interest-crediting method
• An insurance company with a different financial-strength rating

The best MYGA for you is not necessarily the one displaying the highest rate on the internet.

MYGA vs. CD in South Carolina

MYGAs are frequently compared with certificates of deposit because both can provide a stated interest rate for a specified period.

However, they are very different financial products.

Bank CD

• Issued by a bank or credit union
• May qualify for FDIC or NCUA insurance within applicable limits
• Interest is generally taxable as it is earned when held in a taxable account

MYGA

• Issued by an insurance company
• Not FDIC insured
• Guarantees depend on the claims-paying ability of the issuing insurer
• Earnings in a non-qualified annuity generally grow tax-deferred until withdrawn

For some retirement savers, the ability to defer taxes on accumulated interest may be one reason to consider a MYGA.

Are MYGA Annuities Safe?

A traditional MYGA does not experience direct stock-market losses because the issuing insurance company guarantees the contractual rate.

However, an annuity guarantee depends on the financial strength and claims-paying ability of the insurance company issuing the contract.

That is why Mintco Financial believes it is important to evaluate both:

• The interest rate
• The financial strength of the insurance company

Sometimes an investor may prefer a slightly lower rate from a company with a stronger financial rating or more favorable contract terms.

What Happens to a MYGA When You Die?

Beneficiary provisions are another important part of the contract.

Depending on the MYGA, your beneficiary may receive the accumulated account value if you die before the end of the contract.

However, death-benefit provisions vary among insurance companies.

If leaving money to your spouse, children or other beneficiaries is important, review these provisions before purchasing the annuity.

Can IRA Money Be Used to Purchase a MYGA?

Many MYGA annuities can accept both qualified and non-qualified money.

Examples of qualified retirement funds may include certain:

• Traditional IRA assets
• 401(k) rollover funds
• 403(b) rollover funds
• Other eligible retirement assets

Non-qualified MYGAs can also be purchased using savings or other after-tax money.

Tax treatment can vary depending on the type of money used, so you should consider your individual tax situation before moving retirement assets.

Should You Build a MYGA Ladder?

You do not necessarily have to place all of your money into one MYGA with one maturity date.

Some investors use a strategy commonly called a MYGA ladder.

For example, instead of placing $300,000 into one five-year contract, someone might divide the money among different guarantee periods.

This may create multiple maturity dates and potentially provide additional flexibility.

The appropriate strategy depends on your:

• Income needs
• Emergency reserves
• Retirement timeline
• Other investments
• Tax situation

MYGA Annuities Throughout South Carolina

Mintco Financial works with clients throughout South Carolina, including:

• Charleston
• Greenville
• Columbia
• Myrtle Beach
• Hilton Head Island
• Fort Mill
• Rock Hill
• Spartanburg
• Mount Pleasant
• Summerville

Whether you are considering moving money from a CD, savings account, IRA or existing annuity, comparing several insurance companies can help you understand the available options.

Compare MYGA Annuities in South Carolina

Before purchasing a MYGA, compare more than just the advertised rate.

Important considerations include:

• Interest rate
• Guarantee period
• Insurance company financial strength
• Surrender charges
• Annual withdrawal provisions
• Minimum premium
• Death-benefit provisions
• Renewal provisions

Frequently Asked Questions About MYGAs in South Carolina

What does MYGA stand for?

MYGA stands for Multi-Year Guaranteed Annuity. It is a fixed annuity that guarantees a stated interest rate for a specified period.

Are MYGA rates guaranteed?

The stated MYGA rate is generally guaranteed for the contract’s specified guarantee period, subject to the terms and conditions of the insurance contract.

Are MYGAs FDIC insured?

No. MYGAs are insurance products and are not FDIC-insured bank deposits. Guarantees depend on the claims-paying ability of the issuing insurance company.

Can I withdraw money from a MYGA?

Possibly. Withdrawal provisions vary considerably by contract. Some allow limited penalty-free annual withdrawals, while others may have more restrictive provisions.

What MYGA term is best?

There is no single term that is best for everyone. A 3-year MYGA provides a shorter commitment, while a 5- or 7-year MYGA may provide a longer guaranteed period. Your liquidity needs and overall retirement plan should be considered.

Important Disclosure: This information is provided for educational purposes only and is not individualized investment, legal or tax advice. Annuity rates and product availability can change without notice and may vary by state, age, premium amount and other factors. Annuities are insurance products and are not FDIC insured. Guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Surrender charges, market value adjustments and other contract provisions may apply. Please review the complete insurance contract before making a purchase decision.