Product Alert: Harbourview MYGA 3

Act Fast: The Harbourview 3-Year Fixed Annuity is Dropping from 3% to 2.5% on 7/28.

If you’re interested in a short-term fixed annuity in these economically trying times – one that probably pays out the most you can get in a world of rock-bottom interest rates – you’re highly unlikely to beat the Harbourview MYGA 3, sponsored by Colorado-based Oceanview Life and Annuity Co. 

For as little as $10,000, you get a three-year MYGA (multi-year guaranteed annuity) that pays 3% compared to 2.2% to 2.7% offered by other vendors of three-year MYGAs today and at least double the rate of a three-year bank CD. 

For details on the Harbourview MYGA 3, please email us at support@annuityfyi.com or call 1-866-223-2121.

“Plain and simple, this is a great place to park your money now,” says one annuity adviser familiar with the product.

Prospective investors should simply make sure that they will stay the 36-month course. Otherwise, like virtually all annuities, they would face steep surrender charges, starting at 9% annually. Helpful, however is the fact that you can withdraw up to 10% of your investment annually, penalty-free, starting in the second year – a feature often unavailable among annuities that pay unusually high rates. 

This is not to say that fixed annuity fans have no options. For example, they could instead opt for a five-year MYGA. It pays more, but not a lot more – generally 3.2%. And they might miss out on possibly better rates that may become available in the last year or two of the annuity’s lifespan, by which time the economy should be stronger and interest rates in general likely somewhat higher. In any case, many fixed annuity buyers simply want quicker access to their cash, notwithstanding where rates stand after they get their money back. 

Oceanview Life and Annuity Co. has a solid A- rating from A.M. Best. Interested investors should make a decision sooner, rather than later, as the 3% rate offering is unlikely to last for long. “This is not too good to be true, just too good to last,” says our annuity adviser. 

Would you like more information about this product? Reach us by email at support@annuityfyi.com or by calling 1-866-223-2121.

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