I suspect that these are what you are looking at?
https://fundresearch.fidelity.com/annuities/spda-rates/AL
Issuer/Product | Guarantee/Surrender Period | Base Rate3 | Jumbo Rate |
MassMutual Stable VoyageSM | 3/3 YR | 2.30% | 2.55% |
New York Life Secure Term MVA Fixed IV | 3/3 YR | 2.40% | 2.55% |
Principal Select Series | 3/3 YR | 2.20% | 2.30% |
MassMutual Stable VoyageSM | 4/4 YR | 2.30% | 2.55% |
New York Life Secure Term MVA Fixed IV | 4/4 YR | 2.60% | 2.75% |
Principal Select Series | 4/4 YR | 2.50% | 2.65% |
Guardian Fixed Target AnnuitySM | 5/5 YR | 1.60% | 1.70% |
MassMutual Stable VoyageSM | 5/5 YR | 2.40% | 2.65% |
New York Life Secure Term MVA Fixed IV | 5/5 YR | 3.05% | 3.10% |
Principal Select Series | 5/5 YR | 2.70% | 2.85% |
| | | |
3.The Base Rate remains constant throughout the Guarantee Period after which the rate is renewed according to the annuity contract. | | | |
Why would one even consider those when Fidelity is offering better CD rates? My educated guess is that the rep is pushing annuities because he/they make more commission on an annuity sale than on a CD sale.
CD Rates on New Offerings* | |
Term | Expected Yield |
3 months | 1.90% |
6 months | 2.05% |
9 months | 2.15% |
1 year | 2.35% |
2 years | 2.80% |
3 years | 3.00% |
5 years | 3.35% |
A 5 year CD ladder (20% in 1,2,3,4 and 5 year CD) would yield ~2.9% better than most of the annuities offered, FDIC insured and probably a lower cost if you need to access your money before the end of the term.