Equitable's Secure Savings and Secure Savings Elite 5-year MYGA will be going down by 10bps to 3.90%. Even with the small change, this is still a very competitive rate with a lot of built-in features. It's RMD friendly, offers a 5% free withdrawal after year 1, free accumulated interest withdrawal after 30 days, and full account value at death.
Equitable announced the current 5-year Secure Savings MYGA rate of 4% on July 16, 2018, with the expectation that they would hold the rate for a period of 90 days. As it turns out, they have been fortunate enough to hold the rates for almost 1 year. In fact, they even increased the 2-year Secure Savings MYGA rates during this time period. However, with the continued decline in bond yields over the past several weeks, they no longer have a choice and need to reduce crediting rates for the Secure Saving Series. They are not making any changes to the Teton Series for the month of July.
Rate Lock Procedures
When Rates are Decreasing: