Equitable MYGA Rate Decreasing

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:

• Cash with App - Applications signed prior to the effective date of the rate change and received at Equitable’s Home Office within 14 calendar days from the signed application date, prior rates will apply. Applications received at Equitable’s Home Office after 14 calendar days from the signed application date, current rates will apply.
• 1035 Exchange/Transfer – Applications must be signed prior to the effective date of the rate change and received at Equitable’s Home Office within 14 calendar days from the signed application date. Equitable will hold rates for 45 calendar days from the application date to allow for funds to be received. If funds are received within 45 calendar days from the decrease in rates, prior rates will apply. If funds are received outside of 45 calendars days, current rates will apply.