High yield MYGAs (Multi-Year Guaranteed Annuities) are one of the best kept financial secrets.
MYGAs are the insurance alternative to Bank CDs and they function much like a CD, but are not FDIC insurance. Instead MYGAs are backed by full faith and credit of large financial institution.
Unlike traditional annuities, MYGAs are issued for limited duration, usually five to ten years. Because of their relatively short maturity, they carry a low sales load which means more of your money is at work.