Gainbridge FastBreak Review: How To Get Higher Rates Outside of a Bank
Written by
Caitlyn Moorhead
Edited by
Melanie Grafil
Commitment to Our Readers
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GOBankingRates Score
Gainbridge
-
APY
4.8
-
Fees
4.3
-
User Experience
4.1
Pros
- High APY
- No hidden fees
Cons
- Not FDIC-insured
Overview of Gainbridge FastBreak Annuity
Achieving your financial goals in the long term comes down to making decisions about how you can grow your savings now. In order to expand your options you may want to consider savings products outside of the standard bank or credit union offerings. Here are a few takeaways:
- FastBreak helps your money grow and is designed for the digital era of investing and savings products.
- The national average for savings accounts in the U.S. is 0.46% and the national CD interest rate average is 1.43%, but FastBreak offers a much higher rate at APY.
- Unlike variable APYs, this is a fixed annuity so its rates are locked-in.
- The platform is self-managed, so you can be hands-on and you can withdraw up to 10% of account value each year. You can withdraw up to 10% of your premium deposit in your first contract year.
- Withdrawing your money before the age of 59½ has no penalty.
- The interest is taxed as earned but the growth is tax-deferred.
- The terms range from three to 10 years.
- Gainbridge accounts are not FDIC-insured, however, they are backed by issuing companies and insurance products.
- FastBreak promises you zero surprises and no hidden fees or surrender charges; you can try it risk-free for 30 days to see if it’s the right fit for you.
GainBridge FastBreak: Review Key Features
To assess if FastBreak best fits your needs, this annuities review will cover such features as the following:
- APY
- Fees
- User Experience
APY
Growing your savings quickly is preferable and in order to do so it’s good to know FastBreak offers an APY of . This is well above the national average of 0.46% for savings accounts or CD accounts rates with the national average of 1.43%. This is a fixed annuity so the rates are locked in, which makes it tempting to take advantage of it right away.
Fees
FastBreak promises no hidden fees, which is a relief when it comes to annuities. There is also no penalty for withdrawing your money before the age of 59½. You can try FastBreak risk-free for 30 days so it can’t hurt to see if it fits your finances.
User Experience
It’s important to note that FastBreak is not FDIC-insured, but there are also many benefits to this type of account. The platform is self-managed so you don’t have to relinquish control over the decision making which is helpful in the long run.
It also gives you access to withdrawing up to 10% of your account value annually for the first contract year and 10% anniversary value afterward without incurring a withdrawal charge or market value adjustment.
How FastBreak Annuity Compares
When you purchase an annuity, the issuing life insurance company agrees to pay you interest over time until the end of your contract or when you choose to withdraw your investment. With any annuities review it’s important to do some comparison shopping with other high-yield savings products. FastBreak offers a APY but how does it compare to other term-length accounts such as CDs?
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FastBreak vs. Ally Bank 12-month CD Account
Ally Bank offers a variety of CD term lengths and rates but the 12-month CD offers an APY of . Ally also offers a 60-month CD with APY. FastBreak’s is slightly higher, but you do have to think about what time commitment works best for you.
FastBreak vs. Discover Bank 12-month CD Account
The 12-month CD from Discover Bank offers APY but does require a $2,500 minimum deposit. The FastBreak Annuity offers APY on account sizes ranging from $1,000 to $1 million.
Final Take To GO: Are Gainbridge Annuities Worth It?
Your financial planning can benefit from steadily growing your money in a pre-selected investment term that makes sense for your savings timelines. With FastBreak, you have the chance to access up to 10% annually of your funds without penalty, as well as earn a higher return than most current bank products.
FastBreak is best for those who want to take control of their financial situation. It’s a big step toward achieving your goals because push comes to shove, you want to find the highest rate for an account and term length that works best for you and your money.
FAQ
Here are answers to some of the most frequently asked questions about Gainbridge.- Is Gainbridge FDIC-insured?
- Gainbridge is not FDIC insured. It's an insurance product and earnings grow tax-deferred and are backed by the insurance issuer.
- What is Gainbridge SteadyPace?
- Gainbridge SteadyPace is a multi-year guaranteed annuity that is both fixed and deferred. If you deposit your funds and leave the money there for at least three years, it earns a fixed rate of interest. This annuity is made to give income to your retirement savings.
- Is Gainbridge a reputable company?
- Yes, Gainbridge Insurance Agency LLC is a subsidiary of Group 1001 Insurance Holdings LLC, which is a national life insurance company.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 18, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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