Why it earned this rating
Our assessment
Athene MYG 3-Year (NY) is a clean, no-frills MYGA from an A+ rated carrier that delivers a guaranteed rate for three years with a low minimum and practical waiver protections. The New York wrapper introduces some limitations, and a 3-year surrender period with 8/8/7 charges is on the steeper side for its duration, but for a New York resident who wants certainty and simplicity at a low entry point, this is a solid choice.
The short version
This is a 3-year guaranteed-rate annuity for New York residents who want something that works like a CD but with slightly better tax treatment and an insurance contract behind it. You lock in a rate today — 4.40% or 4.65% depending on your deposit size as of the April 2026 rate sheet — and it does not move for three years. There are no index strategies, no riders to evaluate, and no participation rates to decode. The tradeoff is that your money is committed for the full term, surrender charges are real, and you give up access to Athene's broader national product line by using the New York entity.
Key facts
The full review
Is Athene MYG 3-Year (NY) a Good Annuity?
Yes, for the right buyer. If you are a New York resident, want a short-term locked rate, and have no expectation of needing more than 10% of your deposit back in any given year, this delivers exactly what it promises. It is less compelling if your priority is the highest possible yield — other carriers and Athene's own national platform may offer better rates — or if you need more flexibility than a 3-year commitment allows.
Why Someone Would Buy This Annuity
The practical reason to buy Athene MYG 3-Year (NY) is straightforward: you want a guaranteed rate for three years from a financially strong carrier, you live in New York, and you want the entry point to be low. At $5,000 minimum, this is accessible for a wider range of deposits than many MYGAs. The RMD-friendly structure also makes it relevant for IRA money — required distributions will not trigger surrender charges even if they exceed the standard free-withdrawal amount.
Who This Annuity Is Best For
I think this product is best for a New York resident in their late fifties through mid-seventies who wants a conservative, predictable place to park a portion of retirement savings for three years. It fits someone who has already decided against equity exposure for this particular pool of money and wants the certainty of a locked rate without the complexity of an indexed product. It is less suited for someone shopping for the absolute best MYGA yield nationally, for someone who may need liquidity above 10% per year, or for someone outside New York.
What You're Really Buying Here
You are buying a contract from an insurance company that guarantees your principal will earn a stated rate for exactly three years. The rate does not fluctuate, there are no caps or participation rates to manage, and there is no market exposure. What the carrier does with the underlying money is its business — you simply receive the guaranteed return. The tradeoff for that certainty is that early access beyond the free-withdrawal amount costs real money in surrender charges.
How the Core Feature Works
The Athene MYG uses two crediting approaches. The Multi-Year Fixed Strategy locks in a rate at issue that is guaranteed for the entire 3-year term — this is the main account and the reason most buyers choose a MYGA over a shorter-reset product. The 1-Year Fixed Strategy is used for additional premiums received after issue; its rate is declared annually and will never fall below the contract's minimum guaranteed rate.
Rates are banded by deposit size. The Low Band applies to deposits below $100,000 and the High Band at $100,000 or more. As of the April 2026 rate sheet, the Low Band rate is 4.40% and the High Band rate is 4.65% — both guaranteed for the full 3-year term. These rates will change for new contracts over time; ask your agent for the current rate sheet before committing.
Why the Secondary Feature Matters
The confinement and terminal illness waivers are the secondary feature worth understanding here. If you are confined to a qualified care facility for 60 or more consecutive days, you can withdraw the full contract value after the first contract year without surrender charges. If you are diagnosed with a terminal illness expected to result in death within one year, the same full-withdrawal option becomes available after the first contract anniversary. These waivers do not cover every hardship scenario, but they meaningfully reduce the risk that an unexpected health event leaves you trapped behind a surrender schedule. For retirees using IRA or non-qualified money in this product, that backstop has real practical value.
Liquidity and Surrender Schedule
The 10% free-withdrawal provision begins in year one, which is better than MYGAs that restrict access entirely in the first year. That said, the surrender charges for anything above that threshold are steep relative to the contract's short duration: 8% in year one, 8% in year two, and 7% in year three. For a 3-year product, those penalties represent a significant portion of the interest you would earn, so this is not a product to use for money that might be needed in a hurry.
RMDs receive favorable treatment: required minimum distributions attributable to this contract are considered part of the annual free withdrawal even if they exceed the 10% threshold. That makes this a workable option for qualified money held in an IRA.
| Contract Year | Surrender Charge |
|---|---|
| 1 | 8% |
| 2 | 8% |
| 3 | 7% |
There is no market value adjustment (MVA) on this contract. Your surrender penalty is fixed by the schedule above and does not fluctuate with interest-rate movements — a simplicity advantage over many competing MYGAs.
Fees and Tradeoffs
There are no base contract fees and no rider fees. The annuity earns a declared fixed rate, and that is the entirety of the return structure. There are no spreads or caps eroding your credited interest.
The real tradeoff is structural, not explicit. By locking in a guaranteed rate, you give up the ability to benefit if market interest rates rise meaningfully during your 3-year term. And while the surrender schedule is transparent, the 8/8/7 structure means that needing money early is genuinely costly relative to the length of the commitment. Buyers who might need more than 10% of their deposit in any given year should consider a shorter-reset CD, a shorter-duration MYGA from a carrier with lower surrender charges, or a product with a larger free-withdrawal provision.
Product snapshot
| Feature | Details |
|---|---|
| Product Type | Fixed Annuity |
| Surrender Period | 3 years |
| Issue Ages | 0-85 |
| Minimum Premium | $5,000 |
| Crediting Methods | Multi-Year Fixed Strategy, 1-Year Fixed Strategy |
| Free Withdrawal | 10% of accumulated value (as of most recent contract anniversary) per contract year, beginning in year 1 |
| MGSV | 87.5% of premiums at 1-3% |
| Death Benefit | Full accumulated value paid to beneficiary |
| Income Rider | Not available |
| Premium Bonus | None |
| Availability | Available in New York only (issued by Athene Annuity & Life Assurance Company of New York, Nyack, NY) |
Carrier snapshot
Legal Entity: Athene Annuity & Life Assurance Company of New York
Parent: Athene Holding Ltd.
A.M. Best Rating: A+
Final take
Athene MYG 3-Year (NY) is a straightforward product that earns its rating by delivering what it promises: a guaranteed 3-year rate, no fees, an accessible minimum, and practical waiver protections, all from an A+ rated carrier. The limitations are real — this is New York-only, the surrender charges are meaningful, and buyers outside New York have access to a broader Athene shelf — but none of those are surprises. For a New York resident who wants certainty, simplicity, and a short commitment, this is a clean option. For anyone whose primary concern is maximizing yield or flexibility, the search should probably continue.