MYAnnuity 7X (10% Free Withdrawals) review

Yes, for the specific buyer it's built for. If you want a 7-year locked rate and you also want the option — not the obligation — to pull out up to 10% a year without penalty, this is a clean way to get both. It's a weaker fit if you're certain you won't touch the money before year 7, because in that case you're paying for a feature you won't use and the 0%-withdrawal sibling contract simply pays more.

The rational buyer here is someone who wants CD-like rate certainty for seven years but isn't fully comfortable locking every dollar away with zero access. Maybe there's a chance of an emergency expense, a required minimum distribution to satisfy, or just a preference for not feeling completely boxed in. The 10% annual allowance covers most of those scenarios without forcing a full surrender or triggering a market value adjustment.

I think this fits savers roughly 50 and older, in either qualified (IRA) or non-qualified money, who have a genuine 7-year time horizon for the bulk of the deposit but want a standing option to draw down part of it annually — for supplemental income, RMDs, or just peace of mind. It's less suited to someone who is rate-maximizing and has no realistic need for interim access; that person is better off in the 0%-withdrawal share class of the same MYAnnuity 7X, or shopping the broader MYGA market for the single highest locked rate available.

Strip away the branding and this is an insurance-company IOU: you hand Nassau a lump sum, and Nassau guarantees to credit it at a fixed 5.25% rate for seven years, full stop. There's no index, no participation rate, no cap to track — the rate you're quoted at issue is the rate you get, subject only to how much you withdraw and when. The "10% Free Withdrawals" label in the name is doing real work — it's a structural election you make once, at issue, and it's baked into the pricing. You're not buying flexibility on top of the base contract; you're buying a version of the contract that was priced with that flexibility already built in.

The mechanics are simple. Premium goes in, interest accrues daily at the guaranteed 5.25% annual rate, and that rate holds for the full seven-year guarantee period. Nassau's Wink product profile separately lists a current fixed account rate of 5.10% guaranteed for the same seven years, which is a close but not identical figure to the 5.25% rate sheet number — a reminder that these are point-in-time snapshots pulled from different carrier documents, and the number that matters is whatever's on your actual illustration at the time you apply. At the end of year seven, the contract typically renews into a new rate period at Nassau's then-current renewal rate, with a contractual floor of 1%-3% set at issue.

The 10% annual free withdrawal is the whole reason to pick this share class over its sibling, so it's worth being precise about what it actually buys you. Every contract year, you can take out up to 10% of the account value with no surrender charge and no MVA — meaning the interest-rate-driven adjustment that can otherwise shrink (or occasionally grow) what you get back on an early withdrawal simply doesn't apply within that 10% band. Layer on top of that: after the first calendar year, one required minimum distribution per contract year is also treated as a free withdrawal, separate from and in addition to that 10% allowance, and surrender charges/MVA are waived entirely for a nursing home confinement (issue ages 80 and under, not available in Florida) or a terminal illness diagnosis. Stacked together, that's a meaningfully more forgiving liquidity profile than a plain no-access MYGA — you're not locked in the way the product's marketing category ("multi-year guaranteed annuity") might suggest.

Outside the free-withdrawal allowances above, this is still a 7-year surrender product, and the schedule is fairly standard for the category: it starts at 9% in year one and steps down by one point annually to 3% in year seven, with a market value adjustment layered on top of any charged withdrawal. That MVA cuts both ways — if interest rates have risen since you bought the contract, the adjustment can make an early withdrawal cost you more than the surrender charge alone; if rates have fallen, it can work in your favor. The practical takeaway: the 10% annual allowance plus the RMD and hardship waivers cover the vast majority of realistic access needs, but anything beyond that is still meant to stay put for seven years.

There's no explicit fee structure to worry about here — no M&E charge, no product fee, no annual contract fee disclosed in the source materials, and no income rider fee because there's no income rider on this product at all. The real "cost" of this contract isn't a line-item fee; it's the rate haircut versus the 0%-withdrawal share class of the same MYAnnuity 7X. On the current rate sheet, that gap is about 0.20 percentage points — 5.25% here versus 5.45% on the sibling. Over seven years on a meaningful deposit, that's a real, compounding difference, so the liquidity feature isn't free even though there's no fee attached to it.

Legal Entity: Nassau Life and Annuity Company

Parent: Nassau Financial Group

A.M. Best Rating: B++