Why it earned this rating
Our assessment
Smart Saver 5-Year is Protective's bank-channel 5-year MYGA. The 3.35% guaranteed rate at $100K+ is modest versus broader-market 5-year MYGAs, but the automatic Return of Premium rider and the carrier strength compensate partially.
The short version
For bank clients who want a clean 5-year MYGA with built-in Return of Premium protection and 10% annual liquidity, Smart Saver 5-Year is workable. The rate is the structural limitation versus competing 5-year MYGAs in the broader market.
Key facts
**Product Type** Multi-Year Guaranteed Annuity (flexible premium first year)
**Issue Ages** 0–85
**Minimum Premium** $25,000
**Surrender Period** 5 years (9, 8, 7, 6, 5, 0%)
**Free Withdrawal** 10% of account value, available immediately
**Crediting** Single fixed rate guaranteed for 5 years
**Income Rider** Not available
**Return of Premium** Automatically included at no charge
**Channel** Bank only
The full review
Is Protective Smart Saver 5-Year a Good Annuity?
Yes, for bank clients. It fits buyers who want a 5-year guaranteed rate with structural protection and 10% liquidity. It is not the right product for buyers shopping for the highest 5-year rate.
Why Someone Would Buy This Annuity
The main reason is mid-term principal protection through a bank advisor with Protective's A-plus carrier rating. The secondary reason is the automatic Return of Premium rider, which is uncommon in 5-year MYGAs and provides structural certainty.
Who This Annuity Is Best For
I think Smart Saver 5-Year fits best for a bank client looking for a CD alternative with built-in protection and a defined 5-year horizon. The 25 basis point uplift over the 4-year version at $100K is meaningful for buyers who can commit for the longer period.
What You're Really Buying Here
You are buying a tax-deferred fixed-rate annuity with a 5-year guarantee, automatic Return of Premium protection, and 10% annual liquidity. You are not buying market exposure.
How the Core Feature Works
Smart Saver 5-Year credits a fixed rate guaranteed for the full 5-year surrender period. Rates are 3.00% / 3.10% / 3.35% across the three rate bands. The Return of Premium rider is automatically included at no additional charge.
Why the Secondary Feature Matters
The automatic Return of Premium rider is the meaningful secondary feature, removing the worst-case scenario where surrender charges produce a return below total premium paid.
Liquidity and Surrender Schedule
Free withdrawals of up to 10% of account value are available immediately. Surrender charges run 9, 8, 7, 6, 5, then 0 percent over five years (no MVA mentioned). Nursing home and unemployment waivers are available.
Fees and Tradeoffs
There are no rider fees, M&E charges, or annual contract fees. The trade is the modest rate — 3.35% at $100K is below typical 5-year MYGA rates in the broader market.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Multi-year guaranteed annuity |
| Issue ages | 0-85 |
| Minimum premium | $25,000 |
| Surrender schedule | 9, 8, 7, 6, 5, 0% |
| Free withdrawal | 10% of account value immediately |
| Current fixed rate | 3.00% / 3.10% / 3.35% (low / $50K / $100K) |
| Rate guarantee period | 5 years |
| Return of Premium | Automatically included at no charge |
| Income rider | Not available |
| Death benefit | Full account value |
| Surrender waivers | Nursing home, unemployment |
| MGSV | 1.00% to 3.00% guaranteed annual return |
| State availability | Not available in NY |
| Channel | Bank only |
Carrier snapshot
Protective Life Insurance Company is part of Protective Life Insurance Corporation. A.M. Best A-plus, S&P AA-minus. Distributed through bank channels.
Final take
Smart Saver 5-Year is a workable bank-channel 5-year MYGA with built-in Return of Premium protection. The modest rate is the structural limitation versus broader-market alternatives. For bank clients who specifically value the structural protection plus carrier strength, the product works.