Why it earned this rating
Our assessment
Select Max 5 is one of the more competitive 5-year MYGAs at the $100,000+ band, where the 5.00% rate is locked in for the full five years. The interest-only free withdrawal is the meaningful structural limit. Symetra's A rating and broad distribution make the product accessible across most channels.
The short version
If you want a clean 5-year fixed-rate annuity from an A-rated carrier with a competitive rate at the $100,000 mark, Select Max 5 delivers. The trade is the restrictive free withdrawal structure.
Key facts
**Product Type** Multi-Year Guaranteed Annuity (single premium)
**Issue Ages** 0–85
**Minimum Premium** $10,000
**Surrender Period** 5 years (8, 8, 7, 6, 5, 0%)
**Free Withdrawal** Interest only, available immediately
**Crediting** Single fixed rate guaranteed for 5 years
**Income Rider** Not available
**Market Value Adjustment** Yes
The full review
Is Symetra Select Max 5 a Good Annuity?
Yes, for the right buyer. It is a good fit for someone who wants a 5-year guaranteed rate with no surprises, is comfortable with interest-only free withdrawals, and values a simple product. It is less appealing for buyers who want indexed upside or full 10% account-value liquidity.
Why Someone Would Buy This Annuity
The main reason is mid-term principal protection at a competitive 5-year rate. The secondary reason is the rate banding structure, which is meaningful at $100,000 and above. The 5-year guarantee is a common time horizon for retirement-portfolio building blocks.
Who This Annuity Is Best For
I think Select Max 5 fits best for someone in their 50s through 70s who wants a defined 5-year holding period for a portion of fixed-income assets. It is also a useful CD alternative for buyers who can accept the surrender structure in exchange for the higher rate and tax deferral.
What You're Really Buying Here
You are buying a tax-deferred fixed-rate annuity with a guaranteed rate for five years. You are not buying market exposure or indexed crediting. The product is straightforward — a single rate, a single duration, a defined surrender schedule.
How the Core Feature Works
Select Max 5 credits a fixed rate guaranteed for the full 5-year surrender period. The rate is banded — 4.80% at the low band, 4.80% at $50,000, 5.00% at $100,000, and 5.00% at $250,000+. There is no indexed crediting and no rider option. At the end of the 5-year term, the contract typically renews at then-current rates or can be surrendered without charges.
Why the Secondary Feature Matters
The rate banding rewards $100,000 deposits with a 20 basis point uplift over the low band rate. Over five years, that is a meaningful additional return. The flat 5.00% above the $100,000 threshold means buyers do not gain by going to $250,000 — the $100,000 mark is the most efficient entry point.
Liquidity and Surrender Schedule
Free withdrawals are limited to credited interest only. Surrender charges run 8, 8, 7, 6, 5, then 0 percent over five years, plus a market value adjustment. Nursing home, terminal illness, and hospital waivers may apply.
Fees and Tradeoffs
The base contract has no annual contract fee or rider fee. The trade is the restrictive free withdrawal — interest-only access means buyers cannot pull a percentage of account value without triggering surrender charges. The MVA can amplify the cost of early withdrawals in a rising-rate environment.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Multi-year guaranteed annuity |
| Issue ages | 0–85 |
| Minimum premium | $10,000 |
| Surrender schedule | 8, 8, 7, 6, 5, 0% |
| Market value adjustment | Yes |
| Free withdrawal | Interest only, immediately |
| Current fixed rate | 4.80% / 4.80% / 5.00% / 5.00% (low / $50K / $100K / $250K+) |
| Rate guarantee period | 5 years |
| Income rider | Not available |
| Death benefit | Greater of full account value or minimum guaranteed surrender value |
| Surrender waivers | Nursing home, terminal illness, hospital |
| MGSV | 87.5% at 1–3% |
| State availability | Not available in New York; California variation |
Carrier snapshot
Symetra Life Insurance Company is part of Symetra Financial. The carrier holds an A rating from A.M. Best and an A from Standard and Poor's. Symetra distributes through banks, full-service broker-dealers, independent broker-dealers, and the independent agent channel.
Final take
Select Max 5 is a competitive 5-year MYGA at the $100,000+ band. The 5.00% guaranteed rate matches or beats many comparable products. The interest-only free withdrawal is more restrictive than the Select Pro 5 alternative — buyers who want flexibility should compare the two products before deciding.