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LAST UPDATED: November 20th, 2020

Due now offers a Due Annuity Account that comes with a 3.5 percent guaranteed interest rate and no hidden fees. 

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The Good

  • Opening an Account Is Simple
  • No Credit Check
  • Invest as Much as You Like
  • General Information on Annuities

Opening an Account Is Simple

Opening an Annuity Account is free and generally only takes a few minutes. You can apply online, and all you need to do is enter your personal information. You will then need to set up automatic deposits into your annuity retirement account. Generally, it takes about 7 to 10 business days for your deposits to appear in the account. 

You can also download Due's mobile banking app. This allows you to easily transfer funds or set up direct deposits to your Annuity Account. 

No Credit Check

You don't need to worry about dinging your credit when opening an account with Due. Due does not require a credit check to open and set up an annuity plan. 

Invest as Much as You Like

Currently, Due does not limit the amount of money you can deposit each month. The company also doesn't have a limit on "one-time" deposits either. Due does encourage you to diversify your assets, to eliminate exposure to any one particular asset — but in the end, what you do is entirely your choice. 

General Information on Annuities

If you're interested in learning more about annuities, how they work, their benefits, and other common topics, we suggest looking at the several articles Due offers on its website. The articles go over common terminology, frequently asked questions, and the pros and cons of an annuity account. 

This kind of information is appreciated, as it helps consumers make a well-informed decision on whether or not an annuity account is right for them. 

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The Bad

  • Early Cash-Out Fees
  • Lack of Detailed Information

Early Cash-Out Fees

Due does allow you to cash-out your money at any time. However, since the money is invested, Due will need to pull your money from multiple investments. The fees associated with cashing-out early usually range anywhere from 2 to 8 percent. But the longer you have your money invested, the lower the fee.

Additionally, cashing out money may take 5 to 7 business days.

Lack of Detailed Information

While Due does a fantastic job explaining general information about annuities, we feel that the company could go into more detail about its Annuity Program. It would be nice to know more information on the additional costs and fees, payout options, withdrawal options, financial strength, and more. 

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The Bottom Line

Most people are worried about running out of money when they retire; Due aims to help alleviate that burden. Due's Annuity Account comes with a 3.5 percent guaranteed interest rate, no hidden fees, and allows you to be in control of your money at all times.

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