They are different kinds of products
A bank certificate of deposit is a deposit account. A fixed annuity is a contract issued by an insurance company. That difference affects protection, taxes, liquidity, and how each product may be used.
1. Federal deposit insurance
Eligible bank CDs may receive FDIC insurance within applicable limits. Annuities are not FDIC insured. Annuity guarantees depend on the issuing insurance company's claims-paying ability.
2. Tax timing
CD interest is generally taxable as it is credited, even if it stays in the account. Earnings inside a nonqualified annuity are generally tax-deferred until distributed. Tax deferral is not the same as tax-free growth.
3. Access to money
A CD may charge an early-withdrawal penalty. A fixed annuity may have a multi-year surrender schedule, a limited free-withdrawal provision, and possibly a market value adjustment. The actual contract controls.
4. What happens at the end
CDs and annuities can both renew if no action is taken. Ask what the maturity or renewal process is, how the new rate is set, and how long you have to make another choice.
5. The job each product does
A CD is designed as a bank savings product. A fixed annuity may also offer tax deferral, beneficiary provisions, or a path to income. Those additional features can make the comparison less straightforward.
You do not need to compare every line alone. A licensed professional can show the current terms side by side and explain which differences matter for your goal.