A fixed annuity is a great product for people who are looking for a safe place to park their money. The interest earned on fixed annuities is usually higher than interest rates paid at the local banks. To top it off the interest earned on a fixed annuity is also tax deferred until the time the interest is taken of the annuity and spent. This allows for a greater and faster accumulation of money over the same period of time. It will also give you the control over when you pay taxes on the interest you earn.