A CD is a bank deposit, FDIC-insured up to limits. A MYGA (multi-year guaranteed annuity) is an insurance contract that locks a fixed rate for a set term, often 3 to 10 years. Its guarantee is backed by the issuing insurer's claims-paying ability, not the FDIC.
MYGA interest grows tax-deferred until you withdraw it; CD interest is usually taxed each year. MYGAs carry surrender charges if you take out more than the free amount early, and early withdrawals before 59½ can face a tax penalty. CDs carry early-withdrawal penalties too.