MidFirst Bank is offering some competitive CD and IRA CD rates. The highest rate is a 3.00% APY for a 7-year term. The downside to this long-term CD is a harsh early withdrawal penalty of 2 years of interest (per CSR). The other competitive rates are on CD specials and include a 1.50% APY 21-month CD and a 1.35% APY 17-month CD. The 21-month CD has an early withdrawal penalty of 6 months of interest. The standard CDs have a $500 minimum deposit, and the CD specials have a $5,000 minimum. These rates are listed in the bank's Fixed Rate CDs rates page as of 2/28/2011. According to the CSR, they typically make rate changes on Fridays so these rates should last for a while.
In today's interest rate environment, it's hard to get a CD rate over 3.00% even for very long maturities. For CDs that are nationally available, there are only a couple of credit unions offering a 3.00% APY on a 7-year CD. We're starting to see some new 5-year CD specials with a 3.00% APY. The best deal as of 2/28/2011 is at Kaiser Federal Bank which is offering 3.00% APY on a 5-year CD.
MidFirst Bank has an online application, but in the application, it states "this service is available to Oklahoma and Arizona residents only." I was told the rate doesn't lock until they receive the funds. It sounds like opening a CD is probably easier at one of their branches. MidFirst Bank branches are located in Phoenix, Arizona and in several cities of Oklahoma including Oklahoma City, Shawnee, Tulsa and Yukon.
Checking Account Bonus
The bank still has a promotion for opening a checking and savings account. I have more details in my MidFirst Amazon Kindle promotion review.
MidFirst Bank is a sizable bank with $10.79 billion in assets. The bank has an overall health score of 3 stars (out of 5) with a Texas Ratio of 32.14% (below average) based on December 2010 data. Please refer to our financial overview of MidFirst Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 4063).
Searching for the Best CD Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following tables at DepositAccounts.com: