MidFirst Bank made a big increase in its 7-year CD and IRA CD rates. The Fixed 7-year CD APY increased from 2.00% to 2.50%. MidFirst also has callable CDs, and the 7-year callable CD with a 6-month lock now has a 2.75% APY. The shorter-term CDs are not nearly as competitive. The only one having a rate over 1.00% is the 5-year CD which has a 1.55% APY. Minimum deposit is $1,000. These rates are listed in the bank's CDs rates page as of 8/30/2013.
I haven’t been able to find the CD disclosure online. When I last spoke with a MidFirst CSR, I was told that the long-term CDs have an early withdrawal penalty of 2 years of interest. That’s a harsh early withdrawal penalty.
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.
MidFirst Bank is a sizable bank with $9.68 billion in assets. The bank has an overall health score of 4 stars (out of 5) with a Texas Ratio of 11.04% (above average) based on June 2013 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).