Last year I first learned about MidFirst Direct, the internet division of MidFirst Bank. At that time last year, it was offering some very competitive CD rates. Those didn’t last long. The rates fell a few days after my post. MidFirst Direct just recently raised its long-term CD rates, and they’re very competitive. Hopefully, these rates will hold longer than they did last year. These higher CD rates include:
- 2.25% APY 5-year CD
- 1.75% APY 4-year CD
- 1.45% APY 3-year CD
The above rates are listed in the MidFirst Direct CD page as of 9/16/2013. Thanks to DA member OldGuy for reporting on the 5-year CD in the comments.
Minimum deposit is $1,000, and the maximum deposit is $250,000.
The bank doesn't provide many CD details on the website. Last year I had to call the bank's support number at 800-471-1001 (option 6) for the details. The CSR was helpful and knowledgeable. Below are some of the details I was told by the CSR:
- CDs are funded with a ACH transfer. Trial deposits are used to verify external account.
- Rate is locked at the time that you submit the application
- They allow beneficiaries with POD designation. However, this must be done by form after the account is opened.
- Early withdrawal penalty is 3 months of interest for terms under 12 months, 6 months of interest for terms of 12 to 24 months and 12 months of interest for terms over 24 months
- Grace period at maturity is 10 days
- When the CD matures, you can receive the funds by check or by wire transfer
There's an online application. However, not all states are accepted. Last year I only found 11 states that were accepted. These states include AR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY. For the other states and D.C., I received a message like the following:
You selected Maine as your state of residence. MidFirst Direct is not currently available in Maine.
I haven’t gone through all these states today to see if there have been any changes since last year. If one of the above states is no longer accepted or if you find another state is accepted, please leave a comment.
MidFirst Bank branches are located in the Phoenix metro area of Arizona and in several cities of Oklahoma including Yukon, Oklahoma City, Shawnee and Tulsa.
MidFirst Bank is a sizable bank with $9.68 billion in assets. The bank has an overall health score of B+ 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).
How These CD Rates Compare
The highest 5-year CD rate that’s nationally available is 2.05% APY at iGObanking.com. The highest 4-year CD rate is 1.71% APY at Andrews FCU and at Melrose Credit Union. These rates are accurate as of 9/16/2013.
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.