Dedicated to Deposits: Deals, Data, and Discussion
MidFirst Direct2.15%$1k-60 Month High Yield Online CD
MidFirst Direct1.75%$1k-48 Month High Yield Online CD
MidFirst Direct1.30%$1k-36 Month High Yield Online CD
Accounts mentioned in this post. Rates as of August 20, 2014

Top Long-Term CD Rates for 11 States at MidFirst Direct


MidFirst Direct

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

Last year a few readers commented that they tried to apply for MidFirst Direct CDs. Two reported having their applications rejected. It appears the reason may have been too many ChexSystem inquiries.


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.

Bank Overview

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 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

  Tags: MidFirst Direct, CD rates, Alabama, Arizona, California, Florida, Missouri, New Hampshire, Nevada, New York, Oklahoma, Texas, Wyoming

Related Posts

Comment #1 by Shorebreak posted on
Good find OldGuy!

Comment #2 by Anonymous posted on
MidFirst bank also has a 7 year relationship CD for 2.70% and a 7 year relationship callable CD at 3%

Comment #3 by Anonymous posted on
Unfortunately, it appears many states are still excluded.  On the open a CD site, there is a drop down list of states, and if your state does not have a branch, you can only provide your email address and they'll let you know in the future when there is one.  I live in Maryland and couldn't open a CD with this rate.  Too bad!

Comment #4 by KevinM posted on
I just contacted MidFirst and was told the "relationship" CDs are only available to residents of Oklahoma and Arizona.


Comment #5 by Anonymous posted on
I wrote it, I also live in Arizona but I still wouldn't do a relationship cd with a call option......I went in First Bank to cash 1.35% 1 year cd that matured, the manager asked me if I wanted to renew to the callable 7 year.... I told him that his bank wants it all.... I said to him if rates go down you call the cd and I'm stuck looking for another cd, if rates go up and I want to close it early I have to pay an early withdrawal penalty.... how is that fair for the customer? I told him I would never do business with a bank that offers those deals, I will only do a cd with that bank if it benefits me.... do a loan with them, never.

Comment #6 by KevinM posted on
The 2.7% 7-year (non-callable I assume) looks good though: 70 basis points above a 2% 5-year for extending maturity by two years. I think I would go for that one if available to me.


Comment #7 by Anonymous posted on
I am looking for a cd that has a call option that I can call.  Therefore; if rates go up, I can call it and get a new higher rate cd. 

Comment #8 by KevinM posted on
That's actually a put, not a call, and you do have that with the early withdrawal option of a direct CD. It's just that you have to pay something for it. The bank/CU actually is paying you for their call by offering a higher rate.


Comment #9 by Anonymous posted on
If you elect an early withdrawal from a cd, you pay a penalty; however, if a bank calls your cd, they pay no penalty.  That's what I want.  If rates go up, I want the ability to call my cd without a penalty.  As far as a premium rate for a callable cd, I ask you to show me one available now and I can probably match an equal or better rate offered by a noncallable cd.

Comment #10 by Anonymous posted on
#9... MidFirst Bank.....7 year 3% callable

Comment #11 by Anonymous posted on
Sorry #10, but this cd does not qualify for the comparison.


I am looking to compare a "standard" callable CD that pays a premium rate with no strings atttached (no relationship requirements like a checking account, specific number of transactions per month, or other requirements) and is available nationwide (no pre or existing military or other special association requirements).  I do not think you can find one that will equal or beat the rate of a noncallable cd of equal maturity.

Comment #12 by andybuji posted on
Can anybody tell me whether interest can be directed to another account other than the CD itself?  particulalry, does the bank have transfer capabilities that allow you to ACH the interest to an outside bank previously setup in their system?


btw Ken - this is a feature that is worth it's weight in gold and very important to fixed income investors.  I think you should include this criteria when reporting on CD's.  Very few banks are set up for and include that as an option.

Comment #13 by cumulus posted on
Add Illinois to the unavailable list:

     You selected Illinois as your state of residence. MidFirst Direct is
     not currently available in Illinois. Please provide your email address
     below and we will notify you when we are open in your state.