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MidFirst Direct2.75%$1k-84 Month High Yield Online CD
Accounts mentioned in this post. Rates as of August 20, 2014

Top 7-Year CD Rate for 11 States at MidFirst Direct


MidFirst Direct

Last month I reported on very competitive 3-, 4- and 5-year CD rates at MidFirst Direct, the internet division of MidFirst Bank. I learned last Saturday that MidFirst Direct is now offering 7-year CDs, and the rate is very competitive. Unfortunately, the rate has already fallen. It now has a 2.75% APY which is down from its original yield of 3.00%. Even with this lower rate, it’s still very competitive compared to other banks and credit unions. The 2.75% APY is listed in the MidFirst Direct CD page as of 10/29/2013. Also listed are a 2.25% APY 5-year CD and a 1.75% APY 4-year CD. Thanks to DA member OldGuy for reporting on the 7-year CD in the forum.

Minimum deposit is $1,000, and the maximum deposit is $250,000. DA member Ally received the following CD details from (Thanks Ally!): rates are only available to residents of Arkansas, Arizona, California, Florida, Missouri, Nevada, New Hampshire, New York, Oklahoma, Texas, and Wyoming. IRA and Trust CDs are not available through If you withdraw any principal before the maturity date, the following penalty schedule will apply whether interest has been credited or not: 7 to 90-day term - all interest; 91-day to 11 month term - 3 months interest; 12 month to 48 month term - 6 months interest; 60 month term - 12 months interest; 84 month term - 24 months interest.

Note, the early withdrawal penalty for the 7-year term is 24 months interest. That’s a sizable penalty. To see how this compares to PenFed’s 7-year CD, please refer to our CD Early Withdrawal Penalty Calculator.

Below are a few additional account details that I learned when I called MidFirstDirect last year:

  • 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.
  • 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.

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 grade of a 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 7-year CD rate that’s nationally available is 2.02% APY at PenFed. The highest 6-year CD rate is 2.05% APY at GE Capital Bank. Coincidentally, GE Capital Bank is also offering brokered CDs. At Fidelity, GE Capital Bank is offering a non-callable 7-year CD with a 2.70% yield. These rates are accurate as of 10/29/2013.

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

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Comment #2 by lou posted on
These are callable.