MidFirst Bank Offers $300 Bonus In Arizona And Oklahoma

Now through December 31, 2021, MidFirst Bank is offering a $300 bonus for opening a new checking account and completing two of three requirements within 90 days of account opening. Two of the requirements do not include direct deposit, so direct deposit is not required. As stated in the “Sign up and Score $300” disclosure:

Checking Offer: To receive the $300 checking offer, two of the three requirements below must be completed within 90 days of new checking account opening:

• 1) Have direct deposit of $250 or more made to the new account. The direct deposit must be an electronic deposit of the account owner’s paycheck, pension or government benefits, such as Social Security.
• 2) Complete 10 debit card purchases. Multiple swipes for the same purchase amount at the same merchant do not qualify, and ATM transactions are not eligible.
• 3) Complete three Zelle® transactions on the MidFirst Bank Mobile App. Zelle transactions conducted in another banking application are not eligible.

Limitations/Restrictions

Offer not available to current MidFirst Bank checking customers or those whose accounts have been closed within one year or closed with a negative balance.

Accounts must be open and in good standing to receive an account credit, which will be made to the new checking account within 30 calendar days following completion of all requirements.

There is a limit of one $300 checking bonus per household.

Applicants be must be age 17 or older.

Checking accounts closed within 90 days of opening may forfeit the bonus.

Offer subject to change without notice and is not valid with any other promotional offers, including checking/referral offers

Checking Accounts

MidFirst Bank has four checking accounts which qualify for the $300 bonus: LiveFree Checking, eChecking, M Account, and M+ Account.

LiveFree Checking is a non-interest bearing account. There is no monthly service charge with eStatements. The minimum opening deposit is $100.

eChecking currently earns 0.60% APY on balances up to $20k if monthly qualifying requirements (15 debit card purchase transactions and one direct deposit or online bill payment) are met. $10 monthly service charge will be waived with a $250 minimum recurring direct deposit or $500 average daily balance. The minimum opening deposit is $100.

M Account is a non-interest bearing account. $10 monthly service charge waived with a $250 or more monthly recurring direct deposit, a $1k minimum average daily balance, or $50k in combined deposits in all MidFirst Bank accounts. If the primary account holder is age 60 or older, the monthly service charge is $5 and the $4 paper statement fee is waived. The minimum opening deposit is $100.

M+ Account currently earns 0.03% APY on balances up to $20k and 0.05% APY on balances ≥$20k. $15 monthly service charge waived with a $2.5k minimum average daily balance, or $50k in combined deposits in all MidFirst Bank accounts. $5 monthly service charge discount applies when primary account owner is age 60 or older. There is no paper statement fee. The minimum opening deposit is $100.

Availability

Headquartered in Oklahoma City, MidFirst Bank is one of the largest privately owned banks in the United States. Although MidFirst Direct (the online division of MidFirst Bank) offers its product line nationwide, MidFirst Bank’s market area includes brick-and-mortar presence in Arizona, California, Colorado, and Oklahoma, and online application for residents of Arizona, Colorado, and Oklahoma.

The current $300 bonus is offered online to residents of Arizona and Oklahoma only. According to the $300 bonus promotion page, in-branch opening is only available in the Stillwater and Tulsa branch locations.

Appointments are available and can be scheduled online, with a “Schedule Appt” link on the top of page of MidFirst Bank’s website.

Bank Overview

MidFirst Bank has an overall health grade of “A" at DepositAccounts.com, with a Texas Ratio of 2.73% (excellent), based on June 30, 2021 data. In the past year, the Bank has increased its total non-brokered deposits by $2.62 billion, an excellent annual growth rate of 17.97%. Please refer to our financial overview of MidFirst Bank (FDIC Certificate # 4063) for more details.

MidFirst Bank, one of the largest privately owned banks in the United States, traces its roots to Midland Mortgage Company, which was founded in 1950 by a group of Oklahoma City area bankers. The name was changed to MidFirst Bank in 1982, following the purchase of a thrift charter. Between 2009 and 2016, there were four acquisitions: Community Bank of Arizona, Union Bank, N.A. (AZ), Steele Street Bank & Trust (Denver), and 1st Century Bank, N.A. (Los Angeles). MidFirst Bank is currently the second largest bank headquartered in Oklahoma, with assets in excess of $31 billion and more than 537,000 customer accounts.

Bottom Line

To state the obvious again, checking bonuses are more attractive when interest rates are low because they offer a significant amount not available in either a liquid account or short-term CD. Opening a fee-free LiveFree Checking with $100 minimum deposit is the easiest route to claiming the $300 bonus. There are no liquid accounts or CDs that currently return $300 on a small deposit in approximately three months. Earning $300 in an online savings account, with the current top rate of 0.60% APY, would require a $50k balance on deposit for a year.

If you don’t qualify for the MidFirst Bank bonus, take a look at our list of the best savings and checking account bonus offers.

The above information and rates are accurate as of 9/20/2021.