Last week, MidFirst Direct raised the APYs on most of its CDs, with the 60-month CD (2.25% APY) and 84-month CD (2.50% APY) being the most competitive. The minimum opening deposit for either CD is $1k, with no stated balance cap.
|2.50%||$1k||-||MidFirst Direct||84 Month High Yield Online CD|
|2.25%||$1k||-||MidFirst Direct||60 Month High Yield Online CD|
A specific description of the Early Withdrawal Penalty (EWP) used to be included in the Certificate of Disclosure Page, but it has been replaced with,
If Your Account has not matured, any withdrawal of all or part of the funds from Your Account may result in an early withdrawal penalty. We will consider requests for early withdrawal and,
if granted, the penalty provided in the Receipt of Certificate of Time Deposit will apply.
I contacted a CSR, in hopes of getting a more definitive answer, but the CSR did not have access to the information either. The last time I wrote about MidFirst Direct in September 2014, the EWP ranged from 6 months' interest on CDs with terms between 12 months and 48 months, to 36 months' interest on its 120-month CD.
Headquartered in Oklahoma City, MidFirst Direct is the internet arm of MidFirst Bank, one of the largest privately owned banks in the United States.
MidFirst Direct’s online market area includes Arizona, Arkansas, California, Colorado, Florida, Missouri, New Hampshire, Nevada, New York, Oklahoma, Texas, and Wyoming.
MidFirst Direct’s product line is limited to CDs and a High Yield Online Savings account, all of which must be opened online.
MidFirst Direct has an overall health grade of “A" at DepositAccounts.com, with a Texas Ratio of 4.92% (excellent), based on September 30, 2016 data. In the past year, MidFirst Direct (FDIC Certificate # 4063) has increased its total non-brokered deposits by $936.22 million, an excellent annual growth rate of 14.46%. Please refer to our financial overview of MidFirst Direct for more details.
MidFirst Direct is the internet arm of MidFirst Bank, one of the largest privately owned banks in the United States. MidFirst Bank 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. Through continued growth and market expansion, today’s MidFirst Bank has assets in excess of $12 billion and 83 branch locations in Colorado, Oklahoma, and Arizona.
How the CDs Compare
Given a market area of twelve disparate states, a comparison to nationally available CDs is appropriate. When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available nationally, MidFirst Direct’s 60-month CD APY currently ranks fourth.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available nationally, MidFirst Direct’s 84-month CD APY currently ranks first.
The above rates are accurate as of 1/12/2017.