MidFirst Direct Raises Rates on Shorter Term CDs

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Deal Summary: High Yield Online CDs: 12-month (1.35% APY), 18-month (1.45% APY) and 24-month (1.55% APY); $1k minimum deposit

High Yield Online Savings, 1.00% APY, $1k minimum opening deposit

Availability: Online market area includes Arizona, Arkansas, California, Colorado, Florida, Missouri, New Hampshire, Nevada, New York, Oklahoma, Texas, and Wyoming.

MidFirst Direct ended the month by raising the APYs on its shorter term High Yield Online CDs, with the 18-month (1.45% APY) being the most competitive. The minimum opening deposit for any High Yield Online CD is $1k, with “deposits limited to $250,000 per CD.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.55%$1k-MidFirst Direct24 Month High Yield Online CD
1.50%$1k-MidFirst Direct12 Month High Yield Online CD
1.45%$1k-MidFirst Direct18 Month High Yield Online CD
Accounts mentioned in this post. Rates as of September 24, 2017.

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.

When I contacted CSR, I was told that the specific EWP terms are available as part of the online application, and not listed anywhere else on the website. The last time I wrote about MidFirst Direct in September 2014, the EWP was six months interest on CDs with terms between 12 months and 48 months.

High Yield Online Savings

MidFirst Direct’s High Yield Online Savings currently earns 1.00% APY on all balances, although the account requires a minimum $1k to open. There is no monthly service fee associated with the account, but there is an $8 fee per withdrawal beyond the six free monthly withdrawals.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00%--MidFirst DirectHigh Yield Online Savings
Accounts mentioned in this post. Rates as of September 24, 2017.

MidFirst Direct has been offering the High Yield Online Savings account since January 2016, when it was added to the product line earning a rather unimpressive 0.45% APY. The APY was raised to 0.75% in November 2016, and to its current 1.00% in January 2017.

Availability

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.

While it operates as an online entity, MidFirst Direct is unique in that it restricts its availability to residents of 12 states, unlike most U.S. internet banks that offer their product line to all U.S. citizens and resident aliens, without a residency requirement.

MidFirst Direct’s product line is currently limited to CDs and a High Yield Online Savings account, all of which must be opened online.

Bank Overview

As MidFirst Bank's internet division, MidFirst Direct operates under MidFirst Bank's FDIC Certificate (# 4063) and shares its financial information. MidFirst Bank/Direct has an overall health grade of “A" at DepositAccounts.com, with a Texas Ratio of 5.28% (excellent), based on December 31, 2016 data. In the past year, the Bank has increased its total non-brokered deposits by $881.2 million, an excellent annual growth rate of 14.01%. Please refer to our financial overview of MidFirst Bank/Direct 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. Through continued growth and market expansion, today’s MidFirst Bank has assets in excess of $13 billion and 83 branch locations in Colorado, Oklahoma, and Arizona.

How the High Yield Online CD Compares

Given that the market area is comprised of twelve disparate states, a comparison to nationally available CDs is appropriate. When compared to the 142 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available nationally, MidFirst Direct’s 18-month High Yield Online CD APY currently ranks fourth.

The above rates are accurate as of 4/1/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or Rates Map page.


Comments
MidFirst Direct Has Competitive Long-Terms CDs
Availability: Online market area includes Arizona, Arkansas, California, Colorado, Florida, Missouri, New Hampshire, Nevada, New York, Oklahoma, Texas, and Wyoming.

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.

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...
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MidFirst Direct’s Competitive Long-Term Online CDs

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Residents of Arkansas, Arizona, California, Florida, Missouri, Nevada, New Hampshire, New York, Oklahoma, Texas, and Wyoming.

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MidFirst Direct Raises Rates On High Yield Online CDs - Very Competitive

MidFirst Direct (internet division of MidFirst Bank, headquartered in Oklahoma) has raised the rates on six of its High Yield Online CDs to very competitive levels

The minimum deposit and balance on all of MidFirst Direct’s High Yield Online CDs is $1K, with total deposits limited to $250K per customer.

CD Length Interest Rate CD Length Interest Rate
12-month High Yield Online CD 1.05% APY 36-month High Yield Online CD 1.50% APY
18-month High Yield Online CD 1.05%...
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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...

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