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
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.”
|1.55%||$1k||-||MidFirst Direct||24 Month High Yield Online CD|
|1.45%||$1k||-||MidFirst Direct||18 Month High Yield Online CD|
|1.35%||$1k||-||MidFirst Direct||12 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.
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.
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.
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.
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.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.00% APY||17-Month CD Special ($50k max)||Navy Federal Credit Union|
|1.50% APY||15-Month Special CD||Veridian Credit Union|
|1.45% APY||18-Month High Yield Online CD||MidFirst Direct|
The above rates are accurate as of 4/1/2017.