MidFirst Direct’s Competitive Long-Term Online CDs



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

While I was working on the CD summary yesterday, I noticed that 3% CDs have once again become rare. Even the best brokered CD rates are no longer at 3%. Treasury yields are even worse with the 10-year Treasury note yielding less than 2%. Due to these low rates, I thought it was a good time to do another review of the long-term CDs at MidFirst Direct (internet division of MidFirst Bank, headquartered in Oklahoma). As of January 21, 2015, you can still get a 3% CD. MidFirst Direct’s 10-year CD has a 3.00% APY, and its 7-year CD has a 2.75% APY. Minimum deposit is $1,000, and the maximum deposit is $250,000.

2.00%$1k-MidFirst Direct120 Month High Yield Online CD
1.85%$1k-MidFirst Direct84 Month High Yield Online CD
Accounts mentioned in this post. Rates as of December 10, 2016.

One important thing to note regarding these long-term CDs is the harsh early withdrawal penalty. An early withdrawal from the 10-year CD can cost you 36 months of interest. For the 7-year CD, it’ll cost you 24 months of interest. Full details are listed in the bank’s Certificate of Deposit Disclosure. Another worrisome thing mentioned in the disclosure is that the bank reserves the right to refuse an early withdrawal request. Below is an excerpt from the disclosure:

Withdrawal prior to maturity. Depositor has contracted to keep the funds evidenced by this Certificate on deposit from the date the Certificate is funded until the Maturity Date of this Certificate. Acceptance of a request by Depositor for a withdrawal of some or all of the funds prior to the Maturity Date is at the discretion of the MidFirst Bank.


MidFirst Direct is the internet division of MidFirst Bank, which is headquartered in Oklahoma City. While most internet banks offer their services and products nationally, an account with MidFirst Direct is currently available only to individuals residing in certain states. If you live in a state that’s not eligible, you won’t be allowed to start the online application. The list of eligible states does include many states including the four largest states. The following is a list of the states that are eligible when I last checked:

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

In my last call with MidFirst Direct customer service, I was impressed by the CSR’s helpfulness. I was informed that opening an account with MidFirst Direct and funding the CD can be accomplished in one online transaction.

Bank Overview

MidFirst (FDIC Certificate # 4063) has an overall health grade of an "A+" on DepositAccounts.com, with a Texas Ratio of 7.02% (excellent), as of September 30, 2014. MidFirst increased its total deposits by $244.67 Million in the past year, which represents an excellent growth rate of 4.38%. 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 $9 Billion and 80 branch locations in Oklahoma and Arizona.

How the Rates Compare

These MidFirst Direct CDs have much higher rates than what’s nationally available. In fact, you can get a higher rate by going with a shorter-term. CIT Bank has a 2.40% APY on a Jumbo 5-year CD. Below is how MidFirst Direct’s High Yield Online CDs compare with CDs from competitors that are nationally available:

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Anonymous   |     |   Comment #1
Uh Oh!  I don't always keep up as well as I should.  This looks like one of those instances.  It's a "dog that didn't bark" situation for me as I peruse Ken's "How the rates compare" section, above.  Apparently the new Valor (formerly Toby) $100k 3% deal has evaporated.  I didn't know that.  And it's worrying because I have to wonder whether the add-on promise regarding Valor's old 3% CDs will be next to disappear.
Anonymous   |     |   Comment #2
I don't know how a small institution can pay such a high rate. It could go under and no one would get that rate.
Anonymous   |     |   Comment #3
We do appear to be in an interest rate "trough" right now.  if it does not recover before or during spring, I'm not certain it will recover in 2015.
dave9354   |     |   Comment #4
Ah! Sure am glad for the valor cu add on prime rate certificate at 3.04  apy.  Also have the same for my IRA. Comes in handy for maturing cd's.
Anonymous   |     |   Comment #5
Have an add on IRA CD's at Navy for 3.34%. With the transfer done the first week of January
I will be near limit for insurance. Have to take my RMD's from there to ensure the Roth's will be 100% insured after the interest is posted. Navy has been taking transfers during the first 2-3 months of the year. 
Anonymous   |     |   Comment #6
NFCU is a good institution. But NFCU is not open to all of Ken's readers.
Anonymous   |     |   Comment #7
Can you take the whole amount of your RMD out of your Navy IRA to also satisfy RMD amounts that you may have at other banks or credit unions?  In other words, put as much as you can at Navy to get the exceptional rate of 3.34% and take all your RMD only at Navy to stay at the insured limit amount.
Anonymous   |     |   Comment #10
Are they still offering the 3.34% at NAVY? I don't see it on their website? Thx
Anonymous   |     |   Comment #8
Does anyone have experience with Midfirst Direct and their 3% 10-year CD's?
Ed (anonymous)   |     |   Comment #9
Yeah, you do your application online. They will send you the account information afterwards. To add beneficiaries, or to receive your monthly interest, you need to fill out a form for each and have them notarized. The monthly interest is sent through ACH to an account you choose.
Anonymous   |     |   Comment #11
Take a look at the outstanding debt and see how much is oil related.  Given the price of oil, several late comers to the oil patch and have a relative high operating costs/breakeven point are going to be the target for investors when things go really south, i.e. there will be deals in oil patch land!  But their debt may be first canceled in BK...
Anonymous   |     |   Comment #12
1/23 Rate change on Midfirst Direct's website.  10-yr now 2.75%.  7-yr now 2.5%.
CapitalClimate   |     |   Comment #13
Secondary market brokered CDs are still available at 9-10 year terms with rates up to 3.156.
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%...
Continue Reading
Top 7-Year CD Rate for 11 States at 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...

Continue Reading
Top Long-Term CD Rates for 11 States at MidFirst Direct

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...

Continue Reading
Very Competitive Mid-Term CD Rates for 11 States at MidFirst Direct

Yesterday I learned about MidFirst Direct, the internet division of MidFirst Bank. It offers a money market account, checking account and CDs with maturities of 3 months to 60 months. Both the money market account and checking account have low rates, but I was pleasantly surprised to see some very competitive CD rates. Compared to other internet banks, the best two are a 1.35% APY 1-year CD and a 1.40% APY 18-month CD. Below is a list of all of the competitive CD rates as listed at the MidFirst Direct...

Continue Reading
4.00% 6-Month / 4.50 18-Month CD at an Arizona Bank (Community Bank of Arizona).
Update 8/2/08: The CD rates have changed. Please check the bank's website for the latest rates.

Community Bank of Arizona is offering several competitive CD rates. The competitive yields range from 3.50% APY for a 3-month term to 4.95% APY for a 36-month term. The minimum deposit is $1,000. Below is the full list of competitive CD rates. The 12-month CD is also available as an IRA certificate.

CD rates as of 7/14/08:

Term APY
90 day...

Continue Reading

More Past Offers