MidFirst Direct Raises CD Rates Again

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Deal Summary: 12-month High Yield Online CD, 2.25% APY, $1k minimum deposit. 15-month High Yield Online CD Special, 2.40% APY, $5k minimum deposit.

Availability: Online market area now includes the 48 continental U.S. states.

If you’re having a little DA déjà vu, it’s probably because two weeks ago I wrote about MidFirst Direct raising the rates on all its High Yield Online CDs. MidFirst Direct ended this week by raising the rates on its 12-month High Yield Online CD (2.25% APY) and 15-month High Yield Online CD Special (2.40% APY). The 12-month requires a $1k minimum deposit, while the 15-month calls for a $5k minimum deposit. Deposits are limited to $250k for either CD.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.45%$5k$250kMidFirst Direct15 Month High Yield Online CD Special
2.30%$1k$250kMidFirst Direct12 Month High Yield Online CD
Rates as of July 17, 2018.

The CD Disclosure Page, which had previously been attached to the online application, is now available on the website. The Early Withdrawal Penalty has changed in the past year and now reads as follows:

If we allow a withdrawal prior to maturity, either partial or total, each time
we allow such a withdrawal, we will assess an early withdrawal penalty.

CD Term greater than 12 Months - Three percent of the amount withdrawn, plus a $25 fee

Long-Term High Yield Online CDs

MidFirst Direct also raised the rates on its 60- and 84-month High Yield Online CDs this week, with both now earning 2.80% APY. Both APYs are competitive within their respective length-of-term categories, but the flattening yield curve, with only 55 bps points between the 12-month and 60-month, puts a damper on the long-term CDs’ attractiveness.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$1k$250kMidFirst Direct60 Month High Yield Online CD
3.00%$1k$250kMidFirst Direct84 Month High Yield Online CD
Rates as of July 17, 2018.

Availability

Headquartered in Oklahoma City, MidFirst Direct is the internet division of MidFirst Bank, which is one of the largest privately owned banks in the United States.

In the past, the online market area was restricted to 12 states spread across the country, but MidFirst Direct now offers their product line to all U.S. citizens and resident aliens, with the exception of the residents of Alaska and Hawaii.

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 and shares its financial information.

MidFirst Bank/Direct has an overall health grade of “A" at DepositAccounts.com, with a Texas Ratio of 6.49% (excellent), based on December 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $634.65 million, an excellent annual growth rate of 8.85%. Please refer to our financial overview of MidFirst Bank/Direct (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. Through continued growth and market expansion, today’s MidFirst Bank has assets in excess of $14.7 billion and 79 branch locations in Colorado, Oklahoma, and Arizona.

How the High Yield Online CDs Compare

When compared to the 209 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available nationally, MidFirst Direct’s 12-month High Yield Online CD APY currently shares the top spot with Banco do Brasil Americas’ 1 Year CD Promotion APY.

When compared to the 155 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available nationally, MidFirst Direct’s 14-month High Yield Online CD Special APY currently tops the list.

The above rates are accurate as of 4/28/2018.

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

Related Pages: 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

Comments
Anonymous
Anonymous   |     |   Comment #1
On the surface this seems like a good deal, exception being 3% penalty -- that aside, important to this saver as probably to many (but not all) would be a reference to the ability of having beneficiaries or POD structured accounts. There are just so many differing offers from financial institutions, for this saver I just can't keep track in my mind of who allows the beneficiaries and who does not as well as sometimes only 1 beneficiary allowed. I would suggest perhaps if it is not too difficult to cover that part of the summary early on in the blog post -- as once I know I can't have beneficiaries or POD, then I eliminate that offering for my investments.
ChasR
ChasR   |     |   Comment #2
This could be tough to do. There are so many variations that Ken might have difficulty pinning down the often opaque POD practices and policies of specific banks and credit unions. Online disclosures often don't reveal these variations. For example, the last I checked, Salem 5 doesn't permit legal entities such as charities to be beneficiaries. A number of credit unions, such as Mountain America and NASA, don't permit distinct beneficiaries for different accounts. State law can also make a difference--eg, in North Carolina, where Live Oak Bank is headquartered, a statute limits non-individual beneficiaries to one per account. And info obtained from CSRs is often inaccurate or inconsistent with other CSR info.
MidFirst Direct Ups All High Yield Online CD Rates
Deal Summary: High Yield Online CD – 12-month (2.15% APY), 18-month (2.25% APY), 24-month (2.50% APY), 36-month (2.60% APY), 48-month (2.65% APY), 60-month (2.75% APY), $1k minimum deposit

Availability: Online market area now includes the 48 continental U.S. states.

MidFirst Direct ended the week by raising the rates on all its High Yield Online CDs, adding between 15-20 bps. Of the ten High Yield Online CDs, the 12-month (2.15% APY), 24-month (2.50% APY), and 36-month (2.60% APY) are the most competitive. The minimum deposit is...

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MidFirst Direct Offers Nationwide 15-Month CD Special

Deal Summary: 15-month High Yield Online CD Special, 2.35% APY, $5k minimum deposit

Availability: Online market area now includes the 48 continental U.S. states.

MidFirst Direct has added a 15-month High Yield Online CD Special earning 2.35% APY. The CD Special requires a $5k minimum deposit (unlike the $1k minimum for MidFirst Direct’s non-Special CDs), with “deposits limited to $250,000 per CD.”

Good news – the CD Disclosure Page, which had been buried in the online application, is now available on the website. The Early Withdrawal...

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MidFirst Direct Raises Rates on Shorter Term CDs

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...

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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

Availability:

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,...

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