MidFirst Direct Has Competitive Long-Terms CDs

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50%$1k-MidFirst Direct84 Month High Yield Online CD
2.25%$1k-MidFirst Direct60 Month High Yield Online CD
Accounts mentioned in this post. Rates as of February 21, 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.

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.

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.

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

Bank Overview

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.

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’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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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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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...

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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...

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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...

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