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CD Term greater than 12 Months - Three percent of the amount withdrawn, plus a $25 fee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