MidFirst Direct Review: Savings and CD Rates

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Updated on Monday, December 10, 2018

MidFirst Direct’s savings account option

High Yield Online Savings

The interest rate on this free savings account is well above average but by no means the best you can find from an internet bank.
APYMinimum Balance to Earn APY
1.25% All balances
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: No minimum
  • Monthly account maintenance fee: $0
  • ATM fee: No ATM card
  • ATM fee refund: N/A
  • Overdraft fee: $34 per item; maximum of five fees per day; $25 extended overdraft fee if overdrawn for seven days; overdraft protection available with $12.50 transfer fee

High Yield Online Savings is a basic account that is fine if your main concerns are avoiding monthly fees and earning a bit of interest, although the minimum deposit required to open the account is steep. The interest rate offered is decent, though far from the best in the market. The human customer service is a nice touch. Per the federal rule known as Regulation D, you can make up to six certain withdrawals/transfers per month. You’ll be charged an $8 fee for each additional withdrawal after that by the bank. Note there is no ATM card available.

How to get MidFirst Direct’s High Yield Online Savings

You can open a High Yield Online Savings account by filling out a brief application online. You’ll need to provide your Social Security number, driver’s license information, address and other personal details. If you want to transfer money from another bank, you’ll also need the account number, name of the financial institution and the routing number from your checks.


on MidFirst Direct’s secure website

Member FDIC

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How MidFirst Direct’s savings account compares

You’ll need at least a grand to open a high-yield online savings account at MidFirst Direct, a fairly steep minimum opening requirement compared with a lot of internet savings accounts. MidFirst Direct does pay an interest rate that is well above the national average, but it’s not the top rate in the market.

If your priority is to park some cash in an account where it can earn as much interest as possible, you should choose another account from this list of some of the best online savings account offerings out there.

MidFirst Direct’s CD rates

MidFirst Direct High Yield Online CD

MidFirst Direct CDs pay above-average rates and come in a wide range of terms.
TermMinimum Balance to Earn APYAPY
91 Days$1,0000.15%
182 Days$1,0000.25%
9 Month (Special)$5,0002.50%
12 Month$1,0000.30%
15 Month (Special)$5,0002.00%
18 Month$1,0000.35%
24 Month$1,0000.40%
36 Month$1,0000.50%
48 Month$1,0000.55%
60 Month$1,0000.65%
84 Month$1,0000.75%
120 Month$1,0000.85%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000; $5,000 for special CDs.
  • Early withdrawal penalty: 7-31 days all interest earned; 32 days-12 months 1% of the amount, greater than 12 months 3% of the amount.

MidFirst Direct’s CDs pay decent interest rates for terms ranging from three months to 10 years, with many options in between. The CDs provide a guaranteed and relatively high rate of return for those who want a safe place to stash their money, though deposits are capped at $250,000 per CD. Interest is compounded daily. There are two “special” options, a 9 month CD and a 15 month CD, that require deposits of at least $5,000. The 9 month option pays a premium over the 182 day option. However, contrary to what you’d expect, the 15 month CD actually currently pays a lower rate than the 12 month one.

Before you commit to any CD, be absolutely certain you won’t want to access the money until end of the term. If you need to withdraw it early, you may incur a penalty — seven to 31 days all of the interest earned on the amount being withdrawn; 32 days to 12 months 1% of the amount, plus a $25 fee; and greater than 12 months 3% of the amount withdrawn, plus a $25 fee.

How to get MidFirst Direct’s CDs

You can open a CD online by selecting the term you want and filling out the application. You’ll need to provide your Social Security number, driver’s license information, address and other information. To transfer money from an account at another institution, you’ll also need to provide the bank name, account number and routing number.


on MidFirst Direct’s secure website

Member FDIC

magnifying glass

How MidFirst Direct’s CD rates compare

MidFirst Direct’s CDs are convenient to open and offer a wide choice of terms ranging from a few months to a decade. They pay guaranteed interest rates that are well above the national average. However, the minimum deposits required are much higher than at other institutions, while the rates offered are not the absolute best. Before you lock your money away, it’s best to research other options for maximizing your earnings among the best CD rates in the market.

Overall review of MidFirst Direct banking products

MidFirst Direct has a simple menu of offerings: a high-yield online savings account and a range of high-yield CDs. Both are solid enough choices, but not the best, and the minimum opening deposits may present a barrier for some customers.

It’s convenient that you can open and manage the accounts through online and mobile banking, while still having the option of accessing customer service by phone seven days a week. If you’re nervous about online-only banks, you might like the fact that MidFirst Direct is backed by a well-established, brick-and-mortar parent, MidFirst Bank.

However, the bottom line is that there are many other institutions offering better rates. To really put your money to work, you’ll do better with another bank.