MidFirst Bank Review

MidFirst Bank Savings

0.35% APY

Whereas many of its competitor banks typically offer underwhelming yields, MidFirst Bank boasts average or above-average APYs. Many times, great rates will come paired with high monthly service fees, charges for ATM usage and more. But this bank helps break that mold too, as you can waive many of its already-low monthly fees by meeting fairly simple criteria.

The main issue with the different bank accounts available at MidFirst is the minimum opening deposits that are needed to gain eligibility. While most savings, checking and money market accounts require $100, CDs and IRAs at the bank call for anywhere from $1,000 to $5,000, which can be a bit much for some prospective customers.

Products Offered

MidFirst Bank Interest Rate Comparison

MidFirst Bank Overview

With around $36.4 billion in customer assets, MidFirst Bank is one of America’s largest private banks. Not only did J.D. Power name MidFirst the bank with the highest customer service rating in the Southwest, it also received the top index score of any bank in the entire country.

MidFirst Bank Performance Savings Account

MidFirst Bank’s Performance Savings account comes with just a 0.35% APY. Because this is the only normal savings account available through the bank, this rate is a bit disheartening for anyone who wants to save for a specific purpose. The account does institute a $4 monthly service fee, though simply keeping your average daily balance above $250 will void it. Account holders receive 24/7 access to the bank’s mobile/online banking services.

Children under the age of 17 can open an iSave Savings account with just $25 as an initial deposit. Surprisingly, this offer earns at a 0.75% APY, which is more than what Performance Savings account holders receive, and all interest is compounded daily. If your child can manage to make a deposit into his or her account for 12 straight months, MidFirst will match half of the largest deposit, with a $25 cap. The account also comes with information for financial education and a custom deposit book.

MidFirst Bank M Checking Account

The two most commonly opened checking accounts at MidFirst Bank are the M and M+ Checking accounts. The M+ account is an interest-bearing account, whereas the M account is more traditional. It does still charge a $10 monthly service fee, or $5 fee for customers 60 years or older. You can have this waived by either receiving $250 a month in direct deposits or by maintaining an average daily balance of $1,000.

If you find yourself hardly ever visiting a bank branch, MidFirst’s eChecking account is well worth looking into. The more you utilize the online and mobile services associated with this account, the better your account benefits will get. This includes rate hikes for your APY, as well as additional relationship perks if you own other accounts as well.

MidFirst Bank Titanium Money Market Account

Large deposits and tiered interest rates are the telltale benefits of a money market account (MMA), and the Titanium Money Market account at MidFirst fits that mold exactly. Although you’ll only need $100 to open this quasi-savings account, a $10 monthly service fee will be charged unless your average daily balance remains at $5,000 or above. In other words, a $5,000 balance should be treated as the true minimum to make this account truly worth its weight.

There are APY categories that your Titanium MMA could fit in, with this distinction determining the final interest rate associated with your account. Rates can be anywhere from 0.20% to 0.60%, and interest is compounded daily and paid monthly. As per government regulations, you can only make six free withdrawals every month.

MidFirst Bank CDs

MidFirst Bank currently offers two styles of certificates of deposit (CD): Relationship CDs and Callable Relationship CDs. Relationship CDs work as CDs typically do, locking your money up for a specific amount of time at a fixed interest rate. The majority of the 91-day to 120-month accounts available require an $1,000 initial deposit, while the 11-, 14-, 25- and 30-month special CDs call for $5,000. 

Callable Relationship CDs are inherently different, as they feature interest rates that are completely variable. Each account comes with an overall term length, followed by a rate lock period. This means your rate is liable to reset every time a lock period ends, which could end up being beneficial or not. In order to open a Callable CD, you must invest $5,000.

MidFirst Bank Relationship IRA

MidFirst Bank’s Relationship Individual Retirement Account (IRA) comes in the form of an IRA CD. The term lengths, minimum deposits and special rate offers are all exactly the same as the standard Relationship CD, only you decide how the taxes of your account are handled.

While no one can escape the financial clutches of the IRS, you can choose either to pay up front on your personal retirement savings, or wait until you begin receiving payments from it. Should you choose the first route, a Roth IRA CD is what you’ll want, whereas a traditional IRA CD is best for anyone wishing to defer tax payments.

Where Can I Find MidFirst Bank?

With around 80 branches, MidFirst Bank is technically considered a large bank. The vast majority of its locations are in Oklahoma and Arizona, but there are a few others in Colorado and California.

What Can You Do Online With MidFirst Bank?

Aside from its customer phone line and branches, MidFirst Bank offers a mobile phone app, tablet app and online banking website to manage your assets from remotely. The app boasts a fantastic 4.5 star rating between the Apple and Android app stores and has all the features that you would expect it does. For example, you can deposit a check remotely by taking a photo of it, transfer money between internal bank accounts, set up online bill pay, locate nearby branches and ATMs and more.

Just about everything that can be done through the bank’s online banking website is also available on the app. However, the listings of your account balances and transaction histories is far more detailed through the computer-based site. Here you can print out eStatements and other eDocuments for taxes and other purposes, as well as issue stop payments on checks. You can directly download your account information into Quicken for even more ease of access.

How Do I Access My Money?

Your debit card is the simplest way to spend the money in your MidFirst accounts, either via purchases or ATM withdrawals. These come with PIN numbers that you’ll need to remember, as they pull the money from your account in exactly the same way that a credit card would be charged.

The bank has recently partnered up with Apple Pay, Google Pay and Samsung Pay, so you can even add your card to a virtual wallet of your choice. Online bill pay also lets you set up automatic payments directly from your account.

How Can I Save More Money With a MidFirst Bank Account?

Many of the interest rates at MidFirst Bank are either right in line with the average for that type of account, or are even better. This is especially evident with the CDs and IRA CDs available at the bank, but also to a lesser extent for the Titanium Money Market account. As is the case with much of the banking industry, customers who deposit larger amounts of money or accept longer CD and IRA CD terms will be rewarded with the top APYs. But before you just jump into the deep end, figure out which types of accounts align with your financial plans the best.

Some banks will charge through the roof for monthly service fees, which can take a sizable bite out of your account’s earnings over a long period of time. This is especially true if you are unable to meet the waiver requirements for these fees. MidFirst, though, employs a much more forgiving system that includes low base fees and easy-to-meet waiver requirements.

What’s the Process For Opening an Account With MidFirst Bank?

The most effortless way to open an account with MidFirst Bank is to complete an online application. MidFirst utilizes security measures to ensure these are secure online interactions. You must be located in Arizona, Oklahoma or Colorado to apply this way, though.

Your other two options are either to call the bank directly to process your application or just drop by a branch. No matter what you decide to do, be sure you bring your Social Security number, a U.S. government-issued ID and the money necessary to cover your new account’s minimum opening deposit.

What’s the Catch?

MidFirst is extremely stingy when it comes to releasing specific information regarding many of its banking products. If you have a question but cannot find the answer anywhere on the bank’s website, give them a call so you can feel comfortable prior to beginning a relationship with the bank.

Bottom Line

While not spectacular overall, MidFirst Bank does have some benefits that make it valuable for the right customers. More specifically, its minimal monthly fees and good interest rates blend to form a very solid combination that should facilitate financial growth. But if you can afford to eposit a solid amount of money with the bank, you’ll find the interest rates get even better.