Tuesday, 24 November 2020

MidFirst Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

MidFirst Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
06 Dec
8:24

MidFirst Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

MidFirst Bank Performance Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.00%

CD Rates

MidFirst Bank 12 Month Fixed Rate CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.35%

CD Rates

MidFirst Bank 36 Month Fixed Rate CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.25%

CD Rates

MidFirst Bank 60 Month Fixed Rate CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

MidFirst Bank’s checking account options

magnifying glass

How MidFirst Bank’s checking accounts compare

We’ll start off with the good points about MidFirst Bank. Its eChecking account offers a decent interest rate, but only if you can reach the Gold tier level (a handy task, since it requires making at least 30 debit card purchases per month).

Now, the bad. Most of these checking accounts are almost as complex to understand as the tax code. This means it’ll take some serious work on your part to meet the requirements each month to earn the perks and avoid paying the monthly fee. We’ll bet that just like at a casino, chances are you’ll be separated from more of your money than you earn in the long term, especially if you’re not always on top of making sure you meet the requirements.

There are also the high fees that come with these accounts. The monthly fees are high enough, but then you’ve also got to worry about the high overdraft fees (which take a full paragraph to explain). We didn’t even mention this yet — if you want paper statements, you may need to pay an extra $2 monthly fee.

Finally, the nail in the coffin for these accounts is the low interest rates that are offered (with, as we already noted, the Gold tier on the eChecking account). That’s even if the account offers interest at all — half of them do not. Instead, we recommend these checking accounts because they offer lower fees, higher interest rates, and a much reduced amount of fine print.

MidFirst Bank’s savings account options

magnifying glass

How MidFirst Bank’s savings accounts compare

If you’re looking to earn good interest rates, we’ve got bad news for you. MidFirst Bank’s savings accounts won’t get you there. Not only does the bank offer just a fraction of the rates the best online savings accounts are offering, but its Performance Savings account doesn’t even meet the current national average savings account rates.

We’re also a bit turned off by the fees that come with these accounts. One way that banks make their money is by taking what you deposit and loaning it out to other people. That’s why most banks don’t charge a monthly fee on savings accounts, because you’re actually doing them a favor by depositing your money with them. We think that it’s an unfair policy to charge for savings accounts, and so we recommend passing on the ones that MidFirst Bank offer.

MidFirst Bank’s CD rates

magnifying glass

How MidFirst Bank’s CD rates compare

The interest rates offered on these CDs aren’t bad, but they’re certainly not the best out there. In fact, you can earn even higher rates with one of these current top-ranked CDs.

Aside from that, we’re a bit perplexed by the Callable Relationship CDs that MidFirst Bank offers. Often banks will offer higher interest rates on these Callable Relationship CDs because they want to incentivize you to choose these CDs as they help out the bank’s bottom line if rates drop. But look closely — the interest rates offered on these Callable Relationship CDs is currently the same as on the regular Relationship CDs!

The bank also isn’t currently offering interest rate premiums with different rate-lock periods. Each term length, regardless of the rate lock, is currently offering the same rate. In sum, there’s no real advantage to these CDs anyway. If anything, it’s disadvantageous to open Callable Relationship CDs because you’ll get the same rate as the normal CDs, but the bank can throw a monkey wrench in your plans to close your CD at any time after the rate-lock period expires.

MidFirst Bank’s money market account option

magnifying glass

How MidFirst Bank’s money market account compares

MidFirst Bank doesn’t offer horrible rates on its money market account. We’d hope not, since the thing requires a very large $5,000 deposit (if you want to avoid the monthly fee). Still, we’d like to see much higher rates for a deposit amount this high.

In fact, the top money market accounts are currently offering much better rates. Many of these accounts have a much smaller minimum deposit size, and offer several times what MidFirst Bank is offering for its money market account. That’s why we recommend these accounts instead.

MidFirst Bank’s IRA account options

magnifying glass

How MidFirst Bank’s IRA CD rates compare

The cool thing about MidFirst Bank’s IRA CDs is that you can choose from ultra long-term lengths. Most banks only offer IRA CDs out to 5 year terms, but MidFirst Bank offers terms up to a full decade in length. That’s great for long-term savings goals like retirement.

What’s not so cool is the interest rates offered. That 10 year IRA CD, for example, is offering much less than the top 5 year IRA CDs at other banks. This means that by choosing MidFirst Bank’s IRA CDs, not only are you earning subpar interest rates, but you’re locking yourself into earning those subpar interest rates for twice as long as if you searched for the highest IRA CD rates elsewhere.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lindsay VanSomeren

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Source: https://www.magnifymoney.com/blog/reviews/midfirst-bank/

« »

Szemere

Related Articles