MidFirst Bank
Fees
Our Rating
Current Promotion
APY Savings
Banking is a service industry that caters to demanding customers because after all, their money is on the line. So, it’s not very often that one comes across a bank with a high customer satisfaction score. This is where MidFirst Bank separates itself from the rest of the pack.
MidFirst Bank is one of the largest private financial institutions in the US. This bank has more than $20 billion in assets and about $1 billion in regulatory capital. This stability is perhaps one reason why more than 625,000 customers trust them.
MidFirst Bank has more than 80 locations where customers can access its services through banking centers, ATMs, online and mobile banking, telephone banking, and drive-thru services. They have 100 MidFirst ATMs, which customers can use for their banking needs for free.
MidFirst Bank Review
MidFirst Bank Pros & Cons
Like any other bank, MidFirst has its own strengths and weaknesses. Here are the main benefits and drawbacks you should know before applying:
Pros | Cons |
|---|---|
Checking Account Options | Low Savings Rates |
Personalized Service | Rates Aren't Published On Their Website |
Variety of Banking Products | Limited Coverage Area |
- Checking Account Options
The bank offers a range of checking account choices to cater to individual needs, ensuring customers find an account that suits their preferences and financial habits.
- Personalized Service
Customers receive tailored and attentive assistance, reflecting a commitment to providing a personalized banking experience that addresses specific financial requirements.
- Variety of Banking Products
In addition to checking accounts, the bank offers a diverse selection of financial products, allowing customers to access a comprehensive range of banking services.
- Low Savings Rates
The bank's savings rates are relatively low, potentially impacting the growth of savings for customers who prioritize higher interest earnings.
- Rates Aren't Published On Their Website:
The bank doesn't display its rates on its website, which could make it less convenient for customers to compare and make informed decisions about their banking choices.
- Limited Coverage Area
The bank's services might be restricted to a specific geographic area, limiting accessibility for potential customers outside of that region.
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MidFirst Savings Accounts
MidFirst has only two choices for a pure savings account:
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High Yield Savings Account
This is more than your basic savings account with other online banks. It not only offers a high yield of Up to 0.61%, but has a number of other features.
For example, you can request a free ATM card, but no monthly maintenance fees exist. Interest is compounded daily, and there are no minimum balance requirements. Additionally, this account provides access to various online money management tools.
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iSave Savings
iSave Savings is a program for kids under 17, teaching saving with a matching deposit feature. Upon 12 consecutive monthly deposits, MidFirst Bank matches 50% of the average of the highest single deposit per month, up to $25 annually.
The iSave account has interest on all balances, free withdrawals, no minimum deposit, and no monthly service charge. It includes educational materials and a personal deposit journal.
MidFirst Checking Account
Yes, there’s a lot of checking accounts to choose from. However, take a look at the starter account Go! Checking. It has a low opening deposit and it’s free. This is one of the better starter checking accounts in the market today. Here are the main types fo ehcking accounts you can find with MidFirst:
Boost Checking: Boost Checking offers smart banking with benefits, providing up to 5.00% APY on balances up to $20,000. To qualify, complete 15 debit card purchases, one direct deposit or online bill payment each month. The account features free online/mobile banking, Early Pay, and more. The $10 monthly service charge is waived with $250 in direct deposits or a $500 average daily balance.
LiveFree Checking: LiveFree Checking by MidFirst Bank is fee-free and convenient. It offers free online/mobile banking, Bill Pay, and Early Pay. No minimum deposit is required, and the account provides Zelle® payments, a free debit card with Digital Wallet, and transaction alerts.
M Account: The M Account offers traditional-style checking with benefits. The $10 monthly service charge is waived with a $250 direct deposit, $1,000 average daily balance, or $50,000 in combined deposits. Enjoy free online/mobile banking, Bill Pay, Zelle®, and Early Pay. Additional perks include free money orders, wallet check discounts, and more.
M+ Account: The M+ Account offers interest on checking with added benefits. The $15 monthly fee is waived with a $2,500 average daily balance or $50,000 in combined deposits. Similar to the M Account, it provides free online/mobile banking, Bill Pay, Zelle®, and Early Pay. Enjoy perks like free money orders, safe deposit box discounts, and more.
Certificate Of Deposits (CDs)
MidFirst offers a wide choice of CDs with a range of terms:
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Relationship Certificate of Deposit
The MidFirst Bank Relationship Certificate of Deposit (CD) offers a secure investment option with a guaranteed rate of return.
It provides flexibility through various interest payment plans and terms that cater to your investment preferences. By designating your Relationship CD as part of an eligible package, you can potentially earn CD APY/interest rate increases based on your banking relationship.
With daily compounded interest and FDIC insurance, this account assures reliability. Terms extend from 91 days to 10 years, requiring an opening balance as low as $1,000 ($5,000 for Specials).
MidFirst CDs | |
|---|---|
Initial Deposit | $1000 $5000 (Special CDs) |
Terms | 91 days – 120 months |
APY | 0.35% – 0.75% |
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Callable Relationship Certificate of Deposit
The MidFirst Bank Callable Relationship Certificate of Deposit (CD) combines a guaranteed return during the lock period with the added feature of being callable by the bank after the lock period.
If called, you receive the stated annual percentage yield for the investment period. The account allows potential CD APY/interest rate increases based on your relationship balance within a Relationship Package.
Featuring daily compounded interest, multiple interest payment choices, FDIC insurance, and flexible terms, this CD spans two to seven years, with lock periods of three months to two years. The minimum opening balance is $5,000.
Summary
Regional banks always have a charm that many modern and national banks don’t have.
MidFirst is a good fit for people in the Southwest who want a progressive bank with a conservative feel. Their full range of products and services – plus the way they bring them to customers – make them a good choice for a bank if you’re within their service area.
Notably, the bank tries to think of what would be convenient for their customers. This is another reason why this bank gets high votes. Little things like drive-thru facilities and extended hours can sometimes go unappreciated but become so important when you need them.
The deposit rates are competitive so one doesn’t get the feeling that he’s losing out on some prospective income from his deposit. And lastly, the high score in customer satisfaction means that MidFirst won’t ruin your day with bad service.
Alternatives
 | |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| up to 4.60%
| 4.45%
| 4.35% |
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $0 |
Checking Minimum Deposit | $0 | $100 | $50 |
Mobile App Rating | 4.8/5 on iOS, 4.2/5 on Android | 4.6/5 on iOS, 4.2/5 on Android | 4.8/5 on iOS, 4.7/5 on Android |
BBB Rating | A+ | B
| A
|
The Smart Investor Bank Reviews: Ranking Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
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