MidFirst Bank Review

Is MidFirst Bank a Good Bank?

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MidFirst Bank, the largest privately-owned bank in the U.S., offers a full range of personal, commercial, trust, private banking, and mortgage products. The bank has more than 250 individual banks with multiple branches and primary markets in Oklahoma City, Tulsa, western Oklahoma, Denver, Phoenix, and Dallas. This in-depth review will help you decide whether MidFirst Bank is right for you.MidFirst Bank is a privately-held bank based in Oklahoma City that was started in 1954 as The Midland Group, became MidFirst Bank in 1982, and primarily services the Southwest United States. They have robust product offerings including checking accounts, savings accounts, mortgages, loans, CDs, and retirement accounts. After holding the distinction of a 2018 JD Power index score of 877, the highest overall score of any bank in the United States, MidFirst again received the highest retail banking satisfaction score in the Southwest region in the 2019 J.D. Power U.S. Retail Banking Satisfaction Study. 

  • Pros and Cons
  • Company Overview
Pros and Cons
Pros
  • Monthly fees that are relatively easy to waive on some accounts

  • Youth savings and checking accounts available

Cons
  • Savings APYs are lower than other banks

  • Some high monthly fees on accounts with higher APYs

  • High minimum deposit for low interest rates on certificates of deposit (CDs)

  • Branches in only a few states

Company Overview
  • Official Website www.midfirst.com
  • Bank Product Offerings Savings, checking, money market, CDs, and credit cards
  • Customer Service Phone line available seven days a week (1-888-643-3477), mobile app, and online contact form.
  • Year Founded 1982

Who Is MidFirst Bank Best For?

MidFirst Bank is a good choice for people who live in the Southwest and are looking for a full banking experience with excellent customer service.

  • Competitive rates on CDs
  • Unique eChecking account that waives fees and pays competitive interest based on online account activity
  • Personal loan services for cars, boats, RVs and motorcycles
  • Unique Oklahoma-branded credit cards including the Oklahoma City Thunder

Types of Accounts

MidFirst Bank offers an extensive menu of accounts and services, competing with larger banks:

Savings and Money Market Accounts

MidFirst Bank has a few savings and money market accounts. Savings and money market accounts come with:

  • Six free withdrawals per monthly statement cycle
  • Free online and mobile banking, and free e-statements
  • Compounded daily interest on interest-bearing accounts
  • Ability to combine your monthly statement with your checking account statement
  • FDIC insurance up to $250,000
  • EasySave round-ups for debit purchases could help build your savings
Account Opening Deposit Monthly Fee Fee Waiver APY
Performance Savings $100 $5 (may vary by location) Maintain average daily of $250 or more 0.10%
iSave Savings Program $25 None N/A 0.15%
Freedom Money Market $100 $15 Maintain average daily balance of $10,000 or more 0.05% to 0.80%
Titanium Money Market $100 $10 Maintain average daily balance of $5,000 or more 0.05% to 0.15%

Performance Savings

This basic interest-bearing account has a manageable minimum balance requirement and a relatively low monthly fee that’s easy to waive.

Balance Tier Interest Rate APY
$0 to $10,000 or greater 0.10% 0.10%

iSave Savings Program

This savings account is available for individuals age 17 and under, but can’t be opened online. If you make 12 consecutive monthly deposits, MidFirst promises to match 50% of the average of your highest single deposit each month (up to $25).

Balance Tier Interest Rate APY
$0 to $4,999.99 0.15% 0.15%

Freedom Money Market

This account has a higher average daily balance requirement to avoid the monthly fee and potentially higher interest rates on account balances.

Balance Tier Interest Rate APY
$0 to $4,999.99 0.05% 0.05%
$5,000 to $250,000 or greater 0.80% 0.80%

Titanium Money Market

This account is a great fit if you want to earn interest but can’t maintain the $10,000 balance you need to for a Freedom Money Market account. That being said, the account’s APY still isn’t nearly as good as the leading money market accounts.

Balance Tier Interest Rate APY
$0 to $74,999.99 0.05% 0.05%
$75,000 to $250,000 or greater 0.15% 0.15%

MidFirst charges excess withdrawal fees of $10 on the Titanium Money Market and Freedom Money Market accounts, $8 on the Performance Savings, and $3 on the iSave Savings Program.

Checking Accounts

MidFirst Bank has several checking accounts to choose from. Standard features for all accounts except the Go! Checking for students include:

  • Free online and mobile banking
  • Free bill pay and electronic statements
  • Free mobile deposit
  • Pay friends and family with Zelle
  • Free debit card and linked mobile wallet
  • Debit card on/off functionality and transaction alerts
  • Cardless Cash feature to withdraw cash at an ATM using your smartphone

Don’t let your account sit idle for more than a year. MidFirst Bank will charge a dormancy fee of $5 on accounts that are inactive for more than 12 months.

Debit cards can be used with mobile wallets on eligible devices. Card controls in the MidFirst Bank Mobile App let you manage your card and set-up fraud alert texts to your mobile device.

Account Opening Deposit Monthly Fee Fee Waiver APY
LiveFree Checking $100 None N/A, but must sign up for paperless statements or pay $3 paper statement fee 0.10%
eChecking $100 $10 Monthly direct deposits must total $250 or more, or must maintain an average daily balance of at least $500 0.15%
M Account $100 $10 ($5 if the primary owner is age 60 or older) Must maintain an average daily balance of at least $1,000, combined consumer deposit balances must be $50,000 or more, or have at least $250 in recurring direct deposits 0.05% to 0.80%
M+ Account $100 $15 ($10 if the primary owner is age 60 or older) Must maintain an average daily balance of $2,500 or more, or combined consumer deposit balances must total $50,000 or more on accounts with the same primary 0.05% to 0.15%
Go! Checking $25 $0 N/A None
Solution Checking $100 $10 Fee reduced to $7 if you make monthly direct deposits None

LiveFree Checking

This no-fee checking account is designed for those who want access to a traditional checking account but don’t necessarily need the extra features and benefits. The account does not bear interest on your balance.

eChecking

This account is great for those who do most of their banking online and want to earn interest on their balance. You’ll earn the best APY on balances up to $19,999.99. You have the opportunity to boost your interest earnings if you complete 15 debit card purchase transactions and have one direct deposit or online bill payment each month.

Balance Tier Interest Rate APY
$20,000 or more 0.05% 0.01%
$0.01 to $19,999.99 0.80% 1.00%

M and M+ Accounts

These accounts are more traditional style checking accounts with additional benefits like free money orders, checks, and incoming wire transfers, and discounts on safe deposit boxes. The M+ account earns a competitive APY, while the M account does not, but its monthly service charge is much easier to waive.

M+ Account Rates
Balance Tier Interest Rate APY
$0 to $2,499.99 0.03% 0.03%
$2,500 to $19,999.99 0.05% 0.05%
$20,000 or greater 0.10% 0.10%

Go! Checking

This is a great first checking account for teens and young adults up to age 24. The account comes with free online and mobile banking, free bill pay, and eStatements. Individuals under age 17 must open the account jointly with a parent or guardian.

Solution Checking

Designed as a second-chance account, Solution is only available if you don’t qualify for MidFirst’s other checking accounts. You can’t eliminate the monthly fee, which is a drawback considering other banks offer fee-free second-chance accounts.

Overdrafts and returned items cost $34 per instance on up to five items per processing day if you are overdrawn by more than $5. If your account remains overdrawn for more than seven calendar days in a row, MidFirst may charge you an extended overdraft fee of $25.

Certificates of Deposit

MidFirst Bank offers two types of CDs: Relationship and Callable Relationship. The Relationship CD has a $1,000 minimum opening requirement, which increases to $5,000 for promotional CD rates. Terms range from 91 days to 10 years.

The Callable Relationship CD is different from the Relationship CD in that it has a term period and a lock period. The term is the lifespan of the CD and ranges from two to seven years. The lock period is between three months and two years. Once the lock period is over, MidFirst can choose to “call” your CD, which means they’ll pay out the interest you’ve earned and your deposit amount, and close the CD. 

The Callable CD has a $5,000 minimum opening requirement.

Deposits are limited to $500,000 for accounts opened in a MidFirst banking center and $250,000 for CDs opened online.

MidFirst Bank Relationship CD rates are current as of Aug. 28, 2020.

Term Minimum Deposit APY
91 days $1,000 0.15%
182 days $1,000 0.20%
10 months (Special) $5,000 0.30%
12 months $1,000 0.25%
17 months (Special) $5,000 0.40%
18 months $1,000 0.30%
24 months $1,000 0.35%
30 months $5,000 0.40%
36 months $1,000 0.45%
48 months $1,000 0.50%
60 months $1,000 0.60%
84 months $1,000 0.70%
120 months $1,000 0.80%

MidFirst Bank Callable Relationship CD rates are current as of Aug. 28, 2020.

Term Minimum Deposit APY
24 months, 1-year lock $5,000 0.35%
24 months, 6-month lock $5,000 0.35%
24 months, 3-month lock $5,000 0.35%
36 months, 1-year lock $5,000 0.45%
60 months, 3-year lock $5,000 0.60%
60 months, 2-year lock $5,000 0.60%
60 months, 1-year lock $5,000 0.60%
60 months, 6-month lock $5,000 0.60%
84 months, 3-year lock $5,000 0.70%
84 months, 2-year lock $5,000 0.70%
84 months, 1-year lock $5,000 0.70%
84 months, 6-month lock $5,000 0.70%

MidFirst charges an early withdrawal penalty based on how much time has passed from account opening: 

  • Seven to 31 days: All of the interest earned on the amount being withdrawn
  • 32 days to 12 months: 1.00% of the amount withdrawn, plus a $25 fee
  • More than 12 months: 3.00% of the amount withdrawn, plus a $25 fee

Credit Cards

MidFirst Bank offers rewards credit cards, platinum credit cards, and secured credit cards. Depending on where you live, you may be able to get a college-themed credit card to support a local state university or an Oklahoma Thunder-themed card.

  • MidFirst Bank Rewards Credit Card
  • MidFirst Bank Platinum Credit Card
  • MidFirst Bank Secured Credit Card

Other Financial Products From MidFirst Bank

MidFirst Bank provides a variety of other offerings for consumers:

  • IRAs
  • Mortgages
  • Home equity loans and lines of credit
  • Personal loans
  • Vehicle loans
  • Private banking
  • Wealth management
  • Investment services

MidFirst Bank Customer Service

MidFirst Bank offers free online and mobile banking services, FDIC insurance, and 24/7 automated customer service. Phone customer support is available at 1-888-643-3477, Monday through Friday from 7 a.m. to 9 p.m. Pacific, Saturdays from 8 a.m. to 6 p.m. Pacific, and Sundays from 12 p.m. to 4 p.m. Central Time.

MidFirst Bank ranked fourth out of 12 banks in the J.D. Power 2020 U.S. Retail Banking Satisfaction Study for banks in the Southwest.

The bank is currently involved in a lawsuit that alleges it (along with Chase and Academy Bank) unlawfully refused to pay agents who assisted Paycheck Protection Program loan applicants.

How to Bank With MidFirst Bank

You can open an account with MidFirst Bank online, in person at a branch, or by calling 1-888-643-3477. If you’re opening an account online, you’ll need to provide your personal information and be ready to make your initial deposit via a transfer from another bank.

Final Verdict

Benefits

MidFirst Bank has solid deposit account options, particularly for consumers who live in the Southwest and have a desire for in-person banking. With contactless payments gaining popularity, the Cardless Cash feature to withdraw cash using your smartphone will come in handy for account holders. Finally, the bank’s best checking APY is very competitive.

Drawbacks

MidFirst’s savings, money market, and CD rates are below the national average, and deposit requirements for CDs are high. Also, bank branches are limited to Arizona, Oklahoma, Texas, and Colorado, which is something to consider if you travel often and want a national, in-person banking network.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. MidFirst Private Bank. "History & Heritage." Accessed Aug. 28, 2020.

  2. MidFirst Bank. "About MidFirst Bank." Accessed Aug. 28, 2020.

  3. MidFirst Bank. "iSave Savings." Accessed Aug. 28, 2020.

  4. MidFirst Bank. "Personal Banking Fee Schedule." Page 4. Accessed Aug. 28, 2020.

  5. MidFirst Bank. "eChecking." Accessed Aug. 28, 2020.

  6. MidFirst Bank. "Go! Checking." Accessed Aug. 28, 2020.

  7. MidFirst Bank. "Personal Banking Fee Schedule." Page 5. Accessed Aug. 28, 2020.

  8. MidFirst Bank. "Certificate of Deposit." Accessed Aug. 28, 2020.

  9. MidFirst Bank. "Relationship CD Rates." Accessed Aug. 28, 2020.

  10. MidFirst Bank. "Relationship CD Rates." Accessed Aug. 28, 2020.

  11. MidFirst Bank. "Relationship CD Rates." Accessed Aug. 28, 2020.

  12. MidFirst Bank. "CD Terms and Conditions." Accessed Aug. 28, 2020.

  13. J.D. Power. "2020 U.S. Retail Banking Satisfaction Study." Accessed Aug. 28, 2020.

  14. ClassAction.org. "Academy Bank, Chase Bank, MidFirst Bank Refused to Pay Agents for PPP Application Prep Services, Lawsuit Claims [Update]." Accessed Aug. 28, 2020.