MidFirst Bank 5.90% CD Account

MidFrist Bank is currently offering a 7 year 5.90% APY Certificate of Deposit in the state of Arizona and Oklahoma. If you wants to open this CD from any other state, you will need to a walk in and provide all legal documentation. The minimum deposit is $5,000 and it’s FDIC insured up to 100k. Because this is the best CD rate at 5.90% APY, if you want to invest beyond the FDIC insured limits, you can always add a beneficiary to the CD account like your children. Each beneficiary is an additional 100k FDIC beneficiary insurance.

Another thing to keep in mind when investing in this long term high yielding CD account is the fact that this is a Callable CD. A Callable CD is basically a Certificate of Deposit that is able to be “Called back” by the bank after it’s call-protection period and before it’s maturity. This serves to give the bank the ability to give the best CD rate possible without losing interest on the long run. For this particular MidFirst Bank 5.90% 7 year CD, the call protection period is 1 year.

Penalty for early withdrawl is 24 month of interest with no principle protection program. For more information, please call MidFirst Bank’s customer support at 1-888-MIDFIRST inquire about this particular CD not listed on their website.

2 Existing Comments

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  1. admin said:
    on May 23rd at 10:18 pm

    # Helping In Christ Jan 12th, 2008 at 2:17 pm

    Are you kidding? You want to make sure good and well that you aren’t going to need to take any of this money out so that you can get the best return. They will average the penalty, no doubt.
    # 2 George Jan 14th, 2008 at 11:05 am

    24 month withdrawal of interest? That’s a huge loss, even for something with that interest rate to cover it. That’s their way of getting the money back off of you, which could prove expensive in the long run. I’d make sure I definitely wasn’t going to need the money before the term was up, before paying it in and opening an account..
    # 3 Elaine Pollan Feb 8th, 2008 at 1:37 am

    Can the callable be used for an IRA?

  2. Don said:
    on November 6th at 05:13 pm

    What happens if this is placed in an Irrevocable Trust and the Trustor dies? Does the penalty apply for early withdrawl?

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