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.
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