Banking » Reviews » MidFirst Bank Review 2022: Great Customer Altitude, Average Deposit Rates
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MidFirst Bank Review 2023: Great Customer Altitude, Average Deposit Rates

MidFirst is a good fit for people in the Southwest who want a progressive bank with a conservative feel, full range of products and goos customer service.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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MidFirst Bank

MidFirst_Bank_logo
MidFirst_Bank_logo

MidFirst Bank

Fees

$10 per month Can be waived if you maintain an average daily balance of $1,000 or more, make monthly direct deposits total $250 or more or your combined consumer deposit balances total $50,000 or more

Minimum Deposit

$100

Current Promotion

None

APY Savings

0.1%

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:

The bank’s slogan mentions that commitment matters. We hardly run into a bank that stays true to its taglines but MidFirst does remain true to its customers. This is an advantage that the bank has over any competitor.

It’s easy to get customers in with high deposit rates, freebies, and rewards – but it’s the service that would make them stay with you through thick and thin. The bank scores are high in this area.

This is always the downside of successful regional banks. They have a strong presence only within several states – and are virtually unknown outside the borders.

For customers who may regularly need access to banking services outside the bank’s coverage area, this is not a practical choice like other established banks like Chase, CitiBank, or Bank of America.

Being in the business for quite some time and having a focus to serve a defined community, MidFirst lays its banking experience to the table.

And when it comes to a customer’s money, it’s definitely a wise choice to bring it to a bank such as MIdFirst. It has the financial strength to weather the storms of the volatile banking business.

The bank wants to package itself as a businessman’s bank but offering high financing may turn off some customers. If you are starting a business and would be relying on financing, it might be a struggle to survive with high-interest rates.

But for, those who have access to other lenders can just turn to other banks or card issuers that offer lower rates.

Average Deposit Rates, Extensive Range of Products

The bank has an extensive range of products that cater to personal, business, and commercial needs. Individuals can find deposit and investment products, mortgages, personal and vehicle loans, private banking, and wealth management services.

In terms of interest, the bank’s deposit products stay within the national averages. This is good considering that most mortar-and-brick banks often give out very little interest on savings and money market accounts.

The dark cloud seems to be the loan and financing rates of the bank. They are generally higher than the national average rates. There are also a couple of online reviews that report the high finance charges of the bank’s credit card.

Starting a banking relationship is easy and convenient. The minimum to open a check account is reasonable even for the working class. However, CD accounts take a different path. The bank could target the more affluent customers who can quickly shell out $1,000 to $5,000 to get in.

Savings Account

Initial Deposit

$100

APY

0.1%
MidFirst_Bank review

Initial Deposit

$100

APY

0.1%

We still can’t figure out how banks can come out with a long menu of checking accounts and become unimaginative on their savings accounts. MidFirst has only two choices for a pure savings account. But at least their features are part apart. 

If you don't know how you can open a savings account online – you can follow the directions on the Midfirst website or consult with one of the customer service  representatives

Checking Account

MidFirst_Bank review

Min Deposit

$100

APY

None

Initial Deposit

$100

APY

None

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. 

Your money won’t earn interest but you won’t have to pay for the service – including the $3 for the paper statement if you opt for eStatements. The other variants have almost the same features. So, if you can drop $100 for your initial deposit, you have several options to choose from depending on what your needs are.

Before you apply, compare bank features with other relevant candidates to make sure you get what you need.

Certificate Of Deposits (CDs)

MidFirst_Bank review

Initial Deposit

$1000 $5000 (Special CDs)

Min Balance

91 days – 120 months

APY

0.15 – 0.85%

The bank’s CDs are in a class by themselves. They are almost aspirational because of the steep opening deposits to get in. Perhaps this is the bank’s way of skimming the customers with a higher net worth but it’s obvious that this is not something that many depositors can easily afford. 

You don’t have to be a genius to know that there are a lot of banks that will let you open a CD for much less. And with some banks, you won’t have to lock your money for a minimum of 3 months. You may find a bank that allows terms for as short as one week and pay you the same average rates.

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

sofi logo
CIT-Bank-Logo
Capital One
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.
3.75%
4.05%
3.30%
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

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Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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