bank rates

Long-Term CD Pays 3% APY

We’re longing for the return of 5-year CDs that pay at least 3% APY.

But if you simply can’t wait for rates to improve – or for another PenFed deal to come along – savers in 11 states can grab a 3% rate on long-term certificates of deposit.

Right now.

With a $1,000 minimum deposit, MidFirst Direct pays 3.00% APY on 10-year CDs.

Yes, we know, that’s a very long time to tie up your money, especially if you suspect savings rates are going to increase substantially over the next couple of years.

You can go slightly shorter and still get a rate hard to find elsewhere. Its 7-year CD pays 2.75% APY.

MidFirst Direct is the online bank of Oklahoma City-based MidFirst Bank, which has branches in Oklahoma as well as Phoenix. But the CD rates available through bricks-and-mortar branches aren’t nearly this good.

If you live in Arkansas, Arizona, California, Florida, Missouri, Nevada, New Hampshire, New York, Oklahoma, Texas or Wyoming, you can buy MidFirst Direct’s certificates of deposit easily online.

This probably isn’t a good option for you if you think you may try to withdraw your money before the term ends. The early withdrawal penalties are pretty harsh.

The penalty is 24 months of interest on the 7-year CD and 36 months of interest on the 10-year CD.

But if you’re OK with waiting, no bank or credit union on our list of the best CD rates at can beat MidFirst Direct’s offers.

Learn more about MidFirst Direct at or call 800-471-1001.

UPDATE 1/23/15: MidFirst has just lowered its 10-year CD rate to 2.75% APY and its 7-year rate to 2.50% APY.

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