As part of our research in the banking industry we occasionally peruse The Oklahoman to see what local banks may be advertising.  In the December 7, 2008 Sunday edition of The Oklahoman there stands a display ad for MidFirst Bank.  MidFirst Bank is running the ad for a CD with an interest rate of 5.00% APY on their 5 year callable CD.  A very enticing interest rate, but one that includes conditions.

The five year callable CD permits the bank to redeem the full amount of the CD after a period of 6 months or anytime thereafter.  In a slumping interest rate environment this may not be the best investment choice available with secure bank CDs.  The general benefit of a five year CD is its implied security and the guaranteed rate of return.  An investor relinquishes use of their funds for five years in return for a rate of return to compensate for the loss of liquidity or fund use.  With a callable CD the return is by no means guaranteed and if rates continue to drop it would certainly behoove the bank to call or redeem a high rate five year CD and replace those funds with lower market interest rate CDs.

On that note, the best five year CD rate currently available in Oklahoma is offered by Central National Bank.  Central National Bank has a five year CD that yields 4.40% APY.   There is a $1,000 minimum balance to open the account.  The bank offers an assortment of other interest bearing CDs for its customers, available in different term lengths, from 7 days up to 5 years.  In addition to the five year CD, the bank has a two year with a rate of 3.20% and a one year CD with a rate of 2.75%.

Central National Bank can be reached at 580-233-3535.  The bank does post its rates on their website at  The bank has 7 bank branch locations in Mooreland, Woodward, Blackwell, Bartlesville, and three offices in Enid, Oklahoma.

MidFirst Bank does offer a variety of other CD terms and interest rates as well.  The bank has a non callable or traditional five year CD with an interest rate of 4.20%.  The bank offers a 15 month CD with a rate of 3.00%.  And the bank has a five month CD that is currently offering a yield of 2.35% along with other rates and terms.  The five year CD has a $500.00 minimum deposit and the 15 month CD and five month CDs have minimum deposits of $5,000.00.

MidFirst Bank can be reached at 888-643-3477.  The bank website also posts the current CD rates as well as other retail bank product interest rates, the address is  MidFirst Bank corporate headquarters are in Oklahoma City.  The bank is third largest privately owned bank in the United States.  MidFirst provides a full range of commercial, trust, private banking, personal banking and mortgage banking products and services.  The bank engages in commercial real estate lending and is a major servicer of mortgage loans nationally.  The banks primary markets are Oklahoma City, Phoenix, Tulsa and Western Oklahoma.

Additional conditions may apply.  Rates are subject to change.  This information was updated on December 8, 2008.

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