[AZ, OK, TX only] MidFirst Bank $300/$350 Checking Promotion

Update 11/25/24: There is now a $350 bonus in Houston, TX

Update 8/5/24: Now $350 in AZ & $300 in OK. Hat tip to Churnelius Caesar

Update 9/13/23: Bonus is back and now $300 in AZ & $250 in OK.

Offer at a glance

Maximum bonus amount: $200 checking & $100 savings bonus
Availability: Available to Arizona & Oklahoma residents only
Direct deposit required: Optional
Additional requirements: See below
Hard/soft pull: Soft
ChexSystems: Yes
Credit card funding: Unknown
Monthly fees: $6, avoidable
Early account termination fee: 90 days, bonus forfeit
Household limit: One
Expiration date: 6/30/2023

The Offer

Direct link to offers: AZ | OK | Houston, TX

MidFirst Bank is offering a $300 checking bonus. Bonus requirements are as follows:
- $200 checking bonus when you open a MidFirst Bank checking account and complete one of the following requirements within 90 days of opening your account:
  - Receive at least $500 in direct deposits
  - Complete 10 debit card purchases and three Zelle® transactions
  - Three Zelle® transactions
- ~~$100 savings bonus when you open a Summit Savings account and deposit at least $10,000 in new money and maintain that for 90 days~~

The Fine Print

*Offer Information: Promotional offer valid for qualifying accounts opened 4/1/2023 through 6/30/2023.
Promotional offers are available in Oklahoma and Arizona only, are subject to change without notice and are not valid with other promotional offers.
Checking offer not available to existing MidFirst Bank consumer checking customers.
Savings offer available to new consumer checking customers and existing MidFirst Bank consumer checking customers that meet offer requirements.
Accounts must be open and in good standing to receive an account credit.
Promotional offers are not available to those whose MidFirst accounts have been closed during the current or previous calendar year or previously closed at any time with a negative balance. Checking and savings offers are limited to one checking and savings offer per household.
Must be age 17 or older
. Account credits are considered interest and will be reported on IRS Form 1099-INT, or applicable tax form. Account openings are subject to MidFirst Bank’s approval.
Accounts closed within 90 days of opening may forfeit the amount equal to the promotional account credit received.
Checking Offer: Open a new qualifying consumer checking account and receive $200 when you complete ONE OF THE FOLLOWING TWO OPTIONS within 90 days of account opening: 1) Have direct deposits totaling $500 or more made to your new account. Direct deposit must be an electronic deposit of the account owner’s paycheck, pension or government benefits, such as Social Security. Electronic deposits made from one consumer account to another do not qualify, such as Zelle®, PayPal®, Venmo®, or small-dollar verification transactions. OR 2) Complete 10 debit card purchase transactions with your MidFirst Bank debit card AND three Zelle® transactions in the MidFirst Mobile App. Multiple swipes for the same purchase amount or at the same merchant in succession do not qualify for eligible debit card purchase transactions. Credit will be made to new account within 30 days of meeting checking requirements 1 OR 2.
Savings Offer: New and existing MidFirst Bank consumer checking customers can open a new Summit Savings account and receive $100 when you complete the following: 1) Deposit a total of $10,000 or more in funds new to MidFirst Bank within 10 days of account opening and 2) Maintain at least $10,000 balance in new account for 90 days. Credit will be made to new Summit Savings account within 30 days of meeting savings requirements 1 AND 2. The Annual Percentage Yield (APY) for Summit Savings as of 03/10/2023 is 0.35% for balances up to $10,000 and 3.25% for balances $10,000 and above. Interest rates are variable and subject to change. Fees may reduce earnings. Please go to midfirst.com/summit-savings-promo-az to view our current Summit Savings rate. Eligible account types: Checking offer is available on most consumer checking accounts. Consumer checking accounts that are not eligible for the checking offer include Student Checking accounts, Go! Checking, and all Sooner® and Broncho Checking accounts. Savings offer is available on new Summit Savings accounts only.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

The M checking account required for this bonus has a $6 monthly fee, this is waived with a $250 or more monthly recurring direct deposit or $1,000 minimum average daily balance

Early Account Termination Fee

Account must be kept open for 90 days to avoid any early account termination fee.

Our Verdict

Previously we saw a bonus of $300 that didn’t require a direct deposit. I’d recommend waiting for that offer to return as the $100 savings bonus isn’t worth considering at the moment with interest rates so high.

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