A haptic actuator may include a housing having opposing first and second ends and first and second coils carried by the housing adjacent respective first and second ends thereof. Each coil may have a respective passageway therethrough. The actuator may include a field member including first and second masses adjacent respective first and second ends of the housing, and a permanent magnet having first and second ends coupled to respective ones of the first and second masses. The actuator may also include first and second flexures mounting respective first and second masses to the respective first and second ends of the housing so that the field member is reciprocally movable within the passageways of the coils responsive to powering the coils and so that the ends of the permanent magnet are within respective passageways of the coils when the coils are unpowered.