By  Posted on Tue Dec 28, 2010

Checking & Savings Account Bonuses with Flagstar Bank

FlagStar Bank is offering two competitive bonuses that place both their savings and checking accounts near the top of our rate tables for the highest interest rates earned.

We have highlighted the Flagstar S.M.A.R.T program in the past, promotion is still definitely worth checking out if you are in the market for either a new savings or checking account.

Express Savings Account Bonus and its features:

The bonus will allow new members to earn an APY of 1.50% for the first four months from the opening date. After that period the account will switch back to the standard APY of 0.95%.

The account is pretty easy to maintain with no monthly minimum balances and only a minimum opening balance of $1.

If you are already a Flagstar member but do not have this account, opening it required funds that are not currently on deposit with the bank.

All together the first year APY would be 1.13% which is only below online banks such as Sallie Mae, American Express, Discover and Capital One who all offer an APY above 1.25%.

Click here to learn more about this bonus.

Express Checking Account Bonus and its features:

With the Express Checking bonus you not only earn a 4 month bonus rate of 1.50%, but also a $100 cash bonus when you establish direct deposit.

Checking & Savings Account Bonuses with Flagstar Bank

As with the savings account, the checking account also carries no monthly minimums and requires only a $1 opening deposit. As a bonus Flagstar Bank is partnered with Allpoint and Presto! ATM networks that will help you keep those pesky ATM fees to a minimum across all 50 dates.

To earn the $100 cash bonus, the direct deposit will require $250 in ACH activity per month.

After the bonus rate is done, the account will revert back to its standard rate of 0.85%, which is nothing special when you compare it to reward checking, but for basic interesting checking, the rate is very competitive.

Click here to learn more about this bonus.

Opening an Account at Flagstar:

Sources show that Flagstar does not run a hard credit pull when opening new accounts. This is good, because hard credit pulls can ding your credit for a short period.

If you are someone who regularly opens accounts you may want to be careful with Flagstar as they use ChexSystem verification and so they may reject you if you have too many recent inquiries.

About the bank:

If you are not familiar with Flagstar or their direct division, you can visit their individual’s bank profile pages on MyBankTracker.com. The bank has branches in Michigan, Indiana and Georgia.

As of 12/22/2010 the bank had an average customer rating of 3 out of 5, but their Bank Health is extremely poor. This was caused by mortgage problems.

Related

See our full list of bank deals.

 

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