What You Need to Know

Flagstar Bank offers a variety of personal deposit and business accounts. There are three checking accounts to choose from and three savings accounts. They offer a money market account and many CD terms. Lending options are available for personal accounts as well as business. Flagstar offers business checking, savings, money market accounts, and credit cards.

The amounts required to open Flagstar accounts is low. The checking accounts all require $50 to open. The savings accounts and money market account all only require $1 to open. All CD terms only require $500 to open.

Flagstar offers three CDs with competitive interest rates. Those CD terms are a 13-month, 19-month, and 25-month. Each term requires $500 to open. These CDs must be opened in a branch location. They are only available for Michigan residents.

Flagstar offers promotional savings accounts. The interest rates for these three accounts are competitive. They offer a SimplySavings, MaxSavings, and High Yield Promo account. They guarantee the competitive rate for the first 12 months. There is no minimum balance or checking account required during the promo period. After the promotional period, you can choose which account fits you best. Monthly fees apply after the 12 months. These accounts are only for Michigan residents.

The interest rates for Flagstar Bank accounts are low. They are competitive with other brick and mortar bank rates. Most account rates do not compare with interest rates for online accounts. Only a few interest rates are competitive.

Along with being low, the interest rates for Flagstar accounts are tiered. To earn the most competitive rates for the high yield savings account requires $1 million. To earn a good rate requires $50,000. The SimplyMax savings and checking account earns the best rate for balances over $25,000. The money market and SimplyPlus checking account requires $10,000 to earn the best rate.

Flagstar Bank accounts have monthly fees. Checking account fees range from $10 to $25 a month. Waive those fees by keeping a balance of $1,000 to $5,000 in the checking. Alternatively, waive fees by having $5,000 to $25,000 between multiple accounts. Savings and money market account fees range from $3 to $35 a month. To waive those fees requires a $300 to $50,000 balance, depending on the account. Having a checking account will also waive the savings account fees.

At this time Flagstar Bank personal deposit accounts cannot be opened online. You must visit a branch location to open a checking, savings, or money market accounts, and CDs. You can apply for a mortgage online. The option to apply online may be available in the future.

Cool Things

Loan Rate Reduction

A SimplyChecking or a SimplyPlus checking account could earn a loan rate reduction. If your loan payment comes from this checking account, you earn a reduction on the interest rate of the loan. Personal and home equity loans receive a 0.50% reduction when payments are automatically taken from these accounts. Home equity lines of credit also qualify.

Financial Calculators

The Flagstar website offers financial calculators. Those include a home loan, savings, and a credit card calculator. See how long it takes to pay off balances or what interest does to your payments. See how long you must save to reach a goal or how interest rates affect your balances.

History

Flagstar started in 1987, in Michigan. Their headquarters are in Troy, Michigan. They serve commercial business, small business, and personal deposit accounts. They provide loans to customers in all 50 states. They are the nation’s leader in mortgage loans. They have $120 billion in mortgage loans for more than 535,000 customers.

Today, Flagstar has $18.1 billion assets. It is the fifth largest bank in the nation for mortgage originator. It is the third largest savings bank in the country. They have 107 branches locations. Flagstar has 88 home loan locations in 31 states across the United States.

Awards and Recognition

• Highest in Customer Satisfaction with Retail Banking for the North Central Region by J.D. Power and Associates

Giving Back

Flagstar Bank gives back to their communities. They support a variety of charities each year. Some of those charities include Junior Achievement and Opportunity Resource Center. They support Whaley Children’s Center and The Salvation Army. Flagstar supports Habitat for Humanity and Forgotten Harvest.

Flagstar Bank supports community events. Those events include Money Smart Week, Get Smart About Credit, and Banking on Our Future.

Employees of Flagstar Bank take time to volunteer in the community as well. In 2015, employees volunteered over 8,500 hours in the communities where they live.

Frequently Asked Questions

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