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Financial Rates:
3.0
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Customer Service:
5.0
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Website Experience:
5.0
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Bank Fees:
3.0
Pros:
- Variety of accounts offered
- Low opening required amounts
- Some CDs offer competitive rates
- Promotional savings accounts
Cons:
- Low interest rates on accounts
- Tiered interest rates
- Accounts have monthly fees
- Cannot open accounts online
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
Yes. Flagstar Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
By ATM or debit cards, checks, or electronic transfers. You can access money through free bill pay or by visiting a local branch location.
Yes. With the mobile app, you can transfer money, pay bills, and see account balances. You can deposit checks and use Popmoney to pay others.
No. Most all Flagstar Bank accounts have monthly fees. Waive those fees by having a specific account balance. That can be a combination of all accounts or just one account. Having a Flagstar checking account may also waive some fees.
Only a few accounts offer competitive interest rates. Accounts must be opened in a branch location. Some accounts are only for Michigan residents. There are a variety of accounts to choose from. The required amounts to open accounts are low.
Flagstar uses security measures that comply with federal law. Their computers offer safeguards and secure files and buildings.
Their promotional accounts offer competitive interest rates. Their regular accounts offer rates similar to brick and mortar rates. The promotional rates are only available for Michigan residents.
Yes. Flagstar offers accounts for small and commercial businesses. They offer checking, savings, and money market accounts. CDs, credit cards, and lending options are also offered.
It is the same right now. The account may be able to open online in the future, though not now. Interest rates are similar to other brick and mortar bank rates.
Two Flagstar Bank checking accounts earn interest. The interest rates are low and tiered. To earn the most competitive interest rates requires either $10,000 or $25,000 balance in the account. The amount depends on which checking account you open.
By phone, email, mail, or with online chat. You can visit a local branch location. You can follow Flagstar on Facebook, Twitter, or YouTube.
Yes. Flagstar Bank accounts come with free online bill pay options.
Yes, at a local branch location.
The first $200 is available immediately. The rest of the amount will fund within the next two business days.
Yes. Money can be directly deposited into Flagstar Bank accounts.
Bank Contact Information
Flagstar Bank301 West Michigan Avenue, 4-501
Jackson, MI 49201
(888) 248-6423
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| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.73% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.80% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: It only takes about 5 minutes to open a fee-free account. |
|
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.