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.

Read the full Flagstar Bank review.

State Farm Bank reimburses for fees charged at non-State Farm Bank ATMs. Fees are reimbursed if you have a direct deposit into the account you are withdrawing money from. If you do not have a direct deposit into that account, State Farm Bank will reimburse up to $10 each month in ATM fees.

A variety of different accounts are available through State Farm Bank. They offer a regular checking account and an interest-earning checking account. Savings and money market accounts are available. Accounts for minors, education, and retirement accounts are offered. CD terms range from 12-months to 5-years.

Most State Farm personal deposit accounts have low opening amounts. The saving account requires $100 to open. The regular checking account only requires $25. To open the interest checking account requires $100. Each of the different CDs requires $500 to open.

The State Farm Bank money market account offers a competitive interest rate. That account offers interest that is competitive with other online accounts. After the introductory period, met the qualifications to earn the competitive rate.

State Farm Bank accounts have a monthly fee and required balances to keep in the accounts. The fees range from $3 to $10 each month. The amounts required to keep in the accounts ranges from $100 to $500 for personal accounts. Having an electronic direct deposit into the account each month will waive the monthly fees.

The State Farm Bank money market earns competitive interest, but it has the highest required balances. To open this account requires $1,000. Waive the fee for this account by having a direct deposit into the account and keeping a $500 balance.

The most competitive rate is only an introductory rate for the money market account. You will receive the introductory rate for the first five billing cycles. After that time, if you have another State Farm qualifying account, you will earn the Relationship Rates which are lower, but still competitive.

State Farm Bank limits how much money you can withdraw from an ATM each day. The limit for State Farm Bank personal deposit accounts is $500 per day. There is also a limit to how much you can make in purchases each day. The purchase limit for debit cards is $3,500 per business day.

Read the full State Farm Bank review.