-
Financial Rates:
3.0
-
Customer Service:
5.0
-
Website Experience:
5.0
-
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
-
Financial Rates:
5.0
-
Customer Service:
3.5
-
Website Experience:
5.0
-
Bank Fees:
4.0
Pros:
- Low required amounts to open an account
- No minimum balance or monthly fees
- Earn American Airline miles
- High interest rates on accounts
Cons:
- No branch locations
- Highest interest rate requires large sum
- MMA has a fee and large opening deposit
- Business accounts and CDs not offered
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.
UFB Direct checking and savings accounts have a low required opening amount. The opening deposit is only $100. To receive the highest interest rates, you must keep a certain amount in the accounts. If the balance is below the set amount, you will earn a lower interest rate, but not be charged a fee.
Most UFB Direct accounts do not have a monthly maintenance fee. UFB Direct savings and checking accounts are free. There is no monthly fee and no amount required to keep in the account.
Earn miles for everyday purchases with the UFB Airline Rewards Checking account. When you use your debit card for purchases, you earn miles. Earn one mile for debit transactions over $3.00. The miles go toward American Airlines. You can earn up to 120,000 per calendar year. UFB Direct may add more airlines in the future.
The interest rates on UFB Direct accounts earn very competitive interest rates. The savings, checking, and money market accounts earn some of the highest rates on the market. For some accounts, you must keep a high balance in the account. However, if you do not have that set amount in the account, you will earn a lower rate. The lower rate on those accounts is still much higher than your typical brick and mortar banks rates.
There are no branch locations for UFB Direct. It is an entirely online bank. To talk to customer service, you can call a 24-hour phone line. You can reach customer service through mail or email. You can access everything about your account online.
Certain balances are required to earn the highest interest rates on the UFB Direct savings accounts. The basic savings account requires $20,000 in the account to earn the highest interest rates. The Premium savings account requires $25,000 to earn the highest interest rates. Any amount lower than the required amount will still earn interest, just a much lower rate.
The UFB Direct money market account has a monthly fee and a large sum required as the opening deposit. The monthly fee is $10 a month. Waive the fee by keeping a balance of $5,000 in the account. The required opening deposit is $5,000. You will earn interest and can write checks from the MMA.
UFB Direct does not offer business accounts or CDs. The accounts offered are a personal checking, saving, and money market account. There are options for loans, but not business accounts or CDs.
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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 | 4.75% |
|---|---|
| Rate | 4.65% |
| Min to Open | $500 |
| Min to Earn APY | $500 |
| 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. |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.40% |
|---|---|
| Rate | 4.30% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.46% |
|---|---|
| Rate | 4.46% |
| Min to Open | $500 |
| 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 | 4.35% |
|---|---|
| Rate | 4.35% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: $200 Bonus w/ Tiered Savings Account and Qualifying Activities |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| Min to Open | $100 |
| Min to Earn APY | $5,000 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience. |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.30% |
|---|---|
| Rate | 4.21% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| MMA (Rate as of 12/21/2024) | |
| APY | 4.10% |
|---|---|
| Rate | 4.02% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | Yes |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.10% |
|---|---|
| Rate | 4.10% |
| 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 | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $1,000 |
| Min to Earn APY | $1,000 |
| Monthly Fee | $5.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.75% |
| Min to Open | $10 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| FDIC insured at program banks†. Promoted offer: var. APY a/o 11/8/24. New customers only. Betterment LLC, not a bank |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.10% |
|---|---|
| Rate | 4.02% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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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.