Average User Rating:| 5151 Corporate Drive Troy, MI 48098 (248) 312-5400 www.flagstar.com  |
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Flagstar Bank is headquartered in Troy and is the largest bank in the state of Michigan. It is also the 79th largest bank in the nation. It was established in 1987 and as of March of 2012, it had grown to 3,286 employees at 135 locations. Flagstar Bank's money market rates are 3X the national average, and it has a 3-star health rating.
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Another internet bank has cut its savings account rate to under 1.00%. Flagstar Direct's Money Market Savings Account yield has fallen from 1.11% to 0.90% APY for all balances under $100K. Flagstar Direct has kept the yield at 1.11% for a while. I'm s
$25 Referral Bonus At Flagstar Bank (Forum) - 2/18/2011
Existing Flagstar checking account customers can refer friends and family who open a new personal checking account and the referring customer will earn $25. There is no limit to the number of potential customers a current customer can refer. &n
2010
- 12/21 - Checking Account Promotion Continues at Flagstar Direct - Available Nationwide
- 9/17 - Checking Account Promotion at Flagstar Direct - Available Nationwide
- 8/8 - Checking, CD and Savings Account Promotions at Flagstar Bank
- 7/19 - Competitive 6-Month & 1-Year CD Rates at Flagstar Direct - Available Nationwide
- 5/25 - CD, Savings & Checking Account Promotions at Flagstar - Available Nationwide
- 4/18 - Checking Account Promotions at Flagstar Bank - GA, MI & IN Only
- 1/30 - Unofficial Problem Bank List increases to 599 [CR] (Forum)
- 1/9 - Flagstar Direct Raises Money Market Account Rate (Forum)
2009
- 12/17 - Flagstar Internet Money Market Rate Plummets and Is No Longer Competitive
- 11/30 - 2.00% Checking Account with Rate Guaranteed for One Year at Flagstar Bank - GA, MI & IN Only
- 11/12 - Flagstar's Online Money Market Promotion - Available Nationwide
- 11/3 - Flagstar Bank Launches New Internet Website
- 8/11 - 2.00% Checking Account with Rate Guaranteed for One Year at Flagstar Bank
- 7/12 - $100 Checking Account/Direct Deposit Bonus at Flagstar Bank
- 6/14 - 2.00% Checking for One Year or $100 Checking/DD Bonus at Flagstar Bank - GA, MI, IN Only
- 2/9 - 3.25% 9-Month CD at Flagstar Bank - Nationally Available
- 1/2 - 4.50% 48-Month Online CD at Flagstar Bank
- 1/2 - $100 Checking Account/Direct Deposit Bonus at Flagstar - Update
2008
- 11/4 - Money Market Account Promotion at Flagstar Bank in Michigan - 4% for 12 Months
- 9/11 - 5.10% 48-Month Online CD at Flagstar Bank
- 7/22 - $100 Checking Account/Direct Deposit Bonus at Flagstar
- 6/15 - 10% 6-Month CD ($2.5K Max) Continues at Flagstar Bank
- 4/27 - 10% 6-Month CD ($2.5K Max) and Other Promos and News at Flagstar Bank
- 3/10 - Update on $100 Checking Account Bonus at Flagstar Bank
- 1/27 - $100 Checking Account Bonus with DD at Flagstar Bank
- 1/23 - Some More Decent CD Rates That Are Still Available
2007
- 9/28 - Online Savings Account Rates Continue to Fall, Emigrant, iGobanking
- 9/1 - 7.30% 12-Month CD at a Georgia Bank - $2.5k Max (Flagstar)
- 7/17 - Flagstar's New Online 5.30% Money Market Account
- 6/18 - 5.50% 14-Month CD at an Indiana/Michigan/Georgia Bank (Flagstar)
- 5/21 - $100 Checking Account Bonus at Flagstar Bank Continues
- 3/16 - $100 Checking Account Bonus at GA/IN/MI Bank (Flagstar)
- 2/19 - 10% 6-Month CD at an IN/MI/GA Bank Continues - $2.5K Max (Flagstar)
See Rates for: Checking | Savings | Money Market | CD
Flagstar Bank Checking Account Rates
Flagstar Bank Savings Account Rates
Flagstar Bank Money Market Rates
Flagstar Bank CD Rates
| Apy | Min | Max | Product | |
| 1.85%† | $500 | - | 108 - 120 Month CD | |
| 1.70%† | $500 | - | 96 - 107 Month CD | |
| 1.50%† | $500 | - | 84 - 95 Month CD | |
| 1.30%† | $500 | - | 72 - 83 Month CD | |
| 1.05%† | $500 | - | 60 - 71 Month CD | |
| 0.95%† | $500 | - | 13 Month CD | |
| 0.75%† | $500 | - | 48 - 59 Month CD | |
| 0.65%† | $500 | - | 36 - 47 Month CD | |
| 0.55%† | $500 | - | 24 - 29 Month CD | |
| 0.55%† | $500 | - | 30 - 35 Month CD | |
| 0.50%† | $500 | - | 18 - 23 Month CD | |
| 0.45%† | $500 | - | 12 - 17 Month CD | |
| 0.30%† | $500 | - | 180 - 364 Day CD | |
| 0.20%† | $500 | - | 90 - 179 Day CD | |
| 0.10%† | $500 | - | 30 - 89 Day CD |
Rates updated: 5/27/2012
Data for Q1 2012
Institution Statistics
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Institution Health
Overall Score:
3 out of 5 
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Very Bad Customer Service And Fraudulant Online Payment System
- huaj1029 - Thursday, November 17, 2011 - 7:52 AMIn order to speak to a real person took me 57 to get connected on my second try. The first time I called, I was put on hold for 1 hr and 15 mins. I had to hangup.
Made an extra principal payment on line but did not reflected on balance even though the associate said they received the payment.
It is almost a fraud.
15
Rigid Customer Service
- rollom - Tuesday, April 19, 2011 - 11:44 AMPayment options are VERY limited and do NOT include bi-weekly payments, partial payments, or changing the due date of your payment. Compared to previous banking institutions, the technological capabilities online are very poor, the payment systems are dated, customer service is not helpful, and they are extremely rigid as far as customization goes. Very poor end result for consumer at the end of the day.
14
One Word - WRETCHED
- BobSmith7890 - Friday, December 23, 2011 - 2:43 PMUnfortunately, my mortgage was bought by Flagstar Bank. I'm so angry at them that I can't sit here and type all the details. I'll give enough, briefly. Hold times are 45 minutes or longer. I've been on hold for 1.5 hours before. They misapply payments, lose money, don't make insurance payments, etc. They tell you they will fix something, don't, and when you call back and ask why, they say "I don't know". If I could figure out a way to move my loan with no expense, I'd be doing it right now.
I pray for anyone else who has to deal with them. God bless you for having to do it.
13
Customer Service Reps Are Bullies!!!
- Ragdoll - Thursday, November 3, 2011 - 10:02 PMI have banked with Flagstar since it entered the Indianapolis market. I went there for the very good(at that time) interest rates on deposits/CD's. I have always had trouble with most every transaction I have ever had there: opening a new account, purchasing a cd, rolling over a cd, opening an IRA, opening health savings account was a total fiasco. Each transaction took so much time that I missed appointments because of the ineptness of the clerk. In addition to the excessive time that each transaction took, the clerk(s) had to have help, seemed to not know how to do things and in the case of my HSA, the idiot set me up with an IRA account instead of the HSA and I had to devote an entire day straigtening that mess out with the home office in Michigan. I already had an IRA, had funded it to the limit for that year, and when the idiot placed my HSA funds in an IRA she nearly caused me to have a taxable situation with penalties obligation with the IRS. I caught this major screw-up, no one else did including the higher up idiots in Michigan. Now fast forward to this year when I need to remove funds to make a major real estate purchase I was insulted by the clerk/bully when I refused to take out a mortgage. I didn't want or need a mortgage, I was paying cash and didn't want a mortgage. This bully got very loud with me when I refused his "car salesman" approach to convince me otherwise. I got MY MONEY to make my purchase and didn't give in to his strong arm tactics. A few weeks after that my IRA cd matured and when I went in I requested a different clerk I was confronted by "MR car salesman" who grabbed my cd paperwork out of my hands and proceeded to tell me what I was going to do. Excuse me?? My money, my decision! When I asked about current cd rates (too low) he must have seen that I wasn't impressed and he proceeded to tell me in a very loud voice that he was putting my money in an annuity. I then told him to give me back my paperwork and he refused, again telling me that an annuity was in my best interests. I told him, "I don't need an annuity for an IRA because I already have the tax advantages of an IRA". As he turned to walk away I reached for and grabbed my paperwork back from him, angering him even further. How dare a woman question him, I guess. He then berated me very loudly as I left that bank branch. I then investigated and found another place for my IRA. My new financial institution tried to have them wire my funds to my new IRA and they refused so I had to make another trip to Flagstar. I went to another branch this time and again I was met by three bullies who did everything possible to prevent me from moving my money. Took me over two hours to walk out with my money in a cashiers check. I have some additional cd's there and when they each mature I am out of there!!! I will not be treated in the manner that I have been by them or any other bank. Their employees are not properly trained, except maybe in Gorilla tactics. They even want a "star rating" before letting me post this....Flagstar deserves NO STARS!!!
12
Withhold Insurance Payments On Property Damage
- rms5934 - Friday, October 28, 2011 - 10:30 PMBetter than 8 weeks ago Flagstar recieved the first of 2 Homeowners Insurance Proceed Checks, which we need to complete repairs in our kitchen. Attempts to contact them about when we can expect our contractor to start recieving payment have been fruitless.
In the mean time, our contractor refuses to continue the job.
We are left without use of our kitchen, which has created a tremendous hardship on our family.
It was suggested to us, that holding money that doesn't belong to them, is their way of stacking there books to improve their bottom line, therefore improving their position in the market. Not only is this a deceptive business practice, it is criminal. Intentionally causing hardship for families they are suppose to be assisting is unforgiveable. Obviously, they aren't a company any reasonable person would want to invest their money in.
We are going to refinance our house with another bank, because that appears to be the quickest way to get our money back.
10
Lowest Rating Available!!!
- jackiephd - Thursday, September 29, 2011 - 2:23 PMThis institution leaves a LOT to be desired. I tried to get in contact with customer service. It took at least 40 minutes and 4 transfers to get to someone who absolutely could not speak/understand English. I asked to be transfered to a 5th person, and she asked me for my address. I kept telling her my address on the account had errors in it--someone manufacted a wrong number. She kept interrupting me and then finally hung up on me. I would never EVER do business with these people again. I read the other two reviews--I agree 100% Really REALLY bad on customer service!!!!!!!!!!!!!!!!!
9
Horrible Service!!! 45Minute-1Hour On Hold To Talk To People Who Are Rude Or Just Clueless. They're Not Paying My R/E Taxes.
- Gino1967 - Tuesday, December 20, 2011 - 3:40 PMFlagstar bought our mortgage in August, then they didn't not pay our real estate taxes (which we pay in our mort payment to them). After getting delinquent tax notices from the town we called flagstar only to be left on hold for an hour. When a rep finally got on the line she was rude, took our info and told us someone would get intouch with the town and us. It's now a month later with no call to the town or to us & no tax payment to the town... I've called Flagstar 3 more times enduring forever hold times & clueless reps with no info to tell me. I have now had to pay the tax money ($1,700+) to the town out of my pocket so we dont end up in the news paper for non payment of taxes. All it would take for them to fix this is a phone call to the town tax collector to fix this in their system, ten minutes of time tops. I don't see what the problem is, four times on the phone & one month's time could not get this fixed???
If this isn't fixed by 1/11/12 I am going to sue them in small claims for my extra payment & a days pay, get a judgement and then have the judgement executed by the sheriff on their local branch, I'll take cash, the furniture up to the value of my judgement. I'll alert the newspaper & TV news before hand, watch for this on youtube.
BTW, I would've had no stars, but that wasn't an option.
8
IN RESPONSE TO REVIEWS
- christina - Friday, September 30, 2011 - 1:30 PMFirst let me say about the partial payments, bi weekly and payment change date comment tht was made,
You can not change your due date . Period with any bank you are given a 15 day grace period which does not mean that your payment isnt due till the 15th READ YOUR NOTE . Secondly they do have a bi weekly payment but what most people dont understand is that you can make one extra payment a year and still accomplish the same results as a bi weekly payment . You also have to be current and you will be one month ahead when you are set up on the bi weekly payment plan . Partial payments will cause you to get a late fee. Your payment is due in full each month on the first , read your mortgage docs.
Ok for the payoff lady , there is an automated payoff line which if you listened to the first message when you call in you would have heard the option to push a number to go to that area.
Lastly perhaps you people so read your documents before you call bitching about things. I am sorry that you cant understand why you cant just make payments when you want to but fact of the matter is you signed the docs.
I have never had any issues sometimes the wait time is long but its that same at any other place i call.
8
PAINFULL AND RUDE
- tiredofit - Monday, January 23, 2012 - 1:36 PMCustomer Service at Flagstar Bank is absolutely horrid. They are rude and not helpful at all. I tried to get Bi-weekly payments and you would think a bank would like to help and make sure that you could make your whole payment each month but nooooo they are not flexible what so ever! They do not care about there customer at all. I give up!
7
Non Existing Escrow Account Used To Pay Property Taxes
- nayaf - Tuesday, December 6, 2011 - 4:35 PMI had paid my property taxes directly to the county for my home as had been arranged in my mortgage and without my knowledge or permission Flagstar Bank set up and withdrew from an excrow account in my name that same property tax which I had already paid.
I could not get anyone to talk with me about this and now they want me to repay them the money that they claim to have sent out and the county claims that they did not receive a payment from them.
6
They Are The Worst Bank I've Ever Used.
- nihos - Wednesday, February 15, 2012 - 12:06 PMThis bank has the worst customer service of any bank I've ever used. You will have to keep an eye on you're account at all times to make sure you are not charged fees. They also have the highest fees of any bank I've ever dealt with. In the future, I will avoid this bank at all costs.
5
They Dont Know Nothing Until 5 To 10Days
- bharrison - Saturday, February 11, 2012 - 12:54 PMThe people who answer phones are not nice. This loan sucks I hate the day I sign with Flagstar. Please find you a another loan with a company who cares about customers please..... This company should have no stars.
5
Mortgage Through Flagstar
- Nanchad - Tuesday, March 6, 2012 - 10:00 AMI refinanced in December, and discovered that my new mortgage was going to be through Flagstar Bank. When I read the reviews I almost had a heart attack. I am very involved with my mortgage, have spreadsheets showing my payments, make multiple extra payments throughout the month, etc. I was in a panic when I read the reviews, and contacted my bank and almost had them cancel the refinance, because there is no way I could do business with a bank that had horrible reviews. My bank reassured me that a lot of their employees had their mortgage through Flagstar, and they were very happy with them. They were able to talk me into going through with my refinance. It has been 3 months now, and I am extremely happy with Flagstar Bank. The online options that I have to look at my mortgage are the best that I have seen. It is very easy to make extra payments as often as I want online. I had a question about my mortgage, and was hesistant to call Flagstar Bank (because of the horrible reviews). I was at work, and knew that I didn't have 45 minutes to an hour to sit on the phone and wait. Once again, I was surprised! I was on hold for less than 2 minutes, and the customer service rep was very nice, knew exactly what he was talking about, and was able to explain things to me. I immediately chatted my husband and said, "I had a WONDERFUL experience with Flagstar!" As for right now, I would have to give Flagstar 5 stars, and that is saying something, because 90% of the time I am NEVER satisfied with companies and their customer service. Way to go Flagstar!
4
Incompetent Employees---
- DISHES13 - Friday, February 24, 2012 - 2:38 PMThe wait time is always at lease 45 minutes or more. We refinanced our home with another lender "thank God" well come to find out Flagstar had force placed insurance on us because they said we did not notify them in a timely manner of our current insurance...THEY ARE SUPPOSE TO PAY OUR INSURANCE OUT OF ESCROW! THEY HAVE ALL OF OUR INSURANCE INFORMATION! So therefore our escrow went negative. Well we are suppose to get the force placed insurance check back..They say it was mailed on 2/3/12...Havent seen it. Our new lender said this has nothing to do with them and that we should have that check by now. The 30 day window to disburse the funds to us has passed. Each and every day I call they just say oh the account is being worked on but it can take up to 30 days to locate the check..WTF you cant tell where the hec you sent a $1700 check?! It has been a horrible expierence and I would never reccoment them to anyone.
4
Everything Is Good With My Accounts.
- Washington - Thursday, May 17, 2012 - 12:06 AMAll these complainers just need to pay the accounts on time. I paid my account and have had a good experience.
3
GUESS YOU CAN SEE WHICH REVIEWS WERE PAID FOR!
- Jimmy_Doors - Monday, April 2, 2012 - 7:27 PMHeadline from another site -- Google "flag star"
MANHATTAN U.S. ATTORNEY SUES FLAGSTAR BANK FOR
FRAUDULENT MORTGAGE LENDING PRACTICES AND SETTLES
FOR $132.8 MILLION AND OTHER CONCESSIONS
I'm not a Flagstar vict-- er, customer. THANK YOU, JESUS !
3
Mortgage With Flagstar Bank
- katbutterfly - Friday, February 17, 2012 - 10:10 AMThis mortgage company is awesome! They have constantly worked with me when I had issues or was behind on payments. I cannot say enough good things about Flagstar Bank. My previous mortgage company, Chase Home Finance, was willing to take my house away after being late 1 month and was very rude to me! However, all the people I have dealt with at Flagstar Bank have been very helpful and courteous.
Thank you, Flagstar Bank, for setting a high standard for mortgage companies! It is greatly appreciated!
3
NO ONE WILL HELP
- BABA - Tuesday, April 10, 2012 - 6:43 PMFlagstar mortgage company customer service do not care about there customers.Please read reviews be for you do business with them.
2
Featured Accounts
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Worst Bank Ever...
I had no problems until I tried to pay the loan off early. Everytime I called, I was on hold no less than 45 minutes. While they were processing the payoff, the next monthly payment came due (the check for the loan balance was in their hands) and they hit me with a 53.69 late fee. After several phone calls, I got the promise that the fee would be removed. Yesterday, I get a letter that states if I do not pay the fee within the next 7 day, Flagstar will report me to all major credit bureaus as being delinquent... WTF!!!
All I tried to do was pay off a loan 12 years early and it has been one of the most painful things that I have experienced....