10% 6-Month CD at an Indiana/Michigan/Georgia Bank - $2.5K Max (Flagstar)

Flagstar Bank is offering a 10.00% APY 6-month certificate of deposit. The minimum is $500 and the maximum allowed deposit is $2,500. For new customers, you must open a checking account with direct deposit or monthly ACH payments. For existing Flagstar checking account customers, you must enroll in the Flagstar Loyalty Program by establishing a monthly ACH payment or direct deposit.

This special is not listed at Flagstar's website. It was advertised in yesterday's Fort Wayne News Sentinel. The ad is available online here. I called the CSR and was told that this special is available at all Flagstar branches in Indiana, Michigan and Georgia. The CSR also said that any checking account will qualify including the free checking account which requires only a $50 initial deposit.

The low $2.5K cap hurts this deal. With this max, you'll get about $56 more than what the $2.5K would earn in a 5.50% savings account over 6 months. You can consider this like a checking account bonus.

Flagstar Bank is FDIC insured. It has a safe and sound rating of 3 out of 5 stars (performing) at Bankrate.com.