Dedicated to Deposits: Deals, Data, and Discussion

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

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Flagstar Bank continues to offer a special 10.00% APY 6-month certificate with a $500 minimum and a $2,500 maximum deposit. 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 first reported on this in November. When I called at that time, the CSR told me 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.

It would be a better deal if it had a higher cap than $2.5K. With this max, you'll get about $62 more than what the $2.5K would earn in a 5.00% 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.


Comments
4 Comments.
Comment #1 by Dave (anonymous) posted on
Dave
Required a TransUnion credit pull for me. This was probably because I did not have a checking account before today.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Looks like this 10% promo has ended as of 2/10/07. Flagstars latest ads are listing a 5.32% variable CD.

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Comment #3 by Anonymous posted on
Anonymous
Called today 2/22/07, still running special 10% in Georgia.
Tom in Atlanta, GA

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Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the update. I also saw it recently advertised in an Indiana newspaper. I have a new post on this here.

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