This special is not listed at Flagstar's website. A reader mentioned it in the comments, and I just called for additional information. The banking rep also said there's a 14-month CD promo with a yield of 5.50% APY for those with a checking account. This one doesn't have a deposit cap. For the 7.30% CD, the $2.5k deposit cap does lower the value of the deal. The 7.30% APY for a $2.5k deposit would earn about an extra $57 over keeping it in a 5% savings account for a year.
Flagstar has often had these promotions. Earlier this year it was offering 10% for 6 months with the same $2.5k cap and with similar checking requirements.
Branches are located in Indiana, Michigan and Georgia. I only confirmed this 7.30% CD promo for Georgia, if you're in Indiana or Michigan, please call to confirm. In the past, these promos have been available at all branches.
Flagstar Bank is FDIC insured.
Thanks to the reader who mentioned this special in the finding deals post.