Dedicated to Deposits: Deals, Data, and Discussion

$100 Checking Account/Direct Deposit Bonus at Flagstar

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Flagstar Bank
Flagstar is offering a $100 cash bonus for opening a new checking account and establishing direct deposit of at least $250/month. Here's the link to the promo page. It's now being advertised on their home page. Unlike the last Flagstar bonus that I reported on in March, this one states that the offer is available only at retail banking centers. The promo code is HD, and the instructions state that you need to ensure the banking rep includes this code when the account is being opened. No expiration date is listed in the promo page. Some of the important details in the small print include:
  • New checking account customers only
  • Minimum opening deposit of $50
  • Direct deposit of income of at least $250 per month
  • Direct deposit must be established within first 60 days of account opening
  • $100 will be deposited into your account within 30 days after first direct deposit
  • Account must remain open and active for a minimum of 6 months
  • Bonus will be reported in your 1099
According to the CSR, they do not do a hard credit inquiry (it's just a soft pull). However, readers have reported a hard credit inquiry when applying for new checking or savings accounts.

Flagstar's Free Checking Account has no monthly service charges and offers free Bill-Pay. Checks are not free and there's a $2 charge at non-Flagstar ATMs.

Branches are located in Michigan, Indiana and Georgia.

Flagstar's Express Money Market Account Update

Flagstar's Express Money Market Account continues to offer a very competitive yield (currently 3.50% APY) with no minimum balance requirements. It was launched just over a year ago (see post), and it has remained near the top of my money market and savings account list.

Flagstar has been hit hard by the mortgage problems. It still has only a 1-star rating (lowest) at Bankrate.com. This latest rating is based on 3/31/08 data. However, Flagstar's second quarter results showed some improvement (see article). As I recommend with any bank, make sure to stay under the FDIC limits. The bank is a member FDIC (FDIC Certificate # 32541).
  Tags: Indiana, Flagstar Bank, Georgia, Michigan, checking account

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