Dedicated to Deposits: Deals, Data, and Discussion

2.00% Checking for One Year or $100 Checking/DD Bonus at Flagstar Bank - GA, MI, IN Only

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Flagstar Bank
Flagstar is offering two checking account promotions. One offers $100 for opening a checking account and establishing direct deposit of at least $250/month. Here's the online promo page. The website makes it look like you can apply online; however, I called, and the CSR said that a branch visit is required. 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

The other checking account promotion guarantees 2% APY for 12 months from account opening for all balances up to $100,000. It requires opening an interest-bearing checking account (I was told the eChecking doesn't qualify). Like the $100 bonus, direct deposit is required. If it's not established within 60 days, the rate may be reduced. Like the $100 bonus, this also requires a branch visit.

This 2% promo doesn't seem to be listed at Flagstar's website. It was advertised in yesterday's Fort Wayne Newspaper (6/13/09). The ad is available online here. A reader also saw it advertised in a Michigan newspaper.

According to the ad, there's a limit of one promotion per customer. So it appears you can't do both promotions.

Readers have reported a hard credit inquiry when applying for new Flagstar checking or savings accounts.

Branches are located in Michigan, Indiana and Georgia. The bank is a member FDIC (FDIC Certificate # 32541).

Thanks to the reader who emailed me news of these promos.

Flagstar's Express Money Market Account Update

Flagstar's online Express Money Market Account continues to offer a competitive yield (currently 1.90% APY) with no minimum balance requirements. It was launched in the summer of 2007 (see post), and its rates have been above average on my money market and savings account list. One downside is a very slow ACH transfer service. A reader has reported that if you don't submit the request by Monday, the transfer will drag out over the weekend, and you'll lose 4-7 days of interest.

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  Tags: Indiana, Flagstar Bank, Georgia, Michigan, checking account

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Comments
Comment #1 by Anonymous posted on
Anonymous
It is not true to visit a branch is required. If you follow the promotion link on their website, type in your zipcode after pushing apply on one of the three account choices, it will say you don't qualify if you don't live in one of their States, but you can use code M7 on the online application and still get the $100 bonus.

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