Flagstar is still 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 advertised on their home page as of 7/12/2009. 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
We're sorry - these checking products are not offered in your market area.
You may still take advantage of our $100 offer. Please visit our checking page to select the checking product best for you. Just indicate promotion code "M7" at the start of you application or call us at (800) 642-0039 for assistance.
Flagstar's checking account page does list two competitive checking accounts, and both have online applications which appear to allow people from outside their market area to apply. The Index Checking is a nice checking account with no minimum balance requirements, free checks for life, and a decent interest rate for a checking account (0.50% for all balances as of 7/12/09). Note, readers have reported a hard credit inquiry when applying for new Flagstar checking or savings accounts in previous years.
Update 7/13/09: A reader mentioned receiving a promo code of M6 rather than M7. The promo code could vary by zip code.
Flagstar has been offering an internet money market account since July 2007 (see post). The rates have remained competitive. As of 7/12/09, the APY is 1.90%. It has no minimum balance requirements and offers free checks. The main downside is a slow ACH transfer service (Readers have reported you have to submit transfer requests on Monday or it'll drag on over the weekend with at least 4 days of lost interest). Another downside with their ACH service is a limit on the amount you can transfer ($5K/day and $25/month).
Branches are located in Michigan, Indiana and Georgia. The bank is a member FDIC (FDIC Certificate # 32541).
Credit for this find goes to SD member vtecb20coupe who posted it on this SD thread.