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Flagstar's Online Money Market Promotion - Available Nationwide

Thursday, November 12, 2009 - 2:31 PM CT by Ken - Bank Deals Guy

View current rates for Flagstar Bank
Flagstar Bank is offering a $25 bonus for opening its Express Money Market Account. The offer code is D2. This is not listed at Flagstar's website. A reader emailed me news of this, and I just called and confirmed the promo. According to the CSR, it was sent to specific customers, but she said I was free to use it. There's an offer-code box at the start of the application. Unfortunately, it doesn't seem to give you any indication about the validity of the code.

According to the CSR, there are no additional requirements for this promotion. You can open the money market account online with just $1. The CSR didn't know how long this promotion will last. You may want to call to make sure the promotion is still valid before applying.

I just reported on Flagstar's new internet banking website, FlagstarDirect.com. The money market account is still competitive with a 1.80% APY for all balances as of 11/12/09. For the full details of the account features and rate history, refer to my Flagstar money market review.

There appears to have been some changes to Flagstar's ACH bank-to-bank transfer service. According to the CSR, you can now only link 5 external accounts for transfers. This used to be unlimited. Also, they impose a restrictive ACH limit in the first 90 days. Standard transfers are limited to $5K/month and $2K/day. After 90 days this can go up to $25K/month and $15K/day.

Bank Overview

Flagstar Bank currently operates 175 banking centers in Michigan, Indiana and Georgia

The bank has been hit hard by mortgage problems. In August, Bloomberg reported that that Flagstar's nonperforming loans exceeded 10 percent. In the latest news Flagstar reported a third-quarter net loss of 64 cents a share. As you might expect, Bankrate.com gives Flagstar Bank its lowest rating for safety and soundness of 1 star. However, BauerFinancial gives the bank 3 stars (adequate). Both ratings are based on 6/30/09 financial data.

Flagstar Bank has been a FDIC member since 1987 (FDIC Certificate # 32541). Note, the online applications at FlagstarDirect.com go to Flagstar.com which is the website address listed at the FDIC page.

Thanks to the reader who emailed me news of this promotion.

Other Competitive Bank Bonuses and Savings Account Rates



 
 
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In order by popularity, then date posted.

Anonymous - #1, Friday, November 13, 2009 - 8:37 AM CT

2 comments above mine are spam and should be deleted!


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Anonymous - #2, Friday, November 13, 2009 - 11:46 AM CT

Just spoke to CSR. Looked up the code. Said it didn't exist and had no idea what I was talking about.


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Anonymous - #3, Friday, November 13, 2009 - 6:09 PM CT

Maybe you need to contact the Internat division of the bank? Some banks have separate groups of workers who service in-branch and internet accounts.


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Anonymous - #4, Wednesday, November 18, 2009 - 11:37 AM CT

Just called up the bank and according to what they told me in order to get the $25 bonus I would have to setup a monthly direct deposit of $250 and once that was established I would get the $25 dollars 30 days after that happened.


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Scott - #5, Friday, November 20, 2009 - 1:13 PM CT

I emailed Flagstar about this and got the following in writing from them. (They didn't say anything about a $250 monthly deposit.)

Thank you for contacting Flagstar's Customer Service. We are happy to assist you in regard to receiving $25 for opening an Express Money Market Account.

Flagstar is honoring a credit of $25 to anyone who applies for a Direct Express Money Market Account on our Web site www.flagsardirect.com. Before beginning the application you will be prompted to enter a promo code and you must enter D2. Flagstar does not require any other steps in order to receive the $25 credit. The funds will be credited to your account after it has been open for 30 days. If you close the money market account within six months of opening it, you will be required to pay the $25 credit back.

If you have any further questions, please feel free to e-mail bankingsupport@flagstar.com or contact our Banking Support Center at (800) 642-0039. Our hours of operation are listed below. Please refer to case number 3937234 so we can better assist you.

Thank you for choosing Flagstar.


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