Flagstar Direct is offering a nice promotion on its free Interest Checking Account. First, it's offering an into rate of 1.50% APY for the first 4 months. Second, it's offering an additional $100 bonus for establishing direct deposit within the first four months. Only one promotional account is allowed per household. This promo is listed at Flagstar Direct's Interest Checking Account page as of 9/17/2010.
This Interest Checking Account has some nice features:
- No monthly maintenance fees
- $1 minimum opening deposit
- Free checks
- Fee-free access to ATMs in the Allpoint and Presto! networks in all 50 states
The standard interest rate isn't the best, but it's competitive for regular checking accounts (non-reward). As of 9/17/2010, the rate is 0.85% APY on all balances.
Flagstar Direct continues to offer two very competitive short-term CD deals: 1.25% APY for 6 months and 1.55% APY for 12 months. These rates are listed in Flagstar Direct's CD page as of 9/17/2010. I reviewed these CDs and Flagstar Direct in this July post.
Flagstar Bank currently operates around 165 branches in Michigan, Indiana and Georgia. The bank has been hit hard by mortgage problems that started during the financial crisis. It has made some improvements this year with an increase in its Tier 1 Capital Ratio.
Flagstar Bank has an overall health score of 2 out of 5 with a Texas Ratio of 70.87% (below average) based on 6/30/10 data. It is also operating under an OTS supervisory agreement which was issued last January. Please refer to our financial overview of Flagstar Bank for more details. The bank has been a FDIC member since 1987 (FDIC Certificate # 32541).
Other Bank Bonuses
This Flagstar promo is similar to what EverBank has been offering. EverBank continues to offer an intro-rate of 2.25% for 3 months on its checking account (as of 9/17/2010). There's also a cash bonus. Please refer to my EverBank bonus review for more details.
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus blog posts. Additional bonuses are listed in the checking discussion forum.