FlagStar’s Interest Checking Account: 2.0% APY for 1 year
FlagStar Bank brought back it’s infamous S.M.A.R.T. checking account this holiday season which is offering an interest rate of 2.0% APY on all balances up to $100,000. PLUS, they guarantee that the interest rate (2.0% APY) will remain for the next 12 months. That is quite unusual considering money market accounts and interest checking accounts are almost always accompanied with variable interest rates which typically fluctuate as varying economic factors change.
If you visit their promotional page highlighting this deal, you will notice that you need to enter your zip code before opening the account. After digging into it a little further it appears that it’s only available to residents in Michigan, Georgia and Indiana. If you live outside of one of those states and were able to take advantage of this offer, please let us know by leaving a comment.
Features of Interest Checking through Flagstar Bank:
- New personal 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 deposit or 2% interest rate available for new personal checking account customers only (no existing Flagstar checking account).
- To qualify, open a new personal checking account with a minimum deposit of $50 and set up an automatic, recurring direct deposit of income of at least $250 per month, excluding interest deposits.
- Direct deposit must be established within the first 60 days of account opening. $100 bonus will be deposited into your account within 30 days after the first recurring direct deposit takes place.
- All accounts must remain open and active for a minimum of six months.
- If checking account is closed within the first six months, Flagstar reserves the right to reclaim the $100 deposit and interest bonus.
- 2% interest rate is accurate as of 10/01/2009 and is guaranteed for 12 months after account opening.
- Maximum deposit is $100,000.
- Funds may not currently be on deposit with Flagstar Bank.
- Offer good only when opening a Flagstar interest-bearing checking account. Account fees could reduce earnings.
- Direct deposit must be established within the first 60 days of account opening or the rate is reduced to current rate. See your Flagstar representative for more details.
- Flagstar will issue a 1099 for the $100 and the offer is not good in conjunction with any other coupons or checking account offers.
- Limit one $100 deposit or 2% interest rate offer per customer per account.
- Offer subject to change or cancellation at any time without notice.
- Flagstar reserves the right to reduce the 2% interest rate prior to the 12 month expiration date if checking balances exceed the $100,000 maximum.
December 7th, 2009 at 7:51 am
I couldnt open this account because I used to have a Flagstar checking years ago. Suck