Posts Tagged ‘FlagStar Bank’
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.
Best 3 year CD rates yielding 3.0% APY
You will be hard pressed to find 3 year CD rates yielding above the 3.0% APY mark (especially if you are looking for certificates of deposits available nationwide). The top 36 month CD rates in which we have come across over the course of November have come from either credit unions or national banks.
The best of them comes from Flagstar bank which has a three year CD yielding 3.0% APY. You must deposit a minimum of atleast $500 to receive this interest rate. Flagstar’s current rates on their CD’s take an interesting yet profitable jump from the 30 month to 36 month term. Their 30 month CD only provides yields of 2.16% APY and their 36 month CD provides a much more lucrative 3.0% APY. One thing to note is that you must type in your zip code before being provided with their interest rates. After testing a number of zip codes in major cities throughout the country we have found that the 3 year CD yielding 3.0% APY is fairly common.
The next best interest rate is also a 3 year CD with a 3.0% return, however it comes from Alliant Credit Union which has some fairly strict requirements for eligibility. Currently you can invest in a 3 year CD with the 3.0% return if (A) you deposit atleast $50,000 and (B) you fit the following requirements:
- live or work in the following Chicagoland communities: Arlington Heights, Bensenville, Des Plaines, Elk Grove, Elmhurst, Franklin Park, Harwood Heights, Itasca, Mount Prospect, Northlake, Niles, Norridge, Park Ridge, Prospect Heights, River Grove, Rolling Meadows, Rosemont, Schiller Park, Wood Dale and Chicago O’Hare Airport property
- Any person related by blood or law to an existing member
- Domestic partners of unmarried members
If you cannot deposit the $25,000 minimum you will still earn a respectable 2.85% APY. If you happen to know of a better 3 year CD rate, please share by leaving a comment!
Best 5 year CD rates paying 3.80% APY
The best 5 year CD’s (certificates of deposit) which are nationally available are currently paying 3.80% APY. However, depending on where you live you may be able to find slightly better interest rates.
The top 5 year CD (nationally available) currently goes to Melrose Credit Union. Since Melrose Credit Union has an open New York State charter there are no geographic or group affiliation field of membership restrictions. So, regardless of where you live or how you earn a living, you may qualify for membership.
Membership Requirements for Melrose Credit Union:
There is a $1.00 one time membership fee and a minimum opening deposit of $25.00. The minimum deposit required to open their certificates of deposit is $5000. Individuals must provide:
- Valid Photo ID (Driver’s License, Non-Driver ID, Passport)
- Proof of Address (Utility Bill)
- Social Security Number
Flagstar 9 month CD rate promotion
A luke warm certificate of deposit rate is being offered by FlagStar Bank. Currently they have an online promotional CD with a rate of 3.25% which is apparently available to anyone nationwide. However, I have heard that this rate drops to 3.0% for certain areas within Michigan, Indiana, and Georgia.
The minimum deposit required for this certificate of deposit is $500. FlagStar also has a 6 month CD yielding an APY of 2.86%, a 12 month CD yielding a 3.25% APY and a 48 month CD yielding a 4.01% APY.
Currently the national average for 12 month CD rates is hoovering around 2.30% which makes Flagstar’s current CD promotions somewhat noteworthy.
Since BankVibe’s review of FlagStar Bank their CD rates have dropped dramatically, however the national average has been sliding steadily as well.
Flagstar bank CD rates and bank review
FlagStar Bank (NYSE: FBC) operates as the holding company for Flagstar Bank, a federally chartered stock savings bank. Flagstar is the largest publicly traded savings bank headquartered in the midwest United States. Flagstar Bank, headquartered in Troy, Michigan, is a community bank with approximately 170 banking centers in Michigan, Indiana and Georgia. Chartered in 1987 as a federal savings bank, today Flagstar has assets in excess of $14 billion. A small savings bank in nearby Jackson, Michigan, Security Savings Bank, was purchased in 1994. The banking charters of First Security Savings Bank and Security Savings Bank were merged in 1996, and the bank was renamed to its current state. An initial public offering for Flagstar Bancorp, Inc. common stock was held in April 1997, and listed on the NASDAQ Stock Market under the symbol FLGS. The company’s securities’ listings moved to the NYSE on July 13, 2001.
Flagstar Bank’s major banking product consist of:
Money Market Accounts and High Yield Savings Accounts
FlagStar consistently tops BankVibe’s Best CD Rate charts. Here are FlagStar’s current CD rates:
FlagStar Bank’s 6 month CD rates: 2.76% APY
FlagStar Bank’s 12 month CD rates: 3.75% APY
FlagStar Bank’s 5 year CD rates: 4.01% APY
Please share your banking experience with FlagStar Bank by submitting a comment to this post. Thanks!
