Pros Explained

• A robust financial institution with a considerable number of options: Flagstar Bank’s offerings expand far beyond its deposit accounts and include everything from 澳洲幸运5官方开奖结果体彩网:health savings accounts (HSAs), individual retirement accounts (IRAs), and education accounts to mortgages and wealth management services. It even offers 澳洲幸运5官方开奖结果体彩网:estate planning and income tax services. 
• Relationship bonuses: You can enjoy a rate reduction on interest fees if you set up automatic payments for certain products from your checking, savings, or 澳洲幸运5官方开奖结果体彩网:money market account. For instance, you can snag higher 澳洲幸运5官方开奖结果体彩网:certificate of deposit (CD) rates by keeping $5,000 or more in combined deposit accounts. You’re eligible for a 0.25% reduced rate on 澳🦹洲幸运5官方开奖结果体彩网♐:home equity lines of credit (HELOCs) if you set up automatic payments. You also could get a 0.25% bump down in your rate on personal loans for an automobile, boat and home equity loans.
• Vast ATM network: If you like the option of withdrawing money from ATMs while on the go, Flagstar Bank is synced up with both the Presto and Allpoint ATM networks, which boast a double whammy of more than 56,000 ATMs in the U.S.

Cons Explained 

• Savings account requires high balance for a good rate: Flagstar Bank requires a $25,000 balance to earn a competitive rate (4.00% APY). For smaller balances, you'll earn a relatively low 澳洲幸运5官方开奖结果体彩网:annual percentage yield (APY). Flagstar doesn't disclose all of its APYs publicly, which makes it difficult to compare with other banks.
• Physical branches limited to certain states: While Flagstar Bank does have brick-and-mortar locations, they are located in only nine states, predominately in the Midwest and Northeast. 
• Possibility of substantial overdraft fees: If you are not careful, Flagstar Bank’s overdraft fees can feel like a triple whammy. Each overdraft fee is $10, and you can be hit with up to three a day.

Who Is Flagstar Bank Best For?

In general Flagstar Bank is best for those who want a financial inst♏itution where they can do their banking and have access to everything from wealth management services and mortgages to estate planning and tax preparation. It’s ⛎a particularly strong fit for those who:

• Want a one-stop-shop for all their banking needs
• Like access to an impressive ATM network 
• Are looking for high promotional interest rates

What Does Flagstar Bank Offer?

As one might expect from a large finan🌳cial institution with a large array of accounts, products, and services, Flagstar Bank offers: 

• Checking accounts
• Savings accounts
• Money Market accounts
• CDs
• Credit cards

Checking Accounts

Flagstar Bank’s Ready Checking account is its no-interest, starter account. It requires a $50 minimum deposit to open, but there is no minimum balance requirement after that. Th⛦ere is a $3 monthly fee, which ca𝕴n be waived by enrolling in e-statements.

The account comes with a free debit/ATM card. Also, as mentioned, you can snag one of Flagstar’s relationship bonuses if you set up automatic payments from this account for sꦉome of its loans or keep a minimum balance across your deposit accounts.

Should you run a negative balance, beware of the fees. There’s a $10 fee for each overdraft, and the maximum combined number of overdraft fees is three in a given day. Flagstar also charges a $2.50 out-of-network ATM fee, which is on top of any ATM operator surcharge fees.

Flagstar Bank’s Elite Checking account offers interest, though Flagstar doesn't disclose the rate publicly. The account has a $15 monthly maintenance fee, which can be waived if you keep a combined $25,000 average daily balance in personal checking, savings, money market, and CD accounts.

澳洲幸运5官方开奖结果体彩网: There is a $5🧸0 minimum ope🅰ning deposit amount.

Savings Accounts

Flagstar’s Ready Savings account is its base-level, no-frills account. The APY is not disclosed. The good thing about it is that there’s a $1 minimum deposit to open an account. There's a $3 monthly service fee that can be waived if you do or are one of the following:

• Maintain an average daily balance of $300
• Have a Flagstar personal checking account 
• Be 18 years of age or younger

Flagstar’s Performance Savings is a bare-bones savings account, but it has an excellent APY of 4.00% for balances of $25,000 or more. If you don't meet the balance requirement,𝔉 you'll get 0.10% APY.

The monthly maintenance fee is $15, which can be waived if you either maintain an average daily balance of $10,000 or have a personal checking account through Flagstar. There’s a $1 minimum deposit to open an account online.

Flagstar’s custodial account, Kids Savings, gives minors the chance to learn how banking works and teaches them how to manage their money. There is no minimum age to open an account. Ther🦋e’s a free debit/ATM card for kids who are 13 and older, and parents or guardians can shuffle money between parental and minor checking accounts for free. There’s no monthly maintenance account fee, and you only need a $1 deposit to open an account online.  

Money market accounts typically have a lot of the same features as savings and checking acc🦂ounts but with higher interest rates. Flagstar’s APY for its Money Market account is not disclosed.

There’s a $50 minimum deposit to open a money market account. However, note the $15 monthly account fee. This ongoing fee could 🎉be dropped if you have a Flagstar personal checking account or keep a $25,000 daily average in the account. 

CDs

If you have a chunk of cash that you can afford to keep stashed away for a set period of time, yo🤪u might want to consider a CD. It can be a good way to earn a little more inte💦rest. 

Should you need to pull money from a CD before it matures, you’ll get pegged with an early withdrawal pena🀅lty, which varies.

The current rat𓆏es for Flagstar Ban🦋k’s CDs are as follows: 

Credit Cards

Flagstar Bank offers a handful of credit cards, including cash-back rewards cards, a balance transfer card, and a 澳洲幸运5官方开奖结果体彩网:secured credit card.

• Maximum Rewards Visa Signature Card
• Platinum Edition Visa Card
• Secured Visa Card

Other Financial Products𓂃 Offered b𓆉y Flagstar Bank 

Flagstar Bank has an impressive range of banking products and s𓂃ervices.

• Car loans
• Education Savings Accounts 
• Estate planning services 
• Purchase mortgages
• Refinance mortgages
• Home Equity Loans and Lines of Credit (HELOCs)
• HSAs
• IRAs
• Income tax services 
• Insurance policies 
• Personal Money Management services
• Managed investment portfolios
• Financial Consultants
• Business loans

Customer Service

Customers can get a hold of Flagstar Bank’s customer service by phone, chat, email, or going to a brick-and-mor✅tar location. There’s 24/7 voice phone banking ((888) 248-6423), and you can talk to a human on weekdays from 8 a.m. to 10 p.m. EST and on weekends from 8 a.m. to 5 p.m. EST. If you prefer to email with an inquiry or a question, there’s a contact form on Flagstar’s website. 

How to Bank With Flagstar

You can open an account online or at one of its physical locations. Remember that on some accounts there’s a $1 minimum deposit to open🍸.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over ꧙20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.