Flagstar Bank’s 1.15% APY Savings Account is now guaranteed for 4 months for balances up to $250,000. Even though it’s located in Michigan, the Savings account is available nationwide with no monthly fee or minimum balance requirement. You can apply for this promotion online which allows for electronic funding where you can enter your bank’s account information to initiate an ACH transfer.
From the website:
Not available for business or public units. 1.15% Annual Percentage Yield (APY) is accurate as of 1/19/2012 and is guaranteed for four months after account opening. The 1.15% rate is guaranteed on balances up to and including $250,000. Balances over $250,000 will earn 0.30% APY. After promotional period, account will revert to the current posted rate for the Express Savings account. Fees could reduce earnings. Available only on new Express Savings promotional accounts opened in conjunction with this offer. Funds may not currently be on deposit with Flagstar Bank. Conditions and restrictions apply. Offer subject to change or cancellation at any time without notice. Minimum amount to open: $1. Limit one account per customer.
Flagstar’s Savings account promotion is similar to EverBank’s 1.05% APY 6-month intro rate. However, the highest savings account rate of 1.25% APY still belongs to TIAA-Direct even though there’s no guarantee how long they will last. You can compare our most updated rates on all liquid accounts by visiting our best bank rate table.
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According to Bankrate, Flagstar Bank is underperforming and has been issued a 1 star (lowest rated) on its website. Too much of a risk for me, I’ll pass.