When opening a checking or savings account, what are the features and benefits that you expect the most? While you won’t find the best interest rates, you’ll experience terrific customer service and get a wide variety of benefits when opening an account. See if Flagstar Bank is right for you.
Flagstar Bank may be known as a mortgage lender, but few know about their solid banking side. One of their most prominent features is the wide variety of accounts available to customers. If you’re in the Michigan area, be sure to check out what this has to offer for you.
Table of Contents
- 1 Checking Account Options
- 2 Compare Checking Accounts
- 3 Savings Account Options
- 4 Compare Savings Accounts
- 5 Money Market Account Options
- 6 Compare Money Market Accounts
- 7 CD Account Options
- 8 Compare CD Accounts
- 9 Reasons To Bank With Flagstar
- 10 Reasons Not To Bank With Flagstar
- 11 Flagstar Routing Number
- 12 Contact Customer Service
- 13 How Flagstar Compares
- 14 Bottom Line
Checking Account Options
All these accounts will have 24/7 access via online/mobile banking. They offer a wide variety of checking accounts so that you can find the one that suits your needs the most.
Each of these accounts require $50 to open.
If you need a standard checking account, this is the account for you. This account may bear no interest, but there’s no minimum balance or any maintenance fees. You’ll also receive a rate reduction on personal loans or equity loans, as well as preferred CD rates.
If you’d like to earn interest then check out this account. In exchange for an interest bearing account, you’ll need to have an average balance of at least $1,000. If you want to waive any fees, a combined balance of $5,000 is required from all Flagstar accounts.
However, if you are over the age of 50, though, you automatically get the fee waived. You’ll also receive up to two “free” non-Flagstar Bank ATM transactions and free paper statements.
This account earns the highest interest rates, but requires an average balance of at least $5,000. These rates are higher than average, so if you’ve got the money this account may be perfect for you.
As long as you maintain the $5,000 or higher balance, you won’t pay a monthly service fee. Along with all of the benefits of the SimplyPlus+ Checking, you’ll receive unlimited non-Flagstar Bank ATM transactions, a free box of custom checks, and up to $20 in “other bank ATM” charges refunded per month.
Compare Checking Accounts
Savings Account Options
Opening a savings account from Flagstar will grant you lower rates on personal loans and equity loans and to receive preferred rates on CDs so long as your combined balance is at least $5,000.
Opening a checking account with Flagstar will automatically waive any savings account fees.
As per the name, this is a simple savings account with basic interest rates. With an average balance of $300, you can waive the monthly service fee.
If you want higher interest rates, this tiered savings account is for you. The more money you put in, the higher your rates are. If you don’t have a checking account, you’ll be required to have an average balance of $25,000 across all accounts to waive your fees.
Bank balances with an average of $50,000 should use this account to get the highest rates. Just like SimplyMax, this account is tiered where more money earns your higher rates.
If you have a high-deductible health insurance plan, you can set aside money to pay those medical bills with the Health Savings Account. Your money grows tax-free and you can make contributions for the year up until April 15, up to the IRS maximum for the year.
You’ll be able to withdraw funds for eligible medical expenses. Any unused funds will roll over to the next year.
Kids (Up to the age of 22) can earn interested on deposits made to this account. They will earn interest on their deposits with the first $500, earning the highest interest rate. Parents can transfer funds from their account to their child’s free of charge. Kids ages 13 and older are able to have access to an ATM card tied to the account.
This child friendly account have no maintenance fees or minimum balance required.
Compare Savings Accounts
With the American Express® High Yield Savings Account:
• Earn 3.30% APY as of 12/22/22 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB323 by 03/15/2023
• Earn high interest rate of 3.30% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
Money Market Account Options
If you have high balances in your savings accounts, but want to access it through checks, the SimplyMoney Market account is perfect for you.
You earn tiered interest rates on your balances, and you can write up to six checks per month without incurring an excessive withdrawal fee. You can get the monthly service fee waived with ownership of a Flagstar checking account or carrying a $5,000 average balance.
Compare Money Market Accounts
• Earn 0.25% APY with the Axos Bank High Yield Money Market
• FDIC Insured
• Check writing privileges
• No monthly maintenance fees
• No minimum balance requirements
• Debit card transactions
• Minimum Balance Required to Open the Account: $ 1000.00
• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 3.25% APY balances $100,000 and over
• Earn 3.20% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 1.55% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
CD Account Options
Choose from a 13-month, 19-month, or 25-month CD to earn the highest rates of return. Otherwise, you can choose your own term ranging from 30 days to 120 months. You’ll need $500 to open a CD.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 2.00% APY up to 4.30% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn up to 4.65% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 4.10% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
Reasons To Bank With Flagstar
- You’re able to open a savings account online with as little as $1. You don’t even have to do it in a physical branch.
- You can have a Flagstar savings account for no charge if you have a Flagstar checking account. Several of the Flagstar savings accounts are offered to you at no charge with a checking account, which can save you quite a bit of money over the course of the year.
- They don’t charge overdraft fees on charges under $4.
Additionally, they don’t assess overdraft charges until 9 PM ET, so you have time throughout the day to transfer money into the account to bring it back up to good standing.
- In their online banking portal, you can set up budgets, look at expense reports, and determine where you need to make changes.
- Gain access to over 55,000 ATMs worldwide fee-free.
Reasons Not To Bank With Flagstar
- Physical Branches are only available in Michigan. Those who prefer in-person banking and don’t live in Michigan should look elsewhere.
- Expect to pay miscellaneous fees. These fees come from money orders, wire transfers, stop payments and overdrafts.
- You can’t make additional deposits on your CDs. Many banks allow you to do so, however Flagstar Bank does not.
Flagstar Routing Number
The main routing number is 272471852. To find find this routing number, you can simply check the bottom left corner of your checks – check to see if this number differs.
Contact Customer Service
Reach Flagstar Customer Service at 1 (888) 248-6423.
In addition, you’re able to fill out an online Customer Service Request, but a response can to take between one and two business days.
How Flagstar Compares
- Wells Fargo: Being one of the top banks in the US, this bank also offers a wide variety of accounts. They offer a selection of checking/savings accounts that other banks don’t offer, including the second chance checking account that gives people with a poor credit history a chance to open a checking account.
If you are lucky enough to live in Michigan and near a Flagstar Bank branch, they have a lot to offer. If not, you may want to find a bank elsewhere, as you won’t have access to the physical branches that are often a necessary part of banking.
For more options from a variety of banks, see our list of the best bank promotions!