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.
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
 • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs. • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device. • JPMorgan Chase Bank, N.A. Member FDIC • Open your account online now • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com. • Chase Overdraft AssistSM – no overdraft fees if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day* *With Chase Overdraft AssistSM, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase 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
 Open a Discover® Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code LOP325 by 9/11/2025 • Earn high interest rate of 3.70% 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 qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code LOP325 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers. 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 qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. |
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
 • 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 3.65%% APY balances $100,000 and over • Earn 3.60% APY balances under $100,000 • No hidden fees. No surprises. • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs |
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 4.10% 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. • Get started and open a Discover CD in 3 easy steps. |
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.
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Bottom Line
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!
