Flagstar Bank Offers 48 Month CD at 4.50% APY

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Flagstar Bank if offering a competitive 48 month (4 year) CD paying 4.50% APY.

Flagstar Bank if offering a competitive 48 month (4 year) CD paying 4.50% APY.  The rate may vary by location.  BankDeals is reporting that the rate is good in TX, CA, FL and NY.  I also tried MA and got the 4.5% APY rate also.  Ironically, the rate is only 4.24% APY in Flaglar's market area of GA, MI, IN. 

The rate is very competitive.  According to the BestCashCow rate tables, the top 3 year CD rate is 3.8% APY while the top 5 year cd rate is 4.06% APY. 

Bauer Financial provides a 2 Star rating for Flagstar (out of 5 stars) for safety and soundness, reflecting the bank's problems with delinquent mortgages and foreclosures.  According to the Detroil Free Press, the bank has approval to receive $266 million from the $700 billion TARP.  The deal is dependent on Flagstar raising $250 from MatlinPatterson Global Advisers LLC, a New York private equity firm specializing in distressed companies.

As always, be sure to stay within FDIC limits when making a deposit or opening an account.

Thanks to BankDeals for finding this offer.

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