Flagstar Bank Offers Several Bank Product Deals

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Flagstar Bank is offering some terrific rates on just about everything, but not without some catches.

Flagstar Bank (NYSE: FBC) is offering a 1.50 percent APY account, guaranteed for four months.  That is a promotional rate, however, so after four months it reverts back to the normal Express Savings account rate, which is currently paying between .40 percent and 1.11 percent, depending on the amount deposited, and rates, as I'm told by Flagstar employees, change weekly.  This rate is equivalent to those offered by several banks on BestCashCow's rate table, including First Trade Union Bank and the Palladian Private Bank, and approaches the top of the lists.  If you're willing to deposit the hundred thousand dollar minimum required to get Flagstar's biggest interest, however, you'll find you're just a step over FNBO Direct's rate.

Flagstar is also offering a hundred dollar bonus to customers who open an Express Checking Account, maintain a fifty dollar minimum balance and arrange for direct deposit of two hundred fifty dollars a month.

Flagstar has been flagged for its safety and soundness.  Bauer Financial gives it a "problematic" two stars, and Moody's rates it a D+ in terms of strength. Flagstar is an FDIC insured bank.

You can apply at any Flagstar branch--applications aren't limited by state, according to word from bank employees--but there's a "soft pull" of credit history to "determine banking history".  The promotions can end at any time, so if you're interested, just find a Flagstar branch or go to www.flagstar.com.

Credit for this find goes to DepositAccounts.com.

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  • Boxhead

    June 02, 2010

    There is no minimum balance in the checking account. Its $50 to open.

  • John

    June 02, 2010

    Flagstar is like other banks trying to survive.
    It in bad shape right now (E-). The management inside are very disparate for any solution to keep them out of trouble. The morality of the employees is very low to the pessimism of the future. Lot of laid off were happened and still running and most of quality of people are gone somewhere.
    The shares were split last week to keep a good image in the market.
    The CEO and the member of the board are hoping to merge or to be bought by other institution before the disaster move in……!
    The new announcement will be heard very soon……!

  • Tara

    June 02, 2010

    I don't know how safe is this bank but lot of bad news around..........

  • Kelly

    June 03, 2010

    What's new with flagstar bank?
    Ohhhh MY GOSH! I was shucked yesterday when They announced that they need more money to survive from June to December 2010.
    So they want all employees to push Flagstar product to the customers and aggressively.
    Long story short, to motivate their employees they are going to paid them on “EARNING POINTS” ,so they can sell us their electronic gadgets, not on incentive cash. What a jock!
    This is the end of Flagstar progress. Most managers already gone ……..!

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