Flagstar Financial institution is a regional financial institution that has 420 department areas positioned within the Northeast and Southwest United States. They’ve been FDIC insured since 1987 (FDIC Cert #32541) and you could have heard of their mother or father firm, New York Neighborhood Bancorp.

NYCB acquired Flagstar Financial institution in 2022 however after the acquisition of Signature Bridge Financial institution (as a result of failure) in 2023, the corporate determined to unify all of their names underneath the Flagstar model.

They’ve gotten into the financial institution bonus recreation by providing a pleasant bonus for these trying to open a brand new checking account and are capable of transfer over a modest direct deposit.

Easy methods to get $250-$350 from Flagstar Financial institution

Flagstar Financial institution has two presents relying on the kind of checking account you open.

You may get $250 whenever you open a Flagstar Prepared Checking account after which keep a mean each day steadiness of $500 or extra for the primary 90 days. You additionally must arrange a number of direct deposits that whole $500 or extra inside the first 90 days.

There’s a $50 minimal deposit to open the account however there is no such thing as a minimal steadiness requirement. The Flagstar Prepared Checking account has no month-to-month upkeep price whenever you enroll in e-statements.

You may get $350 whenever you open a Flagstar Elite Checking account after which keep a each day steadiness of $500 or extra for the primary 90 days. You additionally must arrange a number of direct deposits that whole $500 or extra inside the first 90 days.

The Flagstar Elite Checking account additionally requires simply $50 to open however there’s a $1,000 minimal steadiness to earn month-to-month curiosity. There may be additionally a $15 month-to-month service cost that’s solely waived for those who keep a $25,000 mixed month-to-month common steadiness in all your deposit accounts.

There may be an early account termination clause – you have to preserve your account for at the least 180 otherwise you forfeit the bonus.

Lastly, you have to be a resident of AZ, CA, FL, IN, MI, NJ, NY, OH, or WI to open an account. Restrict one per family.

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(Supply expires 4/30/2024)

How does this financial institution provide evaluate?

In case you stay within the service space, the Prepared Checking provide is comparable. Getting $250 for a direct deposit totaling $500 is truthful. Since there is no such thing as a minimal steadiness and no price, you may get the bonus after which wait out the early closure claus.

The Elite Checking model of the provide is horrible although. Since you have to preserve $25,000 to keep away from a month-to-month service cost, chances are you’ll be giving up fairly a little bit of curiosity. The Elite Checking claims to have curiosity however I can’t see a price listed wherever on the positioning.

You possibly can argue you can an extra $100 in bonus money (6ish months of that price) however bear in mind the bonus money is taxable as curiosity revenue and the price isn’t deductible as any form of expense.

Right here’s how different presents stack up: