Flagstar Bank is a regional bank that has 420 branch locations located in the Northeast and Southwest United States. They’ve been FDIC insured since 1987 (FDIC Cert #32541) and you may have heard of their parent company, New York Community Bancorp.
NYCB acquired Flagstar Bank in 2022 but after the acquisition of Signature Bridge Bank (due to failure) in 2023, the company decided to unify all of their names under the Flagstar brand.
They have gotten into the bank bonus game by offering a nice bonus for those looking to open a new checking account and are able to move over a modest direct deposit.
How to get $250-$350 from Flagstar Bank
Flagstar Bank has two offers depending on the type of checking account you open.
You can get $250 when you open a Flagstar Ready Checking account and then maintain an average daily balance of $500 or more for the first 90 days. You also need to set up one or more direct deposits that total $500 or more within the first 90 days.
There is a $50 minimum deposit to open the account but there is no minimum balance requirement. The Flagstar Ready Checking account has no monthly maintenance fee when you enroll in e-statements.
You can get $350 when you open a Flagstar Elite Checking account and then maintain a daily balance of $500 or more for the first 90 days. You also need to set up one or more direct deposits that total $500 or more within the first 90 days.
The Flagstar Elite Checking account also requires just $50 to open but there is a $1,000 minimum balance to earn monthly interest. There is also a $15 monthly service charge that is only waived if you maintain a $25,000 combined monthly average balance in all of your deposit accounts.
There is an early account termination clause – you must keep your account for at least 180 or you forfeit the bonus.
Finally, you must be a resident of AZ, CA, FL, IN, MI, NJ, NY, OH, or WI to open an account. Limit one per household.
👉 Learn more about this promotion
(Offer expires 4/30/2024)
How does this bank offer compare?
If you live in the service area, the Ready Checking offer is comparable. Getting $250 for a direct deposit totaling $500 is fair. Since there is no minimum balance and no fee, you can get the bonus and then wait out the early closure claus.
The Elite Checking version of the offer is terrible though. Since you need to keep $25,000 to avoid a monthly service charge, you may be giving up quite a bit of interest. The Elite Checking claims to have interest but I can’t see a rate listed anywhere on the site.
You could argue that you can an additional $100 in bonus cash (6ish months of that fee) but remember the bonus cash is taxable as interest income and the fee isn’t deductible as any kind of expense.
Here’s how other offers stack up:
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.
BMO Relationship Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
HSBC Premier Checking – up to $4,000
HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
