Flagstar Bank is currently offering attractive incentives for new customers opening their checking accounts. These promotions provide significant value for those looking to maximize their banking benefits.
Key Offers Available
The bank provides two distinct bonus promotions with its checking accounts:
Flagstar Ready Checking Bonus: $300 bonus
- Minimum deposit: $50
- Requires maintaining a $500 average daily balance for 90 days
- Direct deposit requirement: $500 within the same 90-day period
- Bonus payment timeframe: 91-104 business days after qualifying
- Eligibility: New customers only
- Important note: Account must remain open for six months to retain the bonus
Flagstar Elite Checking Bonus: $500 bonus
- Minimum deposit: $50
- Requires maintaining a $500 average daily balance for 90 days
- Direct deposit requirement: $500 within the same 90-day period
- Bonus payment timeframe: 91-104 business days after qualifying
- Eligibility: New customers only
- Important note: Account must remain open for six months to retain the bonus
- Additional qualification: $25,000 daily average balance for $15 monthly fee waiver
How to Qualify
Eligibility is straightforward but requires attention to specific criteria:
- Visit the Flagstar promotions page to find active bonuses
- Apply online using the promotional link or apply in person in eligible states (Arizona, California, Florida, Indiana, Michigan, New Jersey, New York, Ohio, Wisconsin)
- Fund the account with the required minimum deposit
- Maintain the necessary balances and direct deposits for the specified 90-day period
Strategic Considerations
Potential customers should be aware of several important factors:
Timing Matters
The most advantageous time to apply is during promotional periods, which often coincide with year-end or quarter-end banking cycles.
Fee Structure
While both accounts have a base monthly service fee, there are legitimate paths to fee waiver through either direct deposit volume or maintaining higher balances.
Common Reasons for Ineligibility
Applications may be denied for several reasons including:
– Not using the promotional link
– Failing to meet direct deposit requirements
– Closing the account too soon
– Failing to maintain required balances
Competitive Landscape
These offers position Flagstar favorably among financial institutions, particularly considering the bank’s significant regional presence with over $92.5 billion in assets and more than 360 branch locations.
Tax Considerations
It’s important to note that these bonuses are considered taxable income. Recipients should expect to receive a 1099-INT form and will need to report this income on their tax returns.
Maximizing Your Benefits
To ensure you receive and retain your bonus:
- Open an account during promotional periods
- Consistently maintain the required balances
- Set up direct deposits promptly
- Keep the account active for at least six months
These Flagstar Bank promotions present exceptional opportunities for qualifying customers to enhance their banking experience with meaningful financial incentives
