Flagstar Bank Checking Account $100 Bonus

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Flagstar Bank Checking Account $100 BonusFlagstar Bank Checking Account is now offering a $100 bonus for a new account. However, to qualify for the new account bonus, you will have to make recurring deposit of $250 or more every month. This shouldn’t be a big problem if you decide to use the checking account because you can simply set up an external ACH transfer to fund the account so you can meet the requirement easily, without having to use direct deposit. After talking to a CSR, I think you will indeed have to establish a direct deposit, either from your payroll or social security payment, to qualify for the bonus.

As the T&C below indicates, if you close the account within six months, the bank could take back the bonus. Therefore, if you don’t plan to keep the account, but want to get the bonus, you’d better close the account after the six-month period to be safe.

$100 deposit available for new checking account customers only (no existing Flagstar checking account). For a limited time, open a new personal checking account with an automatic, recurring direct deposit of income of at least $250 per month, excluding interest deposits, and we’ll deposit $100 into your account within 30 days after the first recurring direct deposit takes place. Minimum opening deposit is $50. Direct deposit must be established within first 60 days of account opening. All accounts must remain open and active for a minimum of six months. If checking account is closed within the first six months, Flagstar reserves the right to reclaim the $100 deposit. See your Flagstar representative for more details. Flagstar will issue a 1099 for the $100. Offer not good in conjunction with any other coupons or checking account offers. Some restrictions apply. Limit one $100 deposit per customer per account.

To offer an account and get the $100 bonus, use promotion code HD when opening the account.

Flagstar Checking Account Reviews

But even with the bonus, are you getting a good deal with Flagstar Checking Account?

From what I can see, the answer is No, mainly because other than the bonus, I didn’t see anything else that appeals to me. What the bank offers for the checking account are standard:

  • FDIC insurance;
  • $50 to open an account, which is quite low;
  • No minimum balance requirement;
  • No monthly account maintenance fee;
  • Free online billpay;
  • Free Visa debit card which can be used at Flagstar, Allpoint, and Presto network ATMs;

You can pretty much get all of these so called features from any bank now. Even though Flagstar also has an Index Checking Account that’s paying 0.50% APY, that account doesn’t get the bonus, because it is offered online only. According to the CSR whom I talked to, only checking accounts that can be also opened at branch offices will get the $100 bonus.

Here are some more facts about Flagstar Bank:

  • Flagstar Bank’s routing number is 272471852;
  • Bankrate.com Safe & Sound Ratings rates the bank 2 stars out of 5;
  • Flagstar Bank has been a member of FDIC since June 3, 1987 (certificate number 32541).

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