Flagstar Bank is offering business owners operating within their footprint a $500 bonus for opening any new business checking account – including their Standard Business Checking which comes with no monthly fee.
You'll just need to deposit $5,000 within 3 months and then complete 10 qualifying transactions (which include debits, credits, deposits, and paid items). Pretty easy considering the decent payout!
Keep in mind that the account will need to stay open for at least 6 months to avoid early closure fees.
How To Earn The Bonus
The Flagstar Bank Business Checking promotion requires you to deposit and maintain a minimum balance, and optionally, set up eligible direct deposits, make purchases using the account's card and set up bill pay in order to earn the $500 bonus (step-by-step breakdown is listed above!).
As with any offer, don't forget to read the fine print before opening your new account. It's where the bank will clearly state who is eligible for the deal along with any nuances you'll want to be aware of.
The fine print
- Must be a new business checking customer of Flagstar Bank.
- Minimum $100 deposit to open checking account.
- New account must remain open for at least 90 days.
- Qualifying transactions for this promotion do not include fees, fee reversals, interest, or any other debit or credit Flagstar Bank may apply in the administration of your account.
- Offer is limited to one checking bonus per tax ID or SSN.
- Personal accounts do not qualify, and Flagstar Bank employees are not eligible for the offer.
- If you have been paid a checking cash bonus previously, you are ineligible to receive this offer.
- If multiple accounts are opened with the same account holder, only one account will be eligible for the cash bonus.
- Offer subject to change or cancellation at any time without notice.
Open a Business Checking account before the bonus expires
How does this business checking offer from Flagstar Bank compare?
To help you determine how this bonus stacks against the rest, here are some of the most popular offers available right now:
Chase
Chase Business Complete Checking®
- Bonus
- $300
- Account Type
- Business Checking
- Expires In
- 29 days
- Requires
- Min Balance
- Card Spend (optional)
Axos
Business Interest Checking
- Bonus
- up to $400
- Account Type
- Business Checking
- Expires In
- 15 days
- Requires
- Min Balance
- Bill Pay
- Card Spend
Bank of America
Bank of America® Business Advantage Banking
- Bonus
- $200
- Account Type
- Business Checking
- Expires In
- 378 days
- Requires
- Min Balance
Why Flagstar Bank?
Standard Business
Fees
Standard Business does not charge a monthly maintenance fee.
Enhanced Business
Fees
Enhanced Business does charge a monthly maintenance fee of $15, but there are ways to get this waived:
- Have an average daily collected balance of $5,000.
- OR, have a combined average daily collected balance of $15,000 in your linked Flagstar accounts.
- OR, have an active Merchant Services account with $5,000 in net deposits each month.
Premier Interest
Fees
Premier Interest does charge a monthly maintenance fee of $35, but there are ways to get this waived:
- Have an average daily collected balance of $25,000.
- OR, have a combined average daily collected balance of $50,000 in your linked Flagstar accounts.
- OR, have an active Merchant Services account with $25,000 in net deposits each month.
Apply now for a Business Checking account to earn the $500 bonus offer
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