Available in 8 states across the U.S., Flagstar Bank is offering up to a $500 bonus when you open a new personal checking account and set up direct deposit.
The total amount you can earn depends on which account you open: opening a Ready Checking account makes you eligible for up to $300, whereas opting for an Elite Checking account makes you eligible for the full $500.
Keep in mind that the Elite Checking is their premium product, and comes with a $15 monthly fee unless you hold $25k in the account. Given the low interest rate, this would be a terrible use of your cash. Therefore, if you're strictly gaming for the bonus, you should subtract the $90 in account fees you would incur over the 6 months of your account being open, netting $410 for the Elite bonus compared to $300 for the Ready Checking account. After the 6 months, you can either close or downgrade your account.
As reader Bob pointed out in the comments, Elite Checking can also only be opened in-person at a branch, whereas the Ready Checking account can be opened online. You should weigh both of these hassles to decide whether that extra $90 net is worthwhile!
How To Earn The Bonus
The Flagstar Bank Personal Checking promotion requires you to set up eligible direct deposits and deposit and maintain a minimum balance in order to earn the up to $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
- You must be a new personal checking customer of Flagstar Bank.
- You must open a Flagstar Ready Checking or Flagstar Elite Checking account.
- Offer is limited to one checking bonus per household
- Flagstar Ready Checking account must be funded within 90 days of the account opening date, Flagstar Elite Checking account must be funded within 60 days of the account opening date
- Early account closure fee and reclamation of bonus may be imposed for accounts closed within 180 days
- 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.
Open a Personal Checking account before the bonus expires on March 31, 2025
How does this personal 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:
Truist
Truist One Checking
- Bonus
- $400
- Account Type
- Personal Checking
- Expires In
- 39 days
- Requires
- Direct Deposit
BMO
Personal Checking
- Bonus
- $350*
- Account Type
- Personal Checking
- Expires In
- 41 days
- Requires
- Direct Deposit
TD Bank
Beyond Checking
- Bonus
- $300
- Account Type
- Personal Checking
- Expires In
- 100 days
- Requires
- Direct Deposit
Why Flagstar Bank?
Flagstar Ready Checking
A standard checking with all the features you enjoy like: overdraft protection, online/mobile banking, round up to your savings accounts and more.Fees
Flagstar Ready Checking does charge a monthly maintenance fee of $3, but there are ways to get this waived:
- Enroll in eStatements
Flagstar Elite Checking
An interest-bearing checking account (as long as you maintain a balance of at least $1,000) with lots of extras. You'll get access to premium interest rates on CDs, higher transfer and mobile deposit limits, overdraft protection, atm reimbursement and free checks every year.Fees
Flagstar Elite Checking does charge a monthly maintenance fee of $15, but there are ways to get this waived:
- Maintain a $25,000 combined monthly average balance in your Flagstar personal deposit accounts
Apply now for a Personal Checking account to earn the up to $500 bonus offer
Share Your Thoughts or Questions
There have been 5 comments about the Flagstar Bank Personal Checking up to $500 Bonus.
BOB
5 days agoFew changes guys. Im in NY and just clicked on your link and went to their site. Good news- Offer extended to March 31, not Feb 28. but bad news, the low offer is now $300, not $350. Also, READY acnt you can open online, but ELITE, you must go to a branch to open. PS- Doing the math, to get $500, instead of $300, that's $200 more and if you don't want to have $25k sit there, you would pay $90 in fees in 6 months, so you would still be ahead $110 by opening ELITE vs READY. Just FYI. AND it says only 1 per HOUSEHOLD, so a couple needs 2 addresses to play this game here.
ReplyReply to BOB
Annette
5 days agoDoes anyone know if a zelle or ach from a business would qualify as a direct deposit to meet the min. requirements?
Reply to Annette
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