Flagstar Bank Review: Everyday Banking Made Simple
Written by
Rudri Bhatt Patel, CFHCâ„¢
Edited by
Melanie Grafil, M.A., CHFCâ„¢
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Flagstar Bank has a variety of checking, savings and CD options
Flagstar Bank was founded as a federal savings bank in 1987 and has grown into one of the largest regional banks in the United States. Flagstar Bank offers a wide selection of deposit accounts, especially when it comes to checking, savings and CDs.
Flagstar Bank offers a complete menu of banking products, including checking, savings and money market accounts; CDs; home equity, mortgage and personal loans; and investment products. The bank also offers incentives, such as higher rates or waived monthly service fees, for customers who have multiple accounts. However, there may not be a location in your area.
Flagstar Checking Accounts
Flagstar offers five checking accounts including Ready, Elite, Student, Military and One checking. Here’s a look at some key details:Â
- Ready, Elite and Military checking require a $50 minimum deposit.Â
- Student and One checking require a $1 minimum deposit.Â
- Flagstar Elite checking will earn you interest.
- Student and Military checking have no monthly fees.Â
- Flagstar One checking has a $5 monthly fee that cannot be waived and is checkless.Â
- Flagstar Elite checking account holders are eligible for premium CD rates.Â
Where It Stands Out
Checking Accounts
Student Accounts
Mobile Banking Options
CD Rates
Fee Waiver Optons
Only $50 Minimum Deposit
You can have access to a variety of checking accounts. Flagstar Elite checking will help you earn interest.
Fees
$0 to $15
APY
Up to 0.25% APY
Min Opening
$1 to $50
Pros
- Large ATM networkÂ
- A variety of checking accountsÂ
- Accounts have relationship perksÂ
Cons
- To earn interest, your savings account require a high balanceÂ
- Limited branch presence
Why We Like Flagstar Bank
Flagstar Bank offers a variety of checking accounts for different needs.Â
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Flagstar Savings Accounts Â
Flagstar offers four savings accounts including Performance, Ready, Kid and Club Savings accounts.Â
Here are key features:Â
- All Flagstar savings accounts require a $1 minimum deposit to open.Â
- Flagstar Performance Savings earns a APY on balances of $25,000 or more.Â
- Flagstar Kid Savings has no monthly minimum or fees. You can earn high interest on balances up to $500.Â
- Club Savings accounts are designed for holiday and vacation expenses.Â
- Performance and Ready Savings have fees, but are waivable.Â
Where It Stands Out
Checking Accounts
Student Accounts
Mobile Banking Options
CD Rates
Fee Waiver Optons
4 Different Savings Account Types
Flagstar Bank offers four savings accounts for various saving needs. The Performance Savings account is particularly appealing to those who have higher balances and want to capitalize on a higher APY.Â
Fees
$0 to $15Â
APY
Up to
Min Opening
$1
Pros
- A variety of savings options are available
- FDIC-insured
- Low minimum deposit of $1Â
Cons
- To earn a high APY you need a high balanceÂ
- Monthly maintenance fees can be difficult to waiveÂ
Why We Like Flagstar Bank
Flagstar Bank has an option for kids, those who want to save for holidays and vacations, as well as for people who have higher balances. If you want a bank that has more than one savings account, Flagstar Bank has several options that will speak to your needs.Â
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Flagstar CD Accounts Â
Flagstar Bank has three CDs to choose from with terms of 6-months, one year and two years. All CDs require a low minimum opening deposit of $500.
- Minimum deposit for CDs is $500.
- CDs are FDIC-insured.
- APYs range from to .
- You may be eligible for a higher APY if you have other accounts at Flagstar.
Where It Stands Out
Checking Accounts
Student Accounts
Mobile Banking Options
CD Rates
Fee Waiver Optons
Reliable Savings With Shorter Terms and Moderate APYs
Flagstar Bank offers competitive rates for shorter terms making these CDs a reliable source for those who want to lock in their funds for steady growth.Â
Fees
$0
APY
Up to APY
Min Opening
$500
Pros
- Interest compounds daily
- Shorter term CDs have higher APYs
- Low opening minimum compared to other CDs
Cons
- Only three CD terms availableÂ
- Limited liquidityÂ
- Early withdrawal penalty Â
Why We Like Flagstar Bank
Flagstar Bank has CDs for shorter terms. Rates tend to be higher than a traditional savings account.Â
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Banking Experience Â
Flagstar Bank offers its customers plenty of options for getting the help they need. For online, loan and banking support, you can call 888-248-6423, Monday through Friday, 7:30 a.m. ET to 9 p.m. ET, and Saturday, 8:30 a.m. ETÂ to 6 p.m. ET. The bank also has 24-hour voice banking at the same number. The bank also offers secure email messaging on its website, or you can be connected with a customer service representative via live chat.
Flagstar Bank’s app on Google Play is rated as 4.3, while in the Apple Store the rating is 4.7.
How Does Flagstar Bank Compare?
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $15
$7 to $25
$0 to $25, many waivable
APY
APY
APY
Up to 0.25% APY
N/A
for Key Select Checking
Min Opening
Min Opening
Min Opening
$1 to $50
$0
$0 to $50
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $15Â
$5 monthly
$0
APY
APY
APY
Up to
Min Opening
Min Opening
Min Opening
$1
$0
$10
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0
No monthly service fee
N/A
APY
APY
APY
Up to APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$500
$250 to $1,000
$2,500
Flagstar Bank vs. PNC Bank
Flagstar Bank is only present in nine states, while PNC has locations in over 27 states. PNC CDs require a minimum deposit of $1,000, while Flagstar Bank requires a $500 deposit.Â
Flagstar Bank offers up to APY on its CDs, and PNC Bank’s highest rate is up to 3.65%.Â
Flagstar Bank vs. KeyBank
KeyBank has a much larger branch network than Flagstar Bank — 1,000 branches versus Flagstar’s 350, which makes KeyBank much more convenient for in-person banking. However, Flagstar Bank offers a minimum opening deposit of $500 for its CDs, whereas KeyBank requires a minimum opening deposit of $2,500 for its CDs.
Flagstar Bank vs. M&T Bank
M&T Bank offers Sunday hours for live online and mobile banking customer service, while Flagstar Bank does not have Sunday hours. Flagstar Bank also offers a much more affordable $500 minimum opening deposit for its CDs and offers term lengths of up to two years, whereas M&T Bank requires a $1,000 minimum opening deposit for its CDs and offers term lengths of up to six years.
Final Take Â
Flagstar Bank is a full-service regional bank that has all the products and services people look for in a bank. Add to that its low minimum opening deposits, easy-to-wave monthly fees and competitive rates, and Flagstar might be the bank for you. However, while the bank has branches in nine states, it has roughly 350 or more branches, which could make in-person banking inconvenient unless you live nearby.
Cynthia Measom contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 23, 2025.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
