Flagstar Bank Promotions: Best Offers and Bonuses
Written by
Rudri Patel
Edited by
Melanie Grafil
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Flagstar Bank has approximately 360 locations and is located in Arizona, California, Florida, Michigan, New Jersey, New York, Ohio and Wisconsin. The bank boasts $92.5 billion in assets and has one the largest regional presences in the country. Flagstar Bank is offering two bonus promotions with its checking accounts.
Current Flagstar Bank Promotions
| Account Type | Bonus Amount | Offer Expiration |
|---|---|---|
| Ready Checking Account | $300 | Nov. 30, 2025 |
| Elite Checking Account | $500 | Nov. 30, 2025 |
Flagstar Checking Account Bonus
Flagstar Ready Checking Bonus: $300 Bonus
- Bonus value: $300
- Minimum deposit: $50
- Expiration date: Nov. 30, 2025
- How to claim:
- You must open an account with $50 or more.
- You must maintain an average daily balance of $500 or more for 90 days.
- You must set up at least $500 in direct deposits during a 90-day window.
- When you’ll get it: Bonus is paid within 91 to 104 business days after meeting the requirements.
- Terms and conditions: This bonus is available to new customers only. You can’t have closed a checking account within the last 90 days. The bonus will be forfeited if the account is closed within six months.
- Fees: $3 monthly fee that can be waived by doing the following:
- Enrolling in electronic statements
- Having $500 or more in total direct deposits each statement cycle
- Being a primary account holder, age 24 or younger.
Claim your bonus now by opening a new checking account.
Flagstar Elite Checking Bonus: $500 Bonus
- Bonus value: $500
- Minimum deposit: $50
- Expiration date: Nov. 30, 2025
- How to claim:
- You must open the account with $50 or more.
- You must maintain an average daily balance of $500 or more for 90 days.
- Set up at least $500 in direct deposits during a 90-day window.
- When you’ll get it: Bonus is paid within 91 to 104 business days after meeting the requirements.
- Terms and conditions: You must be a new customer to be eligible, and you must not have closed a checking account within the last 90 days. The bonus will be forfeited if the account is closed within six months.
- Fees: $15 monthly
- This can be waived if you maintain a $25,000 combined daily average balance in your Flagstar personal deposit accounts.
How To Qualify for a Flagstar New Account Bonus
It’s easy to qualify for a new account bonus at Flagstar. Just follow these steps:
- Visit the Flagstar promotions page to find active new account bonuses.
- Apply online or in person. If applying online, make sure you use the link from the promotional page. The eligible states for the account bonus are Arizona, California, Florida, Indiana, Michigan, New Jersey, New York, Ohio and Wisconsin.
- Fund the account by depositing the correct amount within the time limit required.
- Maintain the required balance on the account for the minimum threshold required by the bonus offer.
- Set up direct deposit.
Minimum Deposit and Direct Deposit Requirements
Flagstar has a minimum deposit requirement of $50 to qualify for both checking account bonuses. Both accounts also require $500 direct deposit for each statement cycle.
Common Reasons Bonuses May Be Denied
A bonus may be denied for multiple reasons. You may fail to use the promo link or miss the direct deposit deadline. In other cases, you may fail to maintain the account balance or close the account too early.
Comparing Flagstar Offers to Competitor Promotions
| Bank | Typical Promo Bonus | Minimum Deposit Requirement | Monthly Fee Waiver Requirement |
|---|---|---|---|
| Flagstar Bank | $300 and $500 | $50 | Meet balance thresholds or direct deposits |
| Chase Bank | $200 to $600 | $500 to $15,000 | Direct deposit or daily balance |
| Wells Fargo | $300 to $535 | $1,000 to $25,000 | Direct deposit or qualifying activity |
Tips for Maximizing Your Flagstar Offer
There are a few things you can do to maximize your Flagstar offer:
- Look at what Flagstar offers at the end of each quarter or during the holiday season.
- Maintain minimum balances to keep the bonus and not pay the service fee.
- Don’t close your account too early, or you likely won’t get to keep your bonus.
- Make sure you set up eligible direct deposits so you fund the account properly.
Turn Your Flagstar Bank Bonus Into Bigger Savings
Flagstar is offering two checking account bonuses:
- Flagstar Ready Checking: a $300 bonus
- Flagstar Elite Checking: $500 bonus
You’ll need to deposit at least $50 and meet the direct deposit requirements. This bonus is only available to new customers in the applicable states, as mentioned earlier.
New customers who have at least $50 and can meet the direct deposit requirement and average daily balances will likely benefit from Flagstar Ready Checking and Flagstar Elite Checking.
FAQs on the Flagtar Bank Bonus
Have questions about the Flagstar bank bonus or promotions? Find answers to help you take advantage of the offers.- How long does it take to receive a new account bonus?
- You'll receive your new account bonus within 91 to 104 days after fulfilling the requirements.
- Can existing customers qualify for these promotions?
- Only new customers are eligible for the promotion.
- What happens if I close my account early?
- If you close your account early, you may lose the ability to receive the account bonus.
- Are there any taxes on bank bonuses?
- Yes, bank bonuses are considered taxable income. You'll likely receive a 1099-INT form, which reports any interest earned on. You'll need to include this when you file your taxes.
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.
