[AZ, CA, FL, IN, MI, NJ, NY, OH, WI] Flagstar Bank $250-$350 Checking Bonus

Extended to Dec 31, 2024

Update 9/30/24: Extended to November 30, 2024.

Update 7/29/24: Extended to 9/30/2024

Update 7/2/24: Extended until July 31, 2024

Update 6/16/24: Deal is back and valid until June 30, 2024.

Update 5/14/24: Extended until May 31, 2024.

Offer at a glance

• Maximum bonus amount: $350
• Availability: Arizona, California, Florida, Indiana, Michigan, New Jersey, New York, Ohio, and Wisconsin
• Direct deposit required: Yes, $500+
• Additional requirements: $500 average balance
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: None
• Monthly fees: $0-$15
• Early account termination fee: 180 days, bonus forfeit
• Household limit: One
• Expiration date: April 30, 2024

The Offer

Direct link to offer

• Flagstar Bank is offering a checking bonus of up to $350.
  • $250 when you open a Flagstar Ready Checking and complete the following requirements:
    • Maintain an average daily balance of $500+
    • Have one or more direct deposits totaling $500 or more
  • $350 when you open a Flagstar Elite Checking and complete the following requirements:
    • Maintain an average daily balance of $500+
    • Have one or more direct deposits totaling $500 or more

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.
• Minimum $50 deposit to open checking account.
• You will receive a $250 credit for Flagstar Ready Checking or a $350 credit for Flagstar Elite Checking into this account as a bonus 91-104 days after an initial deposit is made to the new account (account funding) opened, subject to the following conditions:
• Within the first 90 days of the account funding (bonus period) you must maintain an average daily Balance of $500 or more and have one or more direct deposits (ACH credits) totaling $500 or more.
• Additionally, (i) this offer is limited to one checking bonus per household, (ii)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, (iii) early account closure fee and reclamation of bonus may be imposed for accounts closed within 180 days, and (iv) 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.
• For tax purposes, you will receive an IRS form from Flagstar Bank.
• Offer subject to change or cancellation at any time without notice. Receiving this offer does not guarantee your eligibility. A
• ll account applications are subject to our normal approval process. Area restrictions may apply.
• Offer expires April 30, 2024.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

• Flagstar ready checking account has no monthly fee when you opt into eStatements
• Flagstar Elite Checking has a $15 monthly service charge, waived when you maintain a $25,000 combined monthly average balance in your Flagstar personal deposit accounts

Early Account Termination Fee

Bonus is forfeit if account is closed within 180 days

Our Verdict

Previously there was a $250 bonus that didn’t require a direct deposit. Seems to be available in more states now due to the NYCB merger. The $350 checking bonus isn’t worth considering due to the $25,000 deposit requirement to keep the account fee free (remember account needs to be kept open for 180 days to avoid the closure fee). If you put those funds into a high yield account earning 5% you’d earn $625. We will add this bonus to our best bank account bonuses.

Hat tip to reader Jason S

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
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• PSA: Don’t Call The Bank
• Introduction To ChexSystems
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