[MI, IN, OH In Branch] Flagstar Bank $250 Checking Bonus – Direct Deposit Not Required

Update 11/12/22: Deal is still available but the direct link no longer working. Hat tip to reader AllenW

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: MI, IN, OH In Branch
  • Direct deposit required: Optional
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: 180 days, bonus forfeit and fee charged
  • Household limit: One
  • Expiration date: None listed

The Offer

Direct link to offer

  • Flagstar Bank is offering a bonus of $250 when you open a SimplyChecking account and complete the following requirements:
    • Open with at least $50
    • Maintain an average daily collected balance of $500 or more for the first 90 days
    • Set up a recurring direct deposit (ACH credit) of $500 or more in the first 90 days OR perform 10 debit card purchases

The Fine Print

  • Must be a new personal checking customer of Flagstar Bank.
  • Minimum $50 deposit to open checking account.
  • New checking account must maintain an Average Daily Collected Balance of $500 or more for the first 90 days.
  • Customer must set up a recurring direct deposit of $500 or more in the first 90 days, or perform 10 debit card purchases.
  • If these conditions are met, the $250 bonus will be deposited into the qualifying checking account 91-100 days from account opening and will be labeled “Descriptive Deposit Promotional Credit.”
  • New checking account must remain open for a minimum of 180 days, or an early account closing fee will be assessed along with the $250 repayment.
  • This offer is limited to one bonus per household.
  • This offer cannot be combined with any other bonus offers.
  • Flagstar Bank employees are not eligible for this offer.
  • For tax purposes, the customer will receive an IRS form from Flagstar Bank. Offer subject to change or cancellation at any time without notice.
  • SimplyOne accounts do not qualify.
  • If you’ve been paid a cash bonus previously, you are ineligible to receive this offer.
  • Receiving this offer does not guarantee your eligibility.
  • All account applications are subject to our normal approval process.
  • Personal accounts only.
  • Area restrictions may apply.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

SimplyChecking has no monthly fees to worry about

Early Account Termination Fee

Account must be kept open for 180 days otherwise an early account termination fee will be charged and bonus must be repaid.

Our Verdict

Previous deal was for $300 with no bonus requirements. Last time it was offered you did need to bring in a mailer, but I don’t see anything about a mailer being required in the terms so it’s possible it’s publicly available this time. If it is publicly available, this is definitely going on our list of the best checking account bonuses.

Hat tip to reader BR

Useful posts regarding bank bonuses:
    William Charles
  • On November 12, 2022, 10:00

View Comments (33)

  • Yes be careful of average balance requirement, it counts the day account is opened. Due to delay in funding it initially, you will need to put more than $500 to be safe.

    Also, I can confirm I used Chase + Discover bank ACH transfer and it counted as direct deposit

  • Had a first with this bank... I was denied my personal checking bonus for two reasons.
    1. They start counting the $500 minimum balance requirement from the day of opening. The terms sheet says you only need an opening deposit of $50
    2. I had received a bonus from the business checking account in the past.

    Branch manager said they leave the terms vague on purpose. I got the feeling that they would have given it to me if I had been a real customer, with transactions beyond the requirements on the account.

  • I live in MI, maybe 10min from a branch. Did not receive a mailer. I went in and showed the banker the offer on my phone. They made a quick call to HQ and I was allowed to open the account.

  • Received the flyer in my mailbox. Why they would send me one when I've already previously did the bonus a few years ago?

    "If you’ve been paid a cash bonus previously, you are ineligible to receive this offer."

    What a waste of paper and my time.

  • @will Received mailer

    You must be a new personal checking customer of Flagstar Bank. Minimum $50 deposit to open checking account. You will receive a $250 credit into this account as a bonus 91-104 days after account opening, subject to the following conditions: Within the first 90days after account opening 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) Simply One accounts do not qualify, (Ill) early account closure fee and reclamation of bonus may be imposed for accounts closed within 180days, and (1) 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. All account applications are subject to our normal approval process. This offer is effective August 1, 2022 and expires September 30, 2022. Area restrictions may apply.

    Cannot Churn it, but since they have HH rules, this is good for anyone else in the house. You can call the local branch and they might sign you up over the phone. I think its YMMV per branch and my branch said they would....

  • Targeted $250 mail offer for Free Checking account received expires 3/31/22. Requires $1,000 total DD (OR 10 debit card transactions within 90 days) and $500 minimum average balance. There is also another $200 savings account offer that requires a $10k balance for 90 days. Opened checking account in-branch today.

  • @will New $450 targeted mailed just received.

    Same checking requirements but if you get a savings account. No min deposit required but the average daily collected balance must be 10K during the first 90 days to receive $200 bonus and would be paid 91-100 days.

      • Np here is the DP

        Checking
        4-13 Open with $50
        4-17, 5-21, 6-15, 7-10 $500 deposit Alliant
        6-20 10x .50 Amazon reloads
        7-22 $250 Bonus Avg Bal 500+
        7-28 Drained to $25

        Savings
        4-13 Open 15k check deposit
        5-1 thru 5-7 10k added to boost avg balance just in case they didn’t could the hold time on the check. I think they did.
        7-22 $200 bonus
        Will try to downgrade to Simply Savings and drain savings.

        $450 bonus 100 days from opening. Didn’t want to risk bonus on deposits so I did debit requirements. The banker put me in Foundation savings so to avoid the fees need to downgrade to simply checking.

        • Called Branch and left a msg to change to simply savings and it was done the following day. Will keep open for a while and close.

  • @will Direct Mail Targeted $250 expires 4-30-20

    $50 min to open
    $500 avg balance for 90 days

    $500 deposit within 90 Days OR 10 debit card purchases.

    Must be new and open for 180 days or etf and clawback. Says limited to one per house.

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