Update 7/1/25: Bonus now $500 for depositing $25,000 for 90 days
Offer at a glance
- Maximum bonus amount:Â $1,000
- Availability:Â AZ, CA, FL, IN, MI, NJ, NY, OH, WI
- Direct deposit required:Â No
- Additional requirements:Â See below
- Hard/soft pull:Â Soft pull
- ChexSystems:Â Yes
- Credit card funding:Â None
- Monthly fees:
- Early account termination fee:
- Household limit:
- Expiration date:Â June 30, 2025
Contents
The Offer
- Flagstar Bank is offering a $1,000 bonus when you open Business Solutions Checking or Business Solutions Checking with Interest in branch and Maintain an average daily balance of $25,000 or more for the first 90 days
The Fine Print
- You must be a new business checking customer of Flagstar Bank and open a Business Solutions Checking or Business Solutions Checking with Interest account.
- Minimum $100 deposit to open a checking account.
- You will receive a $1,000 credit into this account as a bonus 91-104 days after making an initial deposit to the new account (account funding), subject to the following condition: Within the first 90 days of the account funding (bonus period), you must maintain an average daily balance of $25,000 or more. Additionally, (i) this offer is limited to one business checking bonus per tax identification number, (ii) Business Solutions Checking or Business Solutions Checking with Interest account must be funded within 90 days of the account opening date, (iii) consumer accounts do not qualify for this business checking offer, (iv) early account closure fee and reclamation of bonus may be imposed for account closed within 180 days, and (v) Flagstar employees are not eligible for the offer.
- If you have been paid a business checking cash bonus previously, you are ineligible to receive this cash bonus this offer.
- If multiple accounts are opened with the same account holder, only one account may be eligible for the business cash bonus.
- For tax purposes, you will receive an IRS form from Flagstar. 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.
- Area restrictions may apply.
- Offer expires June 30, 2025.
- You must be a new business checking customer of Flagstar Bank and open a Business Solutions Checking or Business Solutions Checking with Interest account.
- Minimum $100 deposit to open a checking account.
- You will receive a $1,000 credit into this account as a bonus 91-104 days after making an initial deposit to the new account (account funding), subject to the following condition: Within the first 90 days of the account funding (bonus period), you must maintain an average daily balance of $25,000 or more.
- Additionally, (i) this offer is limited to one business checking bonus per tax identification number, (ii) Business Solutions Checking or Business Solutions Checking with Interest account must be funded within 90 days of the account opening date, (iii) consumer accounts do not qualify for this business checking offer, (iv) early account closure fee and reclamation of bonus may be imposed for account closed within 180 days, and (v) Flagstar employees are not eligible for the offer. If you have been paid a business checking cash bonus previously, you are ineligible to receive this cash bonus this offer.
- If multiple accounts are opened with the same account holder, only one account may be eligible for the business cash bonus.
- For tax purposes, you will receive an IRS form from Flagstar. 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. Area restrictions may apply.
- Offer expires June 30, 2025.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
- Business solutions:Â No monthly fee with average daily balance in checking of $3,000 or $10,000 in combined eligible linked accounts; $10 monthly fee if balance is $1,000 – $2,999.99; $15 monthly fee if balance is $0 – $999.99
- Business solutions with interest: No monthly fee with average daily balance in checking of $3,000 or $15,000 in combined eligible linked accounts; $10 monthly fee if balance is $1,000 – $2,999.99; $15 monthly fee if balance is $0 – $999.99
Early Account Termination Fee
Bonus is forfeit if account is closed within 180 days
Our Verdict
Unclear what interest rate the business solutions account actually earns. If you put the $25,000 in there for 90 days you’d earn 16% annualized so the deal is worth doing. Just keep in mind you’d need to keep another $3,000 in there for another 90 days to keep the account fee free and avoid the EATF. We will add this to our list of the best bank account bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Not worth it for most people since this bank cannot be churned.
$500 bonus tomorrow per banker when I went today. Opening the account was easy today without too many questions for the $1k bonus for sole proprietor. Thanks again Doc!
Has anyone had luck opening this account in Michigan as a sole prop without any paperwork?
i went to a branch and was told the promo was cut to $500 as of yesterday(06/26).
Maybe that particular banker got the memo dates mixed up? Friend of mine opened an account today (5/27) for the 1k promo. The documents they printed out for his new account included disclosures and terms for the 1,000 promotion. Also, during the process small business analyst they called over the phone confirmed the 1k promo is still active.
What’s the chance for this offer to get extended like the individual checking bonus? My money is tied up till 7/1.
It’s been ended sooner AAMOF (as a matter of fact)
Were you told by the banker that the promo has ended sooner?
I spoke with the banker, the promo will change on July 1st to $500 instead of $1,000.
So the banker confirmed that the $1000 bonus is still available until June 30th?
Yes, the banker confirmed that Friday (today) and Monday are still OK to open the account for 1k promo.
I confirm, I’m at a branch doing this right now!
Anybody happen to have a banker you’d recommend in So Cal?
Not really.
Anybody try any of the south FL branches? Planning to go later and see hopefully not get declined in person for Chex lol
Denied due to Chex (specifically noted in denial email).
Can OOS apply at branch?
Numerous DPs for OOS consumer accounts being opened in branch. I would be surprised if it was any different for business accounts. https://www.doctorofcredit.com/az-ca-fl-in-mi-nj-ny-oh-wi-flagstar-bank-250-350-checking-bonus/
MM
They wouldn’t let me do it as sole proprietorship at my branch in NY. They require some sort of certification/paperwork which isn’t required as a SP in NY.
Annoyed and now 0/2 at Citizens and Flagstar.
Sorry to hear that. Was it a NYC branch? What’s the address?