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
Contents
The 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:
- 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
