[Dead] [YMMV Nationwide?] Flagstar Bank $250 Checking Bonus – Direct Deposit Optional

Update 3: Bonus is no longer being displayed. Marking this as dead.

Update 2: Customer service reps are stating you need a specific promo code to sign up. The only way to get one is in branch so YMMV.

Looks like readers are having success opening in states other than Michigan (where all their branches are). In addition Maximizing Money has told that it was available nationwide. This is YMMV as always, but might be worth a try. Please leave your datapoints regarding this in the comments. Keep in mind they manually approve accounts and this takes up to 10 days and it looks like they are ChexSystems sensitive, so probably a no go for most readers.

Offer at a glance

• Maximum bonus amount: $250
• Availability: MI only. Maybe other states as well, read the comments.
• Direct deposit required: Optional
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees: $0 with eStatements
• Early account termination fee: 180 days, bonus forfeit + fee
• Household limit: One
• Expiration date: December 31st, 2018

The Offer

Direct link to offer

• Flagstar Bank is offering a bonus of $250 when you open a new Flagstar SimplyChecking account and complete the following requirements:
  • Open with at least $50
  • Maintain a positive balance for the first 90 days
  • Set up a recurring direct deposit or schedule three or more recurring electronic payments within 60 days of account opening

The Fine Print

• Must be a new personal checking customer of Flagstar Bank. SimplyChecking is a non-interest-bearing checking account.
• $250 bonus will be deposited into 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.
• $2 paper statement fee or choice of free e-statement with online banking.
• This offer is limited to one per household.
• Personal accounts only. For tax purposes, the customer will receive an IRS form from Flagstar.
• Offer subject to change or cancellation at any time without notice. This offer cannot be combined with any other checking account offers.
• Flagstar employees are not eligible. Receiving this offer does not guarantee your eligibility.
• All account applications are subject to our normal approval process.
• Offer expires 12/31/2018.
• SimplyOne Checking accounts are not eligible for this offer.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Account must be kept open for 180 days otherwise you will lose the $250 bonus and they will charge an early account termination fee. The account has no monthly fee as long as you opt out of paper statements, otherwise a $2 paper statement fee will be charged.

Our Verdict

Seems like a great deal given it’s a soft pull and you don’t need a direct deposit to trigger the bonus either. Added benefit is no need to worry about a monthly fee either. I’ll add this to our list of the best checking accounts, definitely worth doing if you’re in the eligible area.

Big thanks to reader, Creditguy who let us know. Learn how to find bonuses and contribute to the site here.

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