Flagstar Bank Simply Savings

Flagstar Bank Simply Savings Review

Flagstar Bank Simply Savings is offered by Flagstar Bank, a bank founded in 1987 and based in Troy, MI. Flagstar Bank Simply Savings is available in 4 states across the USA.

Key Takeaways

• Higher than average APY. Flagstar Bank Simply Savings has an annual percentage yield of up to 0.05%, which is higher than the average interest rate for savings accounts.
• Charges a monthly fee. This account charges a monthly service fee of $3, but the fee is waived if you keep a minimum balance of $300.
• Small minimum initial deposit. You only need $1 to open an account.

Flagstar Bank Simply Savings Pros & Cons

Pros	Cons
0.50% rate reduction on home equity lines of credit when payments are automatically made from this account. 0.25% rate reduction on personal loans, personal lines of credit, and home equity loans, when payments are automatically made from this account. Interest-yielding account. Access to physical branches. Free debit card Access to a nationwide network of ATMs.	Low APY with an (avoidable) monthly fee. No signup bonus. Only available in 4 states. Higher than average wire transfer fees. Monthly service charge.

Flagstar Bank Simply Savings FAQ

Are savings accounts from Flagstar Bank federally insured?

Yes, this account is insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Flagstar Bank offer a signup bonus?

Flagstar Bank Simply Savings has a signup bonus of $0.

What is the minimum initial deposit for Flagstar Bank Simply Savings?

The minimum deposit to open a Flagstar Bank Simply Savings is $1.

Flagstar Bank Simply Savings Minimums

Description
Minimum Balance to Avoid Monthly Fee	Starting at $300
Minimum Combined Balance to Avoid Monthly Fee	$300
Minimum Opening Deposit	Starting at $1

What APY does Flagstar Bank offer?

Flagstar Bank Simply Savings offers an APY of 0.05% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Flagstar Bank Simply Savings charge?

This account charges a monthly service fee of $3. However, you can waive the monthly fees if you have a minimum daily balance of $300. You can also waive the fee by keeping a combined balance of $300.

• Outgoing domestic bank transfers come with a $30 fee.
• Incoming domestic bank transfers come with a $10 fee.

What features and perks does Flagstar Bank Simply Savings offer?

This savings account includes the following features:

• Fraud monitoring - Flagstar Bank Simply Savings monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Mobile Banking Services - Flagstar Bank Simply Savings allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Flagstar Bank Simply Savings?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Flagstar Bank Simply Savings?

The customer support email for Flagstar Bank Simply Savings is TroyCorporateBankingCenter@Flagstar.Com.

How do people rate the customer service and user experience of Flagstar Bank Simply Savings?

Overall, Flagstar Bank Simply Savings is strongly not recommended based on community reviews that rate customer service and user experience.