Last Updated: 04/18/2025
Flagstar Bank Simply Savings
Unaffiliated
in Savings Accounts from Flagstar Bank
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.05%(Verified 06/21/2024)
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Minimum Opening Deposit
Starting at $1
Minimum Balance to Earn APY
N/A
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 are available in 4 states.
Key Takeaways
- This account comes with a small monthly fee even though the APY is also small. Still a worthwhile, basic savings account for anyone who already has a checking account with Flagstar. This eliminates the monthly fee.
- Accounts with Flagstar come with rate reductions on HELOC, personal lines of credit, adn home equity loans.
- Low interest rate. The maximum annual percentage yield for this account is only 0.05%.
- Charges a monthly fee. This account charges a monthly fee of $3, but the fee may be 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
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Flagstar Bank Simply Savings FAQ
Are savings accounts from Flagstar Bank federally insured?
Yes, your deposits are insured 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 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.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | Starting at $300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Combined Balance to Avoid Monthly Maintenance Fee | Starting at $300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Flagstar Bank Simply Savings 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?
Yes, you can typically set up a direct deposit to this account. 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.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
Sunday
Closed
Monday
8:30AM - 5:30PM
Tuesday
8:30AM - 5:30PM
Wednesday
8:30AM - 5:30PM
Thursday
8:30AM - 5:30PM
Friday
8:30AM - 5:30PM
Saturday
Closed