Updated 5/17/2018 – Flagstar Bank Offer Currently Expired: Flagstar Bank has removed any mention of the $250 SimplyChecking Account bonus from their promotional page and website. It is no longer available for new applicants.
Flagstar Bank is offering a $250 bonus when you open a Flagstar SimplyChecking Account by December 31, 2018.
To qualify for the $250 bonus, you must open a Flagstar SimplyChecking Account with $50 or more, maintain a positive end of day balance for the first 90 days (no minimum balance required), and set up a recurring direct deposit OR schedule 3 or more recurring electronic payments within 60 days of account opening.
Flagstar Bank has branches located in Michigan, but according to their customer service, residents of any state in the U.S.A. can open an account online.
However, the terms of the offer do indicate that “receiving this offer does not guarantee your eligibility,” so it may be considered targeted, although it’s openly displayed on their website (you can access it by clicking “The Flagstar Bank Detroit Pistons Cards” banner #4 on their homepage).
There is also no specific promo code applied during account opening, so it looks like the bonus will simply be applied to all new accounts that meet the qualifications, but you may wish to apply by telephone in order to confirm that the bonus will be credited to your new account when you satisfy the requirements.
Updated 5/14/2018: Readers have reported that you cannot qualify for the bonus with accounts opened online and that account openings may be denied. Review the below comments for more details.
$250 Flagstar SimplyChecking Account Bonus Details
Just visit this Flagstar Promotional Link to apply for a checking account online and receive a $250 bonus when you meet the qualifications.
- You must be a new personal checking customer of Flagstar Bank.
- The $250 bonus will be deposited into your qualifying checking account 91-100 days from account opening and will be labeled “Descriptive Deposit Promotional Credit.”
- Your 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 1 per household.
- Available for personal accounts only.
- For tax purposes, the customer will receive an IRS form from Flagstar.
- 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.
Flagstar SimplyChecking Account Features
- No minimum balance required.
- No monthly service fee.
- 0.50% rate reduction on personal loans, home equity loans, and home equity lines of credit when payments are automatically made from this account.
- Free VISA debit/ATM card.
- Preferred CD rates are available by keeping $5,000 or more in combined checking, savings, and money market accounts.
- 24-hour telephone banking.
- Minimum $50 deposit to open.
- $2 paper statement fee or choice of free eStatement with online banking.
Take advantage of this Flagstar Bank SimplyChecking Account promotion to earn a $250 cash reward when you meet the qualifications after account opening.
You may also be interested in this BankPlus Checking Promotion that is available nationwide in the U.S.A.