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Switch Accounts to Flagstar

When you decide to make the switch to Flagstar, we'll help make the transition easy

With our switch kit, you will be able to close your existing accounts, change your direct deposits, and more.

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Open your Flagstar account

Open your new Flagstar account at any of our convenient branch locations.

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Start the switch and balance your account

With Flagstar's easy-to-use forms, simply fill in the information about deposits, bill payments, transfers, and withdrawals from your current account with the Start the Switch form. Use the Balance Your Account form to calculate how much money you will need to leave in your old account to cover any outstanding transactions.

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Set up direct deposit

Inform your employer if you wish to have your paycheck deposited directly into your new Flagstar account. Use our direct deposit form to notify your employer about a new banking account. For direct deposit of your social security benefits, visit treasury.gov to print the official direct deposit form. Automatic deposits also can be created for income received from other sources, such as retirement, alimony, or investment dividends.

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Establish bill payments

Why spend money on postage or worry about late payments? With our easy-to-use automatic deduction form, you can set up recurring withdrawals from your new Flagstar account. This service also is available through your online banking account.

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Track and close your old account

After you notify banks, vendors, and employers that your old account is closing, it normally takes six to eight weeks to shift transactions to your new account. During this time, use the Track Your Account form to track all transactions that you have switched to your new Flagstar account.

 

Use the Close Your Old Account form to let your old bank know you're closing your account. Be sure to wait until all outstanding transactions have cleared from your old account before filling in the form.

Find the right Flagstar account for you.

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Checking Accounts

Explore our personal checking account options to find the right fit for you. 
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Earn 4.20% APY1 with Flagstar Performance Savings

Grow your money with a great savings rate.
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Earn up to 4.40% APY2 with a CD

Explore our wide range of CD account terms that can help you earn more interest.

We reserve the right to change account benefits at any time without notice. Certain restrictions may apply. Please see the complete Disclosure Guide for additional details.

Interest rates are tiered to a maximum amount.

Flagstar Performance Savings

1Annual Percentage Yield (APY) is accurate as of 3/15/2025. Tier 1 $0 – $9,999.99 features an annual percentage yield of 0.10%. Tier 2 $10,000.00 – $24,999.99 features an annual percentage yield of 0.10%. Tier 3 $25,000.00 – $49,999.99 features an annual percentage yield of 4.20%. Tier 4 $50,000.00 – $99,999.99 features an annual percentage yield of 4.20%. Tier 5 $100,000.00 – $499,999.99 features an annual percentage yield of 4.20%. Tier 6 $500,000.00+ features an annual percentage yield of 4.20%. The interest rate(s) and annual percentage yield(s) are variable and may change at any time before or after the account is opened. Initial minimum opening deposit to earn the higher interest rate on the Flagstar Performance Savings account is $25,000 and must be “new money,” which is defined as money that is not currently on deposit in any Flagstar Bank account (except maturing CDs). Additionally, (i) account must be funded within 90 days of the approval date, and (ii) early account closure fee may be imposed for accounts closed within 180 days. A maintenance service charge of $15 will be imposed every statement cycle if the average daily collected balance in the account is less than $10,000. The maintenance service charge will be waived if you are the tax reported owner on this account and you are an owner on a Flagstar personal checking account. Fees may reduce earnings. Personal accounts only. Limited time offer. Area restrictions may apply. If you are a Private Bank client, please contact your Private Client Group to enroll.

2Annual Percentage Yield (APY). 4.40% APY is accurate as of 3/15/2025 and available as a 6-month term. Fees could reduce earnings. Withdrawals may result in imposition of applicable early withdrawal penalties. $2,500 minimum opening deposit required. Maximum deposit is $10 million. Deposited funds must be “new money,” which is defined as money that is not currently on deposit in any Flagstar Bank account (except maturing CDs). Not available for public units. Certain restrictions, including area restrictions, may apply. Offer subject to change or cancellation at any time without notice. Limited time offer. Important information will be provided to you in the disclosures you receive during the account opening process. Please contact your local branch for more information.