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Flagstar Elite Checking

Experience red carpet banking with this interest checking account.

Bank like a VIP with interest checking

Looking for a checking account that matches your lifestyle? Open an Elite Checking account to get all the features and perks you deserve, like higher rates and VIP service.

Requirements and fees

  • $50 minimum opening deposit
  • $1,000 minimum balance to earn monthly interest
  • $15 monthly service charge, waived when you maintain a $25,000 combined daily average balance in your Flagstar personal deposit accounts1

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Secure your account with Debit Card Controls and Account Alerts

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Earn interest on your checking account

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Premium interest rates for CDs2

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Higher transfer and mobile deposit limits3

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Dedicated client service line

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Enjoy free access to 56,000+ Flagstar ATMs4 and over 300 branches.

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Get peace of mind with overdraft options

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Online and Mobile Banking,5 with 24/7 free access to your credit score

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FDIC-insured up to at least $250,000 per depositor6


Requirements and fees

  • $50 minimum opening deposit
  • $1,000 minimum balance to earn monthly interest
  • $15 monthly service charge, waived when you maintain a $25,000 combined monthly average balance in your Flagstar personal deposit accounts1

Maximize your interest checking experience

Every Flagstar checking account comes with easy ways to manage and
move your money.

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Flagstar Visa® Debit Card7

A secure, convenient way to pay wherever Visa is accepted—which is practically everywhere.
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Account Alerts

Stay in the know with transaction alerts, payment reminders, and more.
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Debit Card Controls

Freeze your card, set spending limits, and stay in control.
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Mobile Check Deposit8

Sign the back, snap a pic, and send. It’s that easy.
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Over 300 Branches and Free Access to 56,000+ ATMs4

Find the closest branch or an ATM in the Allpoint or Presto global network.
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Send Money with Zelle®

All you need is the recipient’s email or U.S. mobile number.

Bank on the go with our  Mobile App5

Our Mobile App lets you pay bills, send money with Zelle,® deposit checks,8 and much more. Add this easy-to-use app to your Android or iPhone and manage your money on your schedule.9

Learn more
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FAQs for Flagstar Elite Checking

Yes! Flagstar is an FDIC-insured bank, which means customer checking account deposits are insured up to at least $250,000 per depositor for each deposit category.

Many checking accounts don’t pay interest. However, an interest-bearing checking account earns interest every month. The amount of interest depends on the financial institution, the checking account, and the account balance throughout the month.

 

For example, Flagstar Elite Checking is our interest-bearing checking account. It takes just $50 to open an account, but you’ll need to meet the $1,000 minimum balance requirement to earn interest.

 

Before you open any checking account—interest-bearing or not—be sure you understand the fees and how to avoid them, the minimum balance requirements, and any other benefits or limitations.

Most checking accounts have the same core features, such as checks and online access to your account. (To see all the benefits of Flagstar checking accounts, visit our Checking Accounts page.)

 

Many checking accounts do not earn interest, but an interest-bearing checking account does. The interest rate varies and depends on the financial institution and the account.

 

Before you open an interest checking account, ask about the fees and requirements to make sure it’s a good fit for the way you bank.

The amount of interest you could earn with an interest-bearing checking account varies by financial institution and account. For example, our Elite Checking account uses a tiered interest rate up to a maximum amount, which means a higher balance will earn a higher rate.

 

If you know the interest rate of your interest-bearing checking account, use our Compound Interest Rate Calculator to learn how much your checking account balance could grow in a day, a month, a quarter, or a year.

Here’s how we handle checking account fees:

  • Flagstar Ready Checking: $3 monthly maintenance fee waived by enrolling in electronic statements OR $500 or more in total direct deposits (ACH credits) each statements cycle OR primary account holder is 24 years old or younger10
  • Flagstar Elite Checking: $15 monthly service charge, which you can avoid by maintaining a $25,000 combined monthly average balance in your Flagstar personal deposit accounts. Your linked account(s) must be enrolled in the Flagstar Elite Relationship Program.
  • Flagstar Military Checking: No monthly service charge for active and former military personnel
  • Flagstar Student Checking: No monthly service charge for college students 18 and older
  • Flagstar One Checking: $5 monthly service charge

 

When someone opens a checking account, Flagstar may do a soft credit pull, which will not affect their credit score.

Switching banks is easy: a step-by-step guide

Switching banks is easier than you think. Let's walk through the steps on how to move your checking or savings account to a new financial institution.

Learn more
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Apply for an interest-bearing account today

You can open a checking account anytime, day or night. It’s simple, secure, and takes just minutes. Get started with an initial deposit of $50.

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Verify your identity

We'll perform a quick security check to protect your information. You need to be at least 18 and provide your Social Security number.

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Tell us about yourself

Here’s where you enter your info, like name and address, any joint owners, and identification (e.g., driver’s license, state ID, or passport).

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Make a deposit

Add money with an online transfer (have the routing and account numbers for an existing account ready) or at a branch.

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Rather open an account in person? Find your nearest branch.

You may also be interested in:

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Earn 4.00% APY11 with Flagstar Performance Savings

Grow your money with a great savings rate.
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Flagstar Visa® Credit Cards

Choose a credit card with the perks you want, like cash back, rewards, bonuses, and more.
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Online Banking

It’s mission control for your money. Track what's coming in and going out 24/7, so you’re always in the know.

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.

1Monthly maintenance service charge waived when the combined average daily Balance of the Lead Account and any Linked Account(s) is equal to or greater than $25,000. Linked account must be enrolled in Flagstar Elite Relationship Program. See account disclosure for additional information.

2 Excludes 10-Day CDs. Offer available to customers enrolled in Flagstar Elite Relationship Program only.

3Higher limits apply within 30 calendar days if you are an existing customer or 60 calendar days if you are a new customer.

4Currency conversion fee may apply to transactions outside the U.S.

5Not all devices supported. Available for eligible personal and business deposit account customers only.

6Visit fdic.gov for more information about FDIC insurance coverage.

7This debit card is issued by Flagstar Bank pursuant to a license from Visa U.S.A. Inc.

8Not all devices supported. Available for eligible personal and business checking and savings account customers only. Must be an active mobile banking user. Must be a customer for a minimum of two business days. Accounts must be in good standing.

9Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android, Google Play, and the Google Play logo are trademarks of Google Inc.

10When the primary account owner reaches 25 years old, age can no longer be used to avoid the monthly service fee.

Flagstar Performance Savings

11Annual Percentage Yield (APY) is accurate as of 6/13/2025. 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 4.00%. Tier 4 $50,000.00 – $99,999.99 features an annual percentage yield of 4.00%. Tier 5 $100,000.00 – $499,999.99 features an annual percentage yield of 4.00%. Tier 6 $500,000.00+ features an annual percentage yield of 4.00%. 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.

Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.