FDIC-Insured—Backed by the full faith and credit of the U.S. Government
CERTIFICATES OF DEPOSIT (CD)
Lock-in a competitive rate with Flagstar certificate of deposit (CD) accounts. Our CDs offer fixed rates, FDIC-insured savings, and terms designed to help you grow your money with confidence. Which one of our CD rates is right for you?
SHORT-TERM GROWTH
6-MONTH CD
3.70% APY2
Grow your savings fast with a great rate and a short term.
Minimum to open: $500
TOP RATE
8-MONTH CD
4.00% APY1
Secure our best CD rate, watch your savings grow for 8 months.
Minimum to open: $500
BALANCED GROWTH
12-MONTH CD
3.80% APY3
A one-year term that balances great returns and flexibility.
Minimum to open: $500
LONG-TERM SECURITY
24-MONTH CD
3.70% APY4
Two years of guaranteed returns, no matter where rates go.
Minimum to open: $2500
Started an application? Finish application.
Just select a term, move the slider, and we'll show you what your savings could look like.
CD accounts typically earn more interest than traditional savings accounts.
Your rate is locked in for the entire term, so you know exactly what you'll earn from day one.
Your CD is FDIC insured up to $250,000 per depositor5
Keep more of your earnings with no fees when you hold your CD to maturity.
A certificate of deposit (CD) lets you earn a fixed interest rate by keeping your money deposited for a set period of time. CDs usually offer higher rates than traditional savings accounts.
A CD earns a fixed interest rate over a set period of time (term), which can range from days to years. When you open a CD, you agree to leave your money in the account until the CD matures. At maturity, you can withdraw your funds, renew the CD, choose a new term, or opt for a different savings option. Early withdrawals are allowed but may incur a penalty that reduces your interest earned.
FDIC insurance protects CDs (up to $250,000) in insured U.S. banks.
Flagstar is an FDIC-insured bank, which means customer CDs are insured up to at least $250,000 per depositor.3
Yes, the interest you earn on a CD is taxed as ordinary income, just like the interest on a savings account.
In January, if you earned $10 or more in interest, Flagstar will send you an IRS Form 1099-INT showing the interest your CD earned the previous year so you can report it on your tax return.
No, but you can open another CD if you have enough funds on hand to meet the minimum opening deposit.
APY stands for annual percentage yield. It’s the amount of interest your CD account earns in a year.
The penalty varies by bank and CD term, but it is typically calculated as a set number of months’ worth of interest.
At Flagstar, the fee is a certain amount of interest on the principal amount you withdraw from your CD account, whether that interest is earned or unearned. (Unearned interest is the interest your CD has earned but has not yet been received.)
The early withdrawal fees are based on the length of the CD term:
The fastest way is to renew your CD online. Here’s how:
You can also visit a Flagstar branch to renew your CD in person.
A CD ladder is a way to earn a higher rate while still having regular access to your money. Instead of putting all your money into one certificate of deposit, you’d open several CDs with different term lengths. For example:
The longer-term CDs typically come with a higher interest rate, while the shorter-term ones provide regular access to your funds. When a CD term ends, you can withdraw the money or renew the CD to keep the ladder going.
Note: Your CD ladder can include shorter or longer terms than those used in our example. Choose whatever works best for you.
Certificates of Deposit are eligible for renewal during the grace period or during the post maturity period within Online Banking.
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.
