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Flagstar Ready Savings

Grow your money with this low-cost savings account that earns interest.

Start saving today—for goals, rainy days, and your future self

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Beginner-friendly

Easy to use if you're new to saving or starting a new goal.

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No monthly fee with a Flagstar checking account

Avoid monthly service charge when you have a Flagstar personal checking account1

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$1 to open

The minimum deposit to open this account is only $1.

Ready, set, save! 

Whether you're saving for a house or a new phone, this low-cost savings account can help you cross the finish line faster. It has a competitive savings rate, so your money will work even harder. It's the perfect account for setting and reaching goals. 

Account features

Requirements and fees

  • Only $1 to open
  • $3 monthly service charge that can be waived1

FAQs for Flagstar Ready Savings

Flagstar Ready Savings is for anyone who’s looking for a quick, simple way to start building their savings. 

Flagstar Ready Savings has a $3 monthly maintenance charge—and three ways to avoid it: 

Flagstar Ready Savings is a tiered savings account, which means you can earn a higher interest rate when you save more.

 

To get our current rates, call a local branch or 888-248-6423.

 

If you already have a Flagstar Ready Savings account, you can use online or mobile banking.

  • Sign into your account.
  • Select Flagstar Ready Savings.
  • On the next screen, select Account Information to see the current rate and the amount of interest you've earned so far this year.

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Easy to open online. Easy to set up.

You can open an account anytime, day or night. It’s simple, secure, and takes just minutes. Get started with an initial deposit of $1.

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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.

Open an account

So many ways to save

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Prevent overdrafts the easy way

Link your Flagstar savings account to automatically transfer funds to cover overdrafts.

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Earn interest on your savings

Your money works harder with interest on your savings.

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Convenient ways to make a deposit

It's your choice: online, at a Flagstar ATM or branch, via mobile deposit4 or direct deposit,  by phone, with automatic transfers, and more.

Bank on the go with Mobile Banking3

Mobile Banking lets you pay bills, move money, deposit checks,4 and much more. Add this easy-to-use app to your Android or iPhone and manage your money on your schedule.5

Learn more
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Savings calculators

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Compound Interest Rate Calculator

What are the benefits of compounding?
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Emergency Fund Calculator

How much should I set aside for emergencies?
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College Cost Estimator

How much will college cost?

Open a low-cost savings account today

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Open an account online

Open an account anytime, day or night. It’s easy and secure.

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Visit a branch

We’ll walk you through it. Stop by the nearest branch to open an account in person.

You may also be interested in:

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Earn up to 4.30% APY6 with a CD

Explore our wide range of CD account terms that can help you earn more interest.
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Earn 4.11% APY7 with Flagstar Performance Savings

Grow your money with a great savings rate.
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Round Up with Flagstar®

This debit card feature will round up transactions to the nearest dollar and deposit the spare change into your savings account. It's zero-effort savings.

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.

1The $3 monthly maintenance service charge can be waived with a $300 average daily balance, OR the primary owner is also an owner on a Flagstar personal checking account, OR the primary owner is 18yrs of age or younger.

2This debit card is issued by Flagstar Bank pursuant to a license from Visa U.S.A. Inc.

3Not all devices supported. Available for eligible personal and business deposit account customers only.

4Not 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.

5Apple 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.

Certificate of Deposit

6Annual Percentage Yield (APY). 4.30% APY is accurate as of 4/18/2025 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.

Flagstar Performance Savings

7Annual Percentage Yield (APY) is accurate as of 4/18/2025. 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 4.11%. Tier 4 $50,000.00 – $99,999.99 features an annual percentage yield of 4.11%. Tier 5 $100,000.00 – $499,999.99 features an annual percentage yield of 4.11%. Tier 6 $500,000.00+ features an annual percentage yield of 4.11%. 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.