Savings Accounts

Talk to a Banker (888) 248-6423 | Find a Branch

 

Let’s get you saving.

Have a savings goal in mind? Our SimplyYou products are designed to work with you right where you are in life. Choose the account that works best for you.

flagstar-personal-savings-overview-topImage-savings


All savings accounts come with:

Promo - SimplySavings Plus Promo

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Limited-time offer.
Plus up your savings with our leading promotional savings account. This interest rate is guaranteed for one full year, and because your relationship with Flagstar includes a checking account too, you can build in the convenience of auto-savings directly from your checking.

 

Key account requirements:

  • A NEW checking account must be opened at the same time
  • Monthly direct deposit into checking must be established within 90 days of account opening

No minimum to open

$50 minimum deposit to open checking account

Michigan residents only

 

 

Talk to a Banker (888) 248-6423
Apply at your
Local Branch

Good - SimplySavings

 

A great choice if you want to keep things simple. Earn interest with every deposit you make.

 

Key account features:

  • Earns interest—view rates
  • Preferred CD rates are available by keeping $5,000 or more in combined checking, savings, and money market accounts4
  • 0.25% rate reduction on personal loans, home equity loans, and home equity lines of credit5
  • $25 off the origination fee on personal loans

$1 minimum to open online
$3 Monthly Service Fee
OR
No Monthly Service Fee with:

Flagstar personal checking account
OR
an average daily balance of $3007

 

 

Talk to a Banker (888) 248-6423
Apply at your
Local Branch

Better - SimplyMax Savings
 

If you have this savings thing down, this is the account for you. In fact, the higher the balance you maintain, the more earning power you have.6
 

Key account features:

  • Tiered interest rates6view rates
  • Preferred CD rates are available by keeping $5,000 or more in combined checking, savings, and money market accounts4
  • 0.25% rate reduction on personal loans, home equity loans, and home equity lines of credit5
  • $25 off the origination fee on personal loans

$1 minimum to open online
$25 Monthly Service Fee
OR
No Monthly Service Fee with:

Flagstar personal checking account
OR
a $25,000 average daily balance7

 

 

Talk to a Banker (888) 248-6423
Apply at your
Local Branch

Best - Elite Savings
 

If you typically keep a balance of $50,000 or more, consider yourself one for the Elite. This account offers our most formidable tier of interest rates.
 

Key account features:

  • Tiered interest rates6view rates
  • Preferred CD rates are available by keeping $5,000 or more in combined checking, savings, and money market accounts4
  • 0.25% rate reduction on personal loans, home equity loans, and home equity lines of credit5
  • $25 off the origination fee on personal loans

$1 minimum to open online
$35 Monthly Service Fee
OR
No Monthly Service Fee with:

Flagstar personal checking account
OR
a $50,000 average daily balance7

 

 

Talk to a Banker (888) 248-6423
Apply at your
Local Branch

SimplyMoneyMarket
 

Go for a money market account where the higher the balance, the more interest you have the potential to earn.6
 

Key account features:

  • Tiered interest rates6view rates
  • Ability to write checks
  • Preferred CD rates available by keeping $5,000 or more in combined checking, savings, and money market accounts4
  • 0.25% rate reduction on personal loans and home equity lines of credit5
  • $25 off origination fee on personal loans

$1 minimum to open online
$10 Monthly Service Fee
OR
No Monthly Service Fee with:

Flagstar personal checking account
OR
a $5,000 average daily balance7 

 

 

Talk to a Banker (888) 248-6423
Apply at your
Local Branch

SimplyKids Savings
 

This is the one to choose if you'd like to teach your child the value of money, as well as the importance of saving for the future.
 

Key account features:

  • Higher interest rate on the first $500 deposited
  • No monthly minimum balance
  • No monthly service fee
  • Can be opened for kids and young adults up to 23 years of age

No minimum to open
No Monthly Service Fee

 

Talk to a Banker (888) 248-6423
Apply at your
Local Branch

Do you need help choosing the right account?

 

We can help.

Find a Branch


Talk to an expert
  • (888) 248-6423
INFORMATION TO NOTE:
  • Rate information — Your interest rate and annual percentage yield may change. Excludes SimplySavings Promo account.
  • Frequency of rate changes — We may change the interest rate on your account at any time. Excludes SimplySavings Promo account.
  • Determination of rate — At our discretion, we may change the interest rate on your account. Excludes SimplySavings Promo account.
  • Compounding and crediting frequency — Interest will be compounded every month. Interest will be credited to your account every month.
  • No minimum opening balance required to open in a branch. $1 minimum to open online. 
  • Daily balance computation method — We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
  • Accrual of interest on noncash deposits — Interest begins to accrue on the first business day after the business day you deposit noncash items (for example, checks).
  • Transaction Limitations — An unlimited number of deposits or withdrawals are permitted in person, by mail or ATM to the extent that these services are available with your account. By federal regulation, not more than six preauthorized, automatic, online or telephone transfers or withdrawals or check or debit (also known as point of sale [POS]) withdrawals are permitted per calendar month. If you go over these limits, we may either charge your account, close your account, or end your right to withdraw or transfer money from your account by telephone or online transfer, check, debit card, automatic withdrawal or transfers, and preauthorized withdrawal. We may also refuse to permit withdrawals or transfers that go over these limits and may charge you for requesting such withdrawals or transfers.
  • Fees — An excess preauthorized withdrawal fee of $10 may be charged for each preauthorized, automatic, online or telephone transfer or withdrawal or check or POS withdrawal in excess of six during a calendar month.
  • Interest accrual upon account closure — Interest accrues up to the business day that you close your account and is credited when the account is closed.

Please see the Complete Disclosure Guide for additional details.

We reserve the right to change account benefits at any time without notice. Certain restrictions may apply.  See disclosures for more details.

1Not all devices may be supported. Customer eligibility required. Personal customer checking and savings accounts only. Must be an active personal online banking user. Must be a customer for a minimum of two months. Customers enrolled in Freshstart program are not eligible. SimplyOne, HSA, CD, IRA, Next Step, and Next Step 2 account holders are not eligible. Accounts must be in good standing. Mobile check deposit terms & conditions.

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

3Annual Percentage Yield (APY) is accurate as of 6/1/2015. SimplySavings Plus Promo 1.05% APY is guaranteed for the initial 12 months as long as qualifying Flagstar personal checking and direct deposit requirements are met. After the 12-month promotional period, balances will earn a variable interest rate paid on the standard SimplySavings account in effect at that time and may change at any time. A maintenance service charge of $3 will be imposed every month if the average daily balance in the account falls below $300. This charge may be waived if the account is linked to any personal checking account. Funds may not currently be on deposit with Flagstar Bank. Fees could reduce earnings. Personal accounts only. Limited-time offer. One account per customer. Michigan residents only.

CHECKING ACCOUNT AND DIRECT DEPOSIT REQUIREMENTS: SimplySavings Plus Promo account is available to NEW personal checking account households. A $50 minimum deposit is required to open and must be opened the same day as the promotional savings. New checking and promotional savings account must have at least one common owner. Checking account must have monthly recurring automatic direct deposits of $250 or more. If checking and direct deposit requirements are not met within 90 days, the promotional savings account balances will earn the non-promotional, variable rate, SimplySavings account rate in effect at that time. Early account closing fee applies if account is closed within 180 days of opening.

4Excludes promotional rates.

5Subject to loan approval. Excludes mortgages.

6Interest rates are tiered to a maximum amount.

7Based on average daily balance. Unlike many other banks, we use average daily balance rather than minimum daily balance to waive monthly service fees on all of our deposit accounts. This means that regardless of how low your balance may fall, you will not incur a service fee as long as your average daily balance for the entire statement cycle meets or exceed the account requirement.

 

Health Savings Account (HSA)

Looking for a way to help plan for healthcare costs? An HSA account can be a valuable tool toward that effort.

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All savings accounts come with:

Health Savings Account
 

If you’re covered under a High Deductible Health Plan (HDHP), consider establishing an HSA for qualified medical expenses. Along with a low minimum balance requirement and low annual fee, it’s a tax-advantaged account.3
 

Key account features:

  • Minimum deposit of $50 to open
  • Interest paid monthly
  • Low annual administration fee of $5
  • Online statements
  • Ability to make additional deposits any time through direct deposit

Minimum $50 deposit to open
$5 Monthly Service Fee
OR
No Monthly Service Fee with:

an average daily balance of $5004

 

 

Talk to a Banker (800) 642-0039
Apply at your
Local Branch

Learn more about the benefits of an HSA account. Printable HSA FAQs

HSA General FAQ

Open/Close all questions

What is an HSA and how does it work?

Who qualifies for an HSA?

What can I use the HSA for?

Is tax reporting required for an HSA?

What are the tax rules of an HSA?

Who is responsible for determining whether HSA distributions are used exclusively for qualified medical expenses?

If I change employers, what happens to my HSA?

What are the requirements for an HSA at Flagstar?

How will HSA statements be delivered to me?

HSA Contributions FAQ

Open/Close all questions

Who may contribute to an HSA?

How do I make contributions and distributions?

How much can I contribute to my HSA?

In what form must contributions be made?

How are contributions applied to my HSA?

Are rollover contributions to HSAs permitted?

What is the tax treatment of earnings on amounts in my HSA?

HSA Distributions FAQ

Open/Close all questions

How are distributions from an HSA taxed?

What “medical expenses” qualify for tax-free distributions?

How are distributions taxed after the account beneficiary is no longer an eligible individual?

When can I receive distributions from an HSA?

Can I use the HSA to pay for services obtained before I enrolled in the HSA program?

What happens to the HSA if I die?

Do you need help choosing the right account?

 

We can help.

Find a Branch


Talk to an expert
  • (888) 248-6423
INFORMATION TO NOTE:
  • Rate information — Your interest rate and annual percentage yield may change.
  • Frequency of rate changes — We may change the interest rate on your account at any time.
  • Determination of rate — At our discretion, we may change the interest rate on your account. 
  • Compounding and crediting frequency — Interest will be compounded every month. Interest will be credited to your account every month.
  • Minimum $50 opening balance required; open in a branch only.
  • Daily balance computation method — We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
  • Accrual of interest on noncash deposits — Interest begins to accrue on the first business day after the banking day you deposit noncash items (for example, checks).
  • Transaction Limitations — An unlimited number of deposits or withdrawals are permitted in person, by mail or ATM to the extent that these services are available with your account. By federal regulation, not more than six preauthorized, automatic, online or telephone transfers or withdrawals or check or debit (also known as point of sale [POS]) withdrawals are permitted per calendar month. If you go over these limits, we may either charge your account, close your account, or end your right to withdraw or transfer money from your account by telephone or online transfer, check, debit card, automatic withdrawal or transfers, and preauthorized withdrawal. We may also refuse to permit withdrawals or transfers that go over these limits and may charge you for requesting such withdrawals or transfers.
  • Fees — An excess preauthorized withdrawal fee of $10 may be charged for each preauthorized, automatic, online or telephone transfer or withdrawal or check or POS withdrawal in excess of six during a calendar month.
  • Interest accrual upon account closure — Interest accrues up to the business day that you close your account and is credited when the account is closed.

We reserve the right to change accounts at any time without notice. Please see the Complete Disclosure Guide for additional details.

1Not all devices may be supported. 
2This debit card is issued by Flagstar Bank pursuant to a license from Visa U.S.A. Inc.
3Please consult your tax advisor for guidance.
4Based on average daily balance. Unlike many other banks, we use average daily balance rather than minimum daily balance to waive monthly service fees on all of our deposit accounts. This means that regardless of how low your balance may fall, you will not incur a service fee as long as your average daily balance for the entire statement cycle meets or exceed the account requirement.