Savings Accounts

Talk to a Banker (800) 642-0039 | 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.

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All savings accounts come with:

Promo - SimplySavings Promo

flagstar-personal-savings-overview-promo


This promo rate is hard to beat. In fact, it's 18 times better than the national average.4 Make your money work harder for 12 months, plus enjoy all the perks that come with our basic savings account.

 

Key account features:

  • No checking required
  • No maximum balance
  • The number of withdrawals are limited to six per month, unless the withdrawals are made at a branch, an ATM, or by mail

$1 minimum to open online

No Monthly Service Fee

Michigan residents only

 

 

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

Basic - SimplySavings

 

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

 

Key account features:

  • Earns interest5view rates
  • The number of withdrawals are limited to six per month, unless the withdrawals are made at a branch, ATM or by mail 
  • Preferred CD rates are available by keeping $5,000 or more in combined checking, savings, and money market accounts6
  • 0.25% rate reduction on personal loans, home equity loans, and home equity lines of credit7
  • $25 off 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 $3008

 

 

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

Plus - SimplyMoneyMarket
 

Go for a money market account where the higher the balance, the more interest you have the potential to earn.5
 

Key account features:

  • Tiered interest rates5view rates
  • Ability to write checks
  • The number of withdrawals are limited to six per month, unless the withdrawals are made at the branch, ATM, or by mail
  • Preferred CD rates available by keeping $5,000 or more in combined checking, savings, and money market accounts6
  • 0.25% rate reduction on personal loans and home equity lines of credit7
  • $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 balance8  

 

 

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

Max - 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.5
 

Key account features:

  • Earns our highest interest5view rates
  • Preferred CD rates available by keeping $5,000 or more in combined checking, savings, and money market accounts6
  • 0.25% rate reduction on personal loans and home equity lines of credit7
  • $25 off 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 balance8

 

 

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

Student - 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 (800) 642-0039
Apply at your
Local Branch

Do you need help choosing the right account?

 

We can help.

Find a Branch


Talk to an expert
  • (800) 642-0039
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 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.

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.

3APY=Annual Percentage Yield. 1.10% APY is accurate as of 1/5/2015 on SimplySavings Promo accounts. Funds currently deposited in accounts at Flagstar Bank are not eligible for promotional interest rate. The 1.10% APY is guaranteed for the first 12 months. After the 12 month promotional period, account balances will earn the variable interest rate paid on the standard SimplySavings account in effect at that time, which is subject to change. A maintenance service charge of $3 will be imposed every month if the average daily collected balance in the account falls below $300. This charge may be waived if the account is linked to any Flagstar personal checking account. Limit one account per customer. Not available for businesses or public units. Fees could reduce earnings. Limited time offer. No minimum deposit to open in a branch, $1 online. Personal accounts only. Michigan residents only.

4National savings average based on savings products with a $2,500 product tier as reflected on the FDIC.gov website dated 9/2/14.

5Interest rates are tiered to a maximum amount.

6Excludes promotional rates.

7Subject to loan approval. Excludes mortgages.

8Based 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 Annual Administration Fee
OR
No Annual Fee with:

a $500 average daily balance4

 

 

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
  • (800) 642-0039
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.