Savings Accounts
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.
Find the right account for your needs.
Lock in 12 months at 1.30% APY1—yielding more than the national average savings rate.2
A great choice if you want to keep things simple. Earn interest with every deposit you make.
If you have this savings thing down, this is the account for you. In fact, the higher the balance you maintain, the higher your interest rate.3
If you typically keep a balance of $50,000 or more, consider High-Yield. This account offers our most formidable tier of interest rates.
Looking for a way to help plan for healthcare costs? An HSA account can be a valuable tool toward that effort.
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.
All savings accounts come with:
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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.
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.
1Annual Percentage Yield (APY). 1.30% APY is accurate as of 6/4/2018 on SimplySavings Promo accounts. Funds currently deposited in accounts at Flagstar Bank are not eligible for promotional interest rate. The 1.30% 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 and 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. Not available for businesses or public units. Fees could reduce earnings. No minimum deposit to open. Personal accounts only. This offer is by invitation only. Must present offer at account opening. Limited-time offer. Michigan residents only.
2National average savings rate based on savings products with a $2,500 product tier as reflected on the FDIC.gov web site dated 10/23/2017..
3Interest rates are tiered to a maximum amount.
4Not all devices may be supported. Customer eligibility required. Personal customer checking and savings accounts only.
5Currency conversion fee may apply to transactions outside the U.S.
6This debit card is issued by Flagstar Bank pursuant to a license from Visa U.S.A. Inc