SimplySavings
Start saving here.
Our base-level savings account gets you started on earning interest on your deposits. If you’re looking for a no-frills, low-cost savings solution from Flagstar Bank, SimplySavings is where you should start.
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 accounts1
- 0.50% rate reduction on home equity lines of credit when payments are automatically made from this account.2
- 0.25% rate reduction on personal loans, personal lines of credit, and home equity loans, when payments are automatically made from this account.2
- 24-Voice Phone Banking Call (888) 248-6423
SERVICE FEE:
$3 Monthly Service Fee
OR NO MONTHLY SERVICE FEE WITH:
An average daily balance of $3003
OR NO MONTHLY SERVICE FEE WITH:
Flagstar personal checking account
All savings accounts come with:
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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.
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).
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.
1Excludes promotional rates.
2Subject to loan approval. Excludes mortgages.
3Based 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.
4Not 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 customer for a minimum of two business days. SimplyOne account holders are not eligible. Accounts must be in good standing.
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.
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.