4.00% APY Money Market Account in Michigan Offered by Flagstar Bank
Flag Star Bank launches a money market account which assures 4% APY on a 12-month term. The offer is only available for Michigan residents who are not currently holding an account in the bank. The MMA requires a checking account with a direct deposit.
According to bank representatives, the money market account is accessible at all of the Michigan branches. The 4% yield is applicable to the Flagstar Money Market Account which requires a $5000 minimum deposit to clear from a $25 monthly service charge. Any checking account may qualify for the MMA even the free checking.
A checking account must be in existent for 2 months with direct deposits of at least $250 done monthly.
Michigan branches in Canton, Ann Arbor, Troy, Farmington, Sterling Heights, Howell, Grand Rapids, Kalamazoo, Jackson, Battle Creek, Lansing, and Detroit will be more than happy to assist clients interested in their MMA special.
The bank also offers an Express Money Market Account which yields 3.65% APY with no balance requirements.
Flagstar is struggling amid the financial crisis and has reported a net loss of $62 million for Q3.
BauerFinancial and bankrate.com issue 3 stars and 2 stars, respectively. Flagstar is FDIC insured with certificate # 32541.
