Money Market Rates with Flagstar Bank at 1.70% APY comes with $25 Bonus
Flagstar Bank continues to push for their Direct Express Money Market account which has the best interest rate of 1.70% APY. Aside from the best money market rate, consumers can also enjoy a $25 bonus when they open the money market account by using the offer code D2.
This money market promo is not on the website of the bank but we got it through a tip from one of our readers. We were able to confirm the validity of the offer through the customer service hotline of Flagstar. According to the CSR, the bank sent the MMA offer to some client but she said that we can use the code.
The CSR also said that there are no additional requirements to qualify for the promo. The CSR is not sure up to when this money market deal will run. You may want to verify with the bank before using the promo code. You can call them through 888-248-6423.
Interested consumers can apply for a money market account online for as low as $1. You will be required to accomplish and send a signature card after completing the online application form. Aside from the high interest rates, account holders also get free checks with the account, and free identity theft protection. You are also given access to online banking and mobile banking.
Other features of the account include:
Withdrawals per month is limited to 6 (three of which can be checks)
You get a VISA debit card with the account
funding can be sent as check or via free wire
The bank also gives customers deposit envelops with their postage paid
Incoming wire transfers after the initial funding will cost you $10 each, $20 for outbound
You can link up to 5 external accounts
Premium transfers via ACH are limited to $2,000 per day and $5K per month
Standard transfers are capped at $15K per day and $25K per month
A hard credit pull may be done when you apply
Flagstar Bank has about 175 offices spread across Michigan, Georgia, and Indiana. The bank has been hit hard by the mortgage crisis and has been reporting big losses. Bankrate.com stamps its performance report with 1 star while BauerFinancial gave the bank 3 stars. These financial ratings were based on their June 2009 data.
Flagstar Bank is insured with the FDIC with certificate number 32541.
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[...] The money market rates require a minimum balance of $5,000 to avoid monthly service fees. The money market rates range from 0.10% APY to 0.35% APY. Here’s an overview of this money market product. [...]
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