Flagstar Bank: A Quarter Century of Innovation
Chartered in 1987 as a federal savings bank, Flagstar Bank began as a financial institution in 1938 as the Security Savings and Loan in Jackson, Michigan. Today, Flagstar is a major mortgage loan provider and offers a full array of financial services and products to its customers through its more than 100 branches as well as its website and mobile app. The bank, which is now headquartered in Troy, Michigan, posted assets of $9.8 billion at the end of 2014, making it one of the top 10 largest savings banks in the nation.
Flagstar Bank earned the distinction of one of the best banks for “Highest in Customer Satisfaction with Retail Banking in the North Central Region” from J.D. Power and Associates in 2015. The Better Business Bureau gives Flagstar Bank an A- rating.
Flagstar Bank Products
Flagstar Bank offers customers numerous financial resources today, including consumer loans, insurance policies, investment products, and deposit accounts.
Flagstar’s array of deposit accounts offers numerous options for saving and spending. The bank has three checking accounts, including the SimplyPlus+ and SimplyMax checking accounts, which offer the opportunity to earn interest with a minimum opening balance of $50.
For savers, the bank offers an online savings account, online money market account, and certificates of deposit (CDs) with terms ranging from 6 to 60 months. Some savings account options aren’t available in every location so contact your local branch or the FlagStar website to find out account availability.
Savers can also open IRAs, health savings accounts, or educational savings accounts with Flagstar. The bank’s deposit accounts are fully FDIC-insured to the maximum amount of $250,000 per depositor, per institution.
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Flagstar Online Banking
Since 2011, Flagstar Bank has overhauled its online banking platform and introduced a mobile banking app for easier banking. Customers can use these tools to create a budget, track expenses, and review past spending with the bank’s online FinanceWorks software, as well as pay bills, transfer funds, and prepare for tax season with Intuit’s Tax Watch software. They can also include accounts from other financial institutions in FinanceWorks to see a more complete financial picture.
Flagstar’s mobile banking app offers the ability to check account balances, transfer funds, and pay bills online. Customers can use Popmoney to make a direct payment to a friend or service provider, as well as sign up for email or text alerts that trigger when their bank balance drops below a certain level or when bills are due.
For more on Flagstar Banks’ current rates and conditions, please review the tables below.
