Flagstar Bank $400-$500 – AZ, CA, FL, IN, MI, NJ, NY, OH, WI

Update 9/15/26: There is a new link with no state restrictions in the fine print, I assume this means it’s open again to Arizona, California, Florida, Indiana, Michigan, New Jersey, New York, Ohio, and Wisconsin? Hat tip to reader Matt J

Update 7/10/26: Deal is back. Some changes: 

• Ready has been increased to $400 (was $300). Offer now restricted to FL, MI, and OH residents
• $500 average daily balance requirement removed

Hat tip to reader Pickle Rick

Offer at a glance

• Maximum bonus amount: $350
• Availability: Arizona, California, Florida, Indiana, Michigan, New Jersey, New York, Ohio, and Wisconsin
• Direct deposit required: Yes, $500+
• Additional requirements: $500 average balance
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: None
• Monthly fees: $0-$15
• Early account termination fee: 180 days, bonus forfeit
• Household limit: One
• Expiration date: April 30, 2024

The Offer

Direct link to offer

• Flagstar Bank is offering a checking bonus of up to $500.
  • $400 when you open a Flagstar Ready Checking and complete the following requirements (each of the three consecutive 30-day timeframes (days 1-30, days 31-60, and days 61-90)):
    • Must be a FL, MI, or OH resident
    • Within 90 days receive 3 monthly direct deposits totaling: $1,500 ($500/month) 
  • $500 when you open a Flagstar Elite Checking and complete the following requirements:
    • Within 90 days receive 3 monthly direct deposits totaling: $7,500 ($2,500/month) 

The Fine Print

• You must be a new personal checking customer of Flagstar Bank.
• You must open a Flagstar Ready Checking or Flagstar Elite Checking account.
• Minimum $50 deposit to open checking account.
• You will receive a $250 credit for Flagstar Ready Checking or a $350 credit for Flagstar Elite Checking into this account as a bonus 91-104 days after an initial deposit is made to the new account (account funding) opened, subject to the following conditions:
• Within the first 90 days of the account funding (bonus period) you must maintain an average daily Balance of $500 or more and have one or more direct deposits (ACH credits) totaling $500 or more.
• Additionally, (i) this offer is limited to one checking bonus per household, (ii)Flagstar Ready Checking account must be funded within 90 days of the account opening date, Flagstar Elite Checking account must be funded within 60 days of the account opening date, (iii) early account closure fee and reclamation of bonus may be imposed for accounts closed within 180 days, and (iv) Flagstar Bank employees are not eligible for the offer.
• If you have been paid a checking cash bonus previously, you are ineligible to receive this offer.
• For tax purposes, you will receive an IRS form from Flagstar Bank.
• Offer subject to change or cancellation at any time without notice. Receiving this offer does not guarantee your eligibility. A
• ll account applications are subject to our normal approval process. Area restrictions may apply.
• Offer expires April 30, 2024.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Note: Effective May 1, 2026, there will be changes to your Flagstar Ready Checking account. See below:

• The Monthly Service Charge will increase from $3 to $10
• The criteria for reducing and/or waiving the fee have been updated to the following: You may reduce the fee to $5 by meeting any one of the requirements for each statement cycle, or you can fully waive the fee by meeting any two of the following requirements for each statement cycle:
  • Enroll in electronic statement delivery (eStatements)
  • Receive one or more direct deposits (ACH credits) totaling $500 or more in each statement cycle
  •  Maintain an average balance of $1,000 or more per cycle
  • Primary Owner is age 24 years or less 
• Flagstar ready checking account has no monthly fee when you opt into eStatements
• Flagstar Elite Checking has a $15 monthly service charge. Monthly maintenance service fee waived with any ONE of the following: Active U.S. military/veteran; $25,000 average daily balance in combined Flagstar linked personal deposit and/or wealth services accounts

Early Account Termination Fee

Bonus is forfeit if account is closed within 180 days

Our Verdict

Previously there was a $250 bonus that didn’t require a direct deposit. Seems to be available in more states now due to the NYCB merger. The $350 checking bonus isn’t worth considering due to the $25,000 deposit requirement to keep the account fee free (remember account needs to be kept open for 180 days to avoid the closure fee). If you put those funds into a high yield account earning 5% you’d earn $625. We will add this bonus to our best bank account bonuses.

Hat tip to reader Jason S

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times