Now when you open a new Flagstar S.M.A.R.T. checking account, you can get 2% interest on balances up to $100,000 — locked in and guaranteed for 12 months! Or get $100 — you choose!**
TERMS:
**$100 deposit or 2% interest rate available for new personal checking account customers only (no existing Flagstar checking account). To qualify, open a new personal checking account with a minimum deposit of $50 and set up an automatic, recurring direct deposit of income of at least $250 per month, excluding interest deposits. Direct deposit must be established within the first 60 days of account opening. $100 bonus will be deposited into your account within 30 days after the first recurring direct deposit takes place. All accounts must remain open and active for a minimum of six months. If checking account is closed within the first six months, Flagstar reserves the right to reclaim the $100 deposit and interest bonus. 2% interest rate is accurate as of 5/4/2009 and is guaranteed for 12 months after account opening. Maximum deposit of $100,000. Funds may not currently be on deposit with Flagstar Bank. Offer good only when opening a Flagstar interest-bearing checking account. Account fees could reduce earnings. Direct deposit must be established within the first 60 days of account opening or the rate is reduced to current rate. See your Flagstar representative for more details. Flagstar will issue a 1099 for the $100. Offer not good in conjunction with any other coupons or checking account offers. Some restrictions apply. Limit one $100 deposit or 2% interest rate offer per customer per account. Offer subject to change or cancellation at any time without notice.
So, basically a 12 month liquid CD @ 2%. Branches in Michigan, Indiana and Georgia.
I have my emergency fund parked in this product for now. APY has dropped to 1.81% though. Is that low enough that I should be moving to another online product with a different company?
OP, please update title- this isn't in branch only. You can apply online for S.M.A.R.T. Express Checking and get $100 or 10,000 Flagstar points using code A1 when you sign up.
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