Flagstar Bank Review: Checking, Saving and CDs
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Overall bank rating
3.5
The bottom line:
Flagstar Bank is a regional bank that has branches in California, Ohio, Michigan, Indiana and Wisconsin, as well as ATM service nationwide with the Allpoint and Presto networks. Flagstar’s interest rates are low for its basic accounts and CDs (or nonexistent, in the case of its basic checking), but its accessibility and no- or low-fee accounts make it a decent banking option. Flagstar Bank, which issues and services mortgages nationwide, also offers an additional benefit: a reduced interest rate on home equity lending if the payments come automatically through your Flagstar checking account.
» Want higher yields? Check out NerdWallet's favorite high-yield online savings accounts.
Pros
- No monthly service fee on basic checking.
- Access to Allpoint and Presto ATM network.
- Good regional branch access.
Cons
- Overdrafts are expensive.
- Low or no interest rates.
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
