Overall institution rating
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.
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- No monthly fees on some checking accounts.
- Large, free, nationwide ATM network.
- No minimum opening deposits on some savings accounts.
- Solid regional branch network.
- Expensive overdraft fee.
- Low rates on some savings accounts and CDs.
- Monthly fees (though some are avoidable).
- Cannot open accounts online.
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.