Flagstar Bank's $300 or $500 Checking Bonus: A Solid Offer with a Long Deadline

Looking for a decent checking account bonus that isn't going to vanish next week? Flagstar Bank has an offer on the table that's worth a look, especially because you've got plenty of time to decide. They're dangling either $300 or $500 to open a new account, but there's a specific path you need to follow and it all starts with a trip to a local branch. Let's break down whether this cash incentive makes sense for your wallet.

The Two Paths to Cash

Flagstar gives you a choice between two checking accounts for this promotion, and your bonus depends on which one you pick.

The **Ready Checking** account comes with a **$300 bonus**. The nice thing here is the monthly fee is $0 as long as you sign up for paperless statements. It's their more basic, no-fuss option.

If you're aiming for the **$500 bonus**, you'll need to open an **Elite Checking** account. This one has a $15 monthly service charge, but you can get it waived if you keep a combined balance of $25,000 across your Flagstar deposit accounts. For most people chasing a bonus, that's a high bar, so you should probably factor that monthly fee into your calculations.

Your 90-Day To-Do List

Getting the money isn't super complicated, but you need to be diligent in the first three months. Here’s exactly what you have to accomplish after you open the account:

• Keep at least $500 in the account on average for the entire 90-day period. This means you can't just deposit $500 and immediately move it out.
• Receive one or more qualifying direct deposits that add up to $500 or more. This is the crucial step—a simple transfer from another bank won't count. It needs to be an ACH deposit from an employer, benefits provider, or similar source.
• Make sure your initial $50 deposit to open the account is done within this 90-day window as well.

Practical Considerations and Potential Hiccups

This is a good, straightforward offer, but a few details require your attention.

First, **you must open the account at a physical branch**. If there isn't one conveniently located in your eligible state, this offer is a non-starter. Use the bank's website to find a location before you get your heart set on it.

Second, patience is key. The bonus lands in your account sometime between 13 and 15 weeks after you open it. Mark your calendar so you don't wonder where it is on day 92.

Finally, you're committing to this account for half a year. If you close it before 180 days are up, the bank will likely take the bonus back. Also, remember that this bonus is considered taxable income, so you'll get a 1099 form for it next tax season.

Who Should Think Twice?

While free money is appealing, this offer isn't for everyone.

If you live outside the nine listed states, you're out of luck. Similarly, if you've received a checking bonus from Flagstar before, you won't be eligible for this one.

The branch requirement is the biggest hurdle for many. If you prefer online-only banking or don't have a branch nearby, this process will feel unnecessarily cumbersome.

Also, consider the direct deposit requirement. If your income is irregular or you're between jobs, hitting that $500 threshold via direct deposit could be stressful. Make sure you have a solid plan for that before you apply.

Bottom Line

• A $300/$500 bonus with a very long deadline (Feb 2026) provides flexibility.
• In-branch account opening is mandatory, which is a significant limitation for some.
• The 90-day requirements ($500 avg balance + $500 direct deposit) are clear but require active management.
• Factor in the potential $15 monthly fee if you choose the Elite account for the $500 bonus and can't meet the high balance waiver.

Common Questions