Flagstar Bank Checking Bonus: Up to $500 for New Customers in Select States

If you're looking to pad your wallet with some easy cash, Flagstar Bank has rolled out a checking account bonus that might catch your eye. They're offering up to $500 for new customers, but the details matter—especially which account you pick and where you live. Let's break it down so you know exactly what to expect.

Two Tiers, Two Bonuses

Flagstar has two checking accounts in this promotion: Ready Checking and Elite Checking. The bonus you get depends on which one you choose and how much you're willing to deposit.

For the Ready Checking account, you can snag $400. But here's the catch—you need to be a resident of Florida, Michigan, or Ohio to qualify. Within the first 90 days, you'll have to set up three monthly direct deposits totaling at least $1,500 (that's $500 per month).

The Elite Checking account offers a heftier $500 bonus, and it's open to residents of all nine eligible states: Arizona, California, Florida, Indiana, Michigan, New Jersey, New York, Ohio, and Wisconsin. The requirements are steeper: three monthly direct deposits totaling $7,500 ($2,500 per month) within 90 days.

What You Need to Know About Fees

Nobody likes surprise fees, so let's talk about what you're signing up for. The Ready Checking account normally has a $3 monthly fee, but that's going up to $10 starting May 1, 2026. You can reduce it to $5 by meeting one requirement (like eStatements or a $500 direct deposit) or waive it entirely by meeting two. The easiest way? Opt into eStatements and set up that direct deposit.

The Elite Checking has a $15 monthly fee, but it's waived if you have $25,000 in combined deposits or if you're active military or a veteran. That's a big number, so think carefully before going this route.

Also, don't even think about closing the account early. If you shut it down within 180 days, you'll lose the bonus entirely. So plan to keep it open for at least six months.

Is the Elite Bonus Worth It?

Here's where you need to do the math. The Elite Checking requires a $25,000 balance to avoid fees, and you have to keep the account open for 180 days. If you parked that $25,000 in a high-yield savings account earning 5% APY for six months, you'd earn around $625 in interest—more than the $500 bonus. So unless you already have that cash sitting around and don't mind the hoops, the Ready Checking bonus might be the smarter play.

That said, if you're already planning to keep a large balance at Flagstar for other reasons, the Elite bonus could be a nice extra.

Bottom Line

• Ready Checking offers $400 for FL, MI, OH residents with $1,500 in direct deposits over 90 days.
• Elite Checking offers $500 for all nine states but requires $7,500 in direct deposits and a $25,000 balance to avoid fees.
• Keep the account open for at least 180 days or forfeit the bonus.
• Offer expires April 30, 2024—so act fast if you're interested.

Common Questions