bank rates

Flagstar Guarantees Savings Rate For Year

If you live in Michigan, you can open a savings account that pays as much as the best nationally available offer and have the rate guaranteed for an entire year.

Flagstar Bank is paying 1.10% APY on its SimplySavings account and will lock in the rate for 12 months after the account’s opening.

That’s the same as the best nationally available return on our Savings Account Leaderboard, but the rate from Salem Five Direct is only guaranteed until Jan. 1.

When we last wrote about Troy, Michigan-based Flagstar back in May, the bank was paying 1.05% APY on the account and guaranteeing that rate for six months.

After the year is up, Flagstar is only committed to paying the standard rate on a SimplySavings account, which is currently just 0.10% APY.

But this is still a great place to stash short-term cash as the Federal Reserve inches toward a decision to start increasing interest rates this summer or fall.

There’s no minimum deposit requirement to open an account, but if your average daily balance falls below $300, you’ll pay a $3 monthly service charge. (All fees are waived if your savings account is linked to a Flagstar checking account.)

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