bank rates

Michigan Savings Account Guarantees Rate

Michigan quarterFlagstar Bank has a savings account for Michigan residents that offers a competitive yield – if you treat it like a 6-month CD.

If, however, you’re looking for a high-yield savings account, you should probably take a pass.

The SuperSmart Savings account pays a guaranteed 1.05% APY for the first six months on all balances. There is no minimum deposit or monthly fee.

After the promo rate ends, you’ll get a standard rate of 0.25% APY.

Flagstar says the annual percentage rate for the first year is 0.65% APY, well below the best nationally available savings account yield.

SFGI Direct (www.sfgidirect.com) pays 1.01% APY no matter your balance, although it requires a $500 minimum deposit. There are no monthly fees.

SFGI doesn’t offer a rate guarantee, but it has been paying 1.01% APY since January. SFGI Direct is a division of Summit Community Bank, based in Moorefield, W.Va.

The SuperSmart Savings account compares much more favorably to the best nationally available 6-month offer on our CD Rates Leaderboard.

The top deal available to all savers pays just 0.87% APY or nearly two-tenths of a percentage point less than the Flagstar account over the first six months.

In the past, Flagstar has occasionally allowed anyone to open select accounts online. But you have to stop by a Flagstar branch to open a SuperSmart Savings account, which makes this a local deal.

The bank has more than 100 branches in Michigan.

For more information, visit www.flagstar.com or call (800) 642-0039.

Compare this offer to the best savings and money market accounts in our database.

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