Flagstar Bank - 10% 6month CD

[jlvkfyang]

If anyone has a Flagstar Bank near them. Go ask about their 6 month 10% cd. I just opened on up today. The MAXIMUM deposit is $2500.

Good Luck.

[humandraydel]

I'd queston the legitimacy of this.

[pearlieq]

It's not that uncommon. Credit unions around here do it fairly often as a gimmick to get people through the doors. The fact that there's a maximum suggests that it's probably legit and just a promotion.

Might as well make good use of it!

[poundwise]

I'm usually a skeptic too, however, Flagstar is legit. It's just a promo offer; nothing suspicious.

We don't have one in my state. Branch Locations

[humandraydel]

Fair enough. The only reason I mention it is because the other day I read an article on bankrate.com about a suspicious bank offering great rates and it turns out the bank did not exist.

[Ima saver]

There are several in Ga. but if the max is only $2500, it is hardly worth the effort.

[creditcardfree]

It's worth the effort to those of you with a small amount of money in your EF. Every little bit helps when you are trying to get that EF larger!

[jlvkfyang]

Originally Posted by Ima saver

There are several in Ga. but if the max is only $2500, it is hardly worth the effort.

I think that it is. If someone was going to give you some money for sitting there for about 15 min to open an account, i don't see why not. Even though it is capped at 2500, a penny saved is a penny earned.

[scfr]

Originally Posted by creditcardfree

It's worth the effort to those of you with a small amount of money in your EF. Every little bit helps when you are trying to get that EF larger!

Back in the day when we were building our "EF" (I don't think we called it that but that was what it was) we built a ladder of CDs with $250 in each!!!
Every little bit does indeed help when you're at that stage in your financial life.

[disneysteve]

Is the minimum per person or per household? Could I open one CD in my name, one in my wife's name, one joint account, etc.?

[jlvkfyang]

I think that it is per person. So if you and your wife go in separately to open separate individual accounts. I don't see why not. They won't know unless you tell them.

[bjl584]

Remember that rates on CD's are always expressed in APR (Annual percentage yield.) In other words, this is the interest rate that would be applied to your money on an annual basis. The term on the CD is 6 months, so your getting clser to a 5% rate on your money. Not exactly 5%, due to the algebra involved, and I can't remeber the exact formula off the top of my head, but it's somewhere around 5%.

[disneysteve]

http://www.bankrate.com/brm/calc/cdc/CertDeposit.asp

You can use this calculator to determine how much interest you will earn on a cd based on rate and term.

[KruseF1]

Has anyone verified this 10% CD yet?

[amisa]

Don't Fall For It. This is a bait and switch offer. You have to open a checking account with at least $250 in direct deposit income or have 15 transactions a month to qualify for the CD. They change the terms to all their promotions on a whim. So what is promised today will be revoked tomorrow. Additionally the fee if you don't meet their terms is $100. Way too much trouble to wait six months to make a few bucks. Don't even get me started on how slow these people are. You have to wait like thirty minutes just to make a simple deposit in the drive thru!