Flagstar Direct continues to offer a nice promotion on its free interest Checking Account. First, it’s offering an intro rate of 1.50% APY for the first 4 months. Second, it’s offering an additional $100 bonus for establishing direct deposit within the first four months. Only one promotional account is allowed per household. This promo is listed at Flagstar Direct’s Express Checking Account page.

The Express Checking Account features::

• No monthly maintenance fees
• $1 minimum opening deposit
• Free checks
• Fee-free access to ATMs in the Allpoint and Presto! networks in all 50 states

The standard interest rate isn’t the best, but it’s competitive for regular checking accounts (non-reward). As of 12/21/2010, the rate is 0.85% APY on all balances.

Flagstar Direct used to offer some good deals on its CDs, but its CD rates are now under 1.00%.

Its Express Money Market account has a yield of 1.06% APY (1.20% APY for $100K+) as of 12/21/2010. Like the checking account, the money market account is free with no minimum balance requirement and checks are free. A reader mentioned that they have an ACH bank-to-bank transfer service via Cashedge. It allows up to 5 links to external banks, and transfers take 3 business days.

Related posts:

1. Washington Mutual Savings/Free Checking Review
2. WT Direct High Yield Savings Account
3. Capital One Direct Money Market Account
4. Eloan.com Interest & CD Rates
5. iGoBanking Savings Account – 5.30% APY