Best Bank Rate provided by Flagstar Bank

Information about the best bank rate provided by Flagstar Bank has been furnished in the article below. With assets, which are mentionable, this bank has been known for providing interest rates, which ensure a robust return on the investment amount.
Flagstar Bank, located in Michigan is known for offering quality service to the people. The Bank has approximately, $16 billion in assets.

The bank has several banking products on its palette. These products are meant for individuals (personal banking) as well as business houses (business banking).

Products offered by Flagstar Bank:
Some of the products offered by the bank include:
Automobile loans (loans are also provided for buying boats).
Home loans (for first timers)
Home loans for improvement of the dwelling place.
Certificates of Deposit or CDs
IRAs or Investment Retirement Accounts
Savings deposits
Money market products
Checking accounts

Note: The Bank offers various financial as well as banking products but the rate of interest of only the CDs or the Certificate of Deposit has been furnished below.

Bank rates for CDs or Certificates of Deposit:
As of January 2008, the bank offered 5% annual percentage yield or APY for CDs. This rate recorded was perhaps the best deal an investor could bag because the minimum deposit amount was only $500. The rate was also applicable for IRA or Investment Retirement Accounts.

The following table depicts the duration of a CD, the APY and the rate of interest on the Certificates of Deposits or CDs for an investment of USD $500.

Duration
(months)
Rate of Interest
Annual Percentage Yield (APY)
60 4.78% 4.86%
48 4.78% 4.86%
30 4.78% 4.86%
18 4.78% 4.86%
12 4.83% 4.91%
3 4.92% 5.00%

Depicting interest rates applicable on CDs or Certificate of Deposit. It is observed that investing for a period of 3 months or 12 months would be the best possible option. By doing so, one is able to avail of a good interest rate, thereby getting good returns and also the time invested is not much.

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Last Updated on : 30th July 2013