Flagstar Direct has one of the best certificate of deposit rates for 36 months. The bank is offering a 3-year CD with a 3% annual percentage yield (APY). Flagstar also has a 1-year CD with an APY of 2.01%. The details of the offer include:
- Minimum opening deposit of $500
- Interest is fixed for term of CD
- Insured by Federal Deposit Insurance Corp. (FDIC)
You cannot make additional deposits into the account before maturity. You can withdraw interest anytime after it has been credited to the account. However, withdrawing interest before maturity affects the APY earned on the CD.
If you withdraw principal before the maturity date, you pay a penalty. The 1-year CD has a penalty of 180 days interest, whether it is earned or unearned. The 3-year CD has a penalty of at least 180 days interest, depending on how the penalty is calculated.
CDs automatically renew upon reaching maturity unless you notify the bank in writing before that date. The interest you received is based on rates being offered on new CDs. Flagstar also has the option of preventing the CD from being renewed if it notifies you in writing 30 days before maturity.
- 6 Month CD 1.25 %
- 1-year CD 1.54 %
- 2-year CD 1.80 %
- Money Market Account 1.22 %
- Savings Account 1.29 %
- 30-year Fixed Mortgage 4.98 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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