BankFiesta.com

For residents of Michigan, Georgia and Indiana, FlagStar Bank has relaunched their S.M.A.R.T. checking account promotional bonus.  The promotion is interesting, as it provides benefits for both high deposit and low deposit consumers.  The offer has two options, the first is a $100 bonus and the second is a guaranteed interest rate of 2.0% APY on all balances up to $100,000.
FlagStar S.M.A.R.T
The requirements to qualify for both offers are the same, which are:

• Open a new personal checking account with a minimum deposit of $50

• Set up an automatic, recurring direct deposit of income of at least $250 per month, excluding interest deposits.

• Direct deposit must be established within the first 60 days of account opening.

• Funds may not currently be on deposit with Flagstar Bank.

Once these conditions are met, Flagstar will issue a 1099 for the $100.  This offer is subject to change or cancellation at any time without notice. Flagstar reserves the right to reduce the 2% interest rate prior to the 12 month expiration date if checking balances exceed the $100,000 maximum.
If you choose the $100 bonus option, you should receive payment into your account within 30 days after the first recurring direct deposit takes place. Note, that all accounts must remain open and active for a minimum of six months. If checking account is closed within the first six months, Flagstar reserves the right to reclaim the $100 deposit and interest bonus.
So which offer should you take:
If you are depositing more than $5,000 and plan to keep your balance above this amount take the $2.00 APY as your return at the end of the year will be more than the $100 bonus. An easy way to look at it is, for every $1,000 dollars you have in your account at the beginning of the year over $5,000, add an extra $20 on top of the $100 bonus.