Flagstar Bank Business Account Review 2022

We graded Flagstar on factors from fees to branch locations. Here’s how it fared.
Flagstar Bank
2.6 out of 5 stars
Checking from $0/mo.
  • pro
    Big ATM network for a regional bank
  • pro
    Many account types and other banking products
  • pro
    Free checking account option
  • con
    Availability in just 5 states

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure.

Thinking of opening a Flagstar account for your business, but not quite sure about it yet? We get you.

We can tell you right off that bat that Flagstar offers an impressive ATM network and a healthy spread of accounts and services (including a free checking option). But Flagstar also operates in just five states, has few customer reviews, and doesn’t accept online applications.

Whether you’re a brand-new business looking for its first bank account, a former Wells Fargo customer whose branch was bought out by Flagstar, or an established business looking for a new home for your funds, let’s find out if Flagstar Bank could be the financial institution you’ve been looking for.

pro Big ATM network for a regional bank
pro Many account types and other banking products
pro Free checking account option
con Availability in just 5 states
con Few customer reviews
con No online account applications

Banking built for small businesses: Bluevine

Set your business up for success with a checking account that has no monthly or overdraft fees and earns you up to $2,000 in interest each year.

Flagstar Bank bank account options and pricing

Like most traditional banks, Flagstar offers both checking accounts and savings accounts for businesses.

As we discuss these banking options, keep in mind that you’ll have to visit a Flagstar branch to actually open your new account―Flagstar doesn’t offer online account applications. But after that visit, you can take care of most of your banking online with Flagstar Treasury Access (which we’ll talk more about soon).

Read BMO Harris Bank Review.

Checking accounts

If you want a business checking account, you can choose from one of four different Flagstar accounts. The right account for you will depend on things like how many transactions you make each month, what kind of account balance you keep, and whether or not you want to earn interest.

Flagstar Bank small-business checking accounts

FeatureStandard Business CheckingEnhanced Business CheckingPremier Interest Business CheckingBusiness Analysis Checking
Min. opening deposit$100.00$100.00$100.00$100
Monthly fee$0.00$15.00$35.00Unlisted
Monthly fee waivable?
Icon Yes  Dark
Icon Yes  Dark
Icon No  Dark
Earns interest
Icon No  Dark
Icon Yes  Dark
Icon Yes  Dark
Icon No  Dark
Free transactions200400800N/A
Additional transaction feeUnlisted$0.50 each$0.50 eachUnlisted
Free cash depositsUp to $5,000Up to $25,000Up to $50,000N/A
Cash deposit fee$0.20 per $100.00$0.20 per $100.00$0.20 per $100.00Unlisted
Cash deposit fee$36.00 per item$36.00 per item$36.00 per item$36.00 per item
Open an account

Data effective 12/6/21. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

If you need a simple but affordable checking account, you’ll like Standard Business Checking. It’s a free business checking account with no monthly maintenance fee (hurray!), and it offers enough free cash deposits and transactions for smaller businesses to get by with no fees.

If you need more free transactions or cash deposits, you should upgrade to Enhanced Business Checking. It gives you twice as many free transactions and five times as many free cash deposits as Standard Business Checking does―though this account does come with a monthly fee. Fortunately, you can waive the monthly fee in one of three ways:

  • Keeping a $5,000 average account balance
  • Maintaining a $15,000 average balance across your linked Flagstar accounts
  • Using Flagstar merchant services with at least $5,000 in deposits per month

But if you keep larger account balances, you might be more interested in Premier Interest Business Checking and the perks that come with it. Aside from giving you tons of free cash deposits and transactions, this account earns interest (no listed interest rates, unfortunately) and gets you a couple free incoming domestic wires each month. Of course, this account has a higher monthly maintenance fee that takes a bit more to waive:

  • Keeping a $25,000 average account balance
  • Maintaining a $50,000 average balance across linked accounts
  • Using Flagstar merchant services with at least $25,000 in deposits per month

Businesses with big account balances may also like Business Analysis Checking. Like any analyzed checking account, you don’t get any freebies. Instead, you offset banking fees with earnings credits, which you earn based on your account balance. That can make analyzed checking accounts very affordable for businesses with high balances―but very expensive for businesses that don’t earn enough credits.

Savings accounts

Aside from checking accounts, Flagstar also has a few types of business savings accounts you can pick from. You can choose a standard savings account, money market savings account, or a business certificate of deposit (CD).

Annoyingly, Flagstar doesn’t publish interest rates on any of these accounts. In our experience, that’s usually a sign the rates aren’t that high or competitive. That may not bother you (since you get all the convenience of keeping your money at one bank), but it’s something to keep in mind as you shop for savings.

Small Business Loan Requirements Checklist
Applying for a small-business loan soon?
Our free checklist can help you understand what lenders are looking for.

By signing up I agree to the Terms of Use.

Flagstar Bank small-business savings accounts

FeatureBusiness Savings PlusBusiness Money Market AccountBusiness Certificates of Deposit
Min. opening deposit$0$50$500
Monthly maintenance fee$2UnlistedN/A
Monthly fee waivable?
Icon Yes  Dark
Transactions per month66N/A
Can use checks?
Icon No  Dark
Icon Yes  Dark
Icon No  Dark
TermN/AN/A7 days–10 yrs.
Open an account

Data effective 12/6/21. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Business Savings Plus offers the cheapest savings option, though you can’t use checks and it likely earns the lowest interest rates. You can waive the (very low) monthly fee by keeping an account balance of $1,000.

For a (probably) higher rate and more access to your money, you can go with the Business Money Market Account. This account lets you use checks. Unfortunately, Flagstar doesn’t publish many other details about this one.

Finally, you can pick business certificates of deposit (CDs). These are the most restrictive types of savings―you can’t touch your money until the end of your term―but they often have good interest rates.

Best business savings accounts

Our favorite business savings accounts come from Small Business Bank. It offers consistently high interest rates and very affordable accounts.

Flagstar features

Here’s the honest truth about Flagstar Bank: It doesn’t have any truly standout features for business customers.

That doesn’t make it a bad bank, to be clear. It has plenty of good things to offer, like several tiers of checking accounts, some decent savings account options, and a range of other business banking products (like loans and credit cards). And for a bank of its size, Flagstar has a sizable ATM network.

But other banks have those things too. And some other banks have knockout features, like high interest rates for checking (from BlueVine) or excellent accounts for nonprofits (from BBVA). Flagstar doesn’t.

On the other hand, Flagstar also avoids the red flags that often pop up with other traditional banks, like tons of government lawsuits or a heap of customer complaints about bogus fees. That’s kind of a feature in and of itself.

So while Flagstar may not be a knockout bank, it does stand up pretty well when compared to the competition.

Flagstar vs. competitor banks

While Flagstar is a traditional bank (with physical locations), we want to show you how it compares both to other traditional banks and to some online competitors.

Flagstar vs. competitors

Monthly maintenance fee (checking)
Bank type
Get a bank account
From $0.00/mo.


5 states

From $16.00/mo.


37 states



All states



All states

From $10.00/mo.


36 states

Data effective 12/6/21. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

First, let’s talk about pricing. Thanks to its free checking account. Flagstar actually offers a cheaper option than most traditional banks. But it does still charge transaction fees and cash deposit fees even on its free account, which makes it more expensive than fee-free online banks. In other words, Flagstar is cheap―but not the cheapest.

But then there’s availability. Flagstar operates in only five states, which makes it unusable for the vast majority of businesses. In comparison, online banks operate in all 50 states, and bigger traditional banks offer banking in dozens of states. That makes Flagstar look pretty limited.

And in fact, that’s one of the biggest downsides to Flagstar.

Flagstar Bank drawbacks

Flagstar might impress us more if it were available in more states. But as it is, Flagstar Bank offers banking services in just five states:

  • California
  • Indiana
  • Michigan
  • Ohio
  • Wisconsin

That means Flagstar isn’t an option for businesses in most states. (You can always find the best bank for business in your state instead.)

This limited footprint leads to another downside: Flagstar Bank doesn’t have many customer reviews. (But we’ll cover the ones it does have in just a minute.) That can make it hard to get a feel for how good Flagstar Bank really is.

One other downside to consider? Flagstar doesn’t let you apply for a bank account online. That’s not terribly unusual with a traditional bank, but it sure is annoying. Good thing Flagstar gives you more online banking options once you open an account.

Flagstar online banking

Like we said, Flagstar lets you take care of banking online after you have an account (typical of most brick-and-mortar banks these days). Let’s dig a bit more into what that looks like.

As a business customer, you’ll use Flagstar Treasury Access rather than plain old Flagstar Online Banking (which is designed for personal online banking, not business online banking).

You can log in to Flagstar Treasury Access using the Flagstar Bank website, or you can download the Flagstar Treasury Access to your phone for mobile banking. (Yes, it’s available for both iPhones and Android phones.)

Once you’re in, you can manage all sorts of business banking tasks:

  • Deposit checks
  • Transfer money between accounts (one-time and recurring)
  • Send ACH transfers
  • Send a wire transfer
  • Pay bills
  • Approve transactions
  • Set up direct deposit for payroll
  • Create alerts for your business accounts
  • Export account data

Plus, you can do things like look at past transactions (including viewing check images), manage account security, and stop payments if needed.

So depending on how you use your business account, you may be able to do almost all your banking with mobile banking and online banking rather than in-person banking.

Convenient, right?

Best Small-Business Loans
Best overall
4 out of 5 stars
Fundera by NerdWallet
Best for SBA microloans
3.9 out of 5 stars
Funding Circle
Best for established businesses
3.8 out of 5 stars
Best for fast funding
3.7 out of 5 stars
Best for young businesses
3.6 out of 5 stars
Learn more about our top brands.

Flagstar Bank customer reviews

We mentioned earlier that it’s hard to get a good idea of what Flagstar business customers think about the bank.

See, Flagstar actually has decent reviews on Trustpilot and Bank Branch Locator―and 2.4 and 3.3 out of 5, respectively.1, 2 (Those aren’t bad scores for a traditional bank.) But while those scores come from a few dozen customer ratings, only a handful of people left actual reviews.

One of those reviews is very positive, praising Flagstar’s great customer service. The other four skew negative, with complaints about things like Flagstar charging fees for payments by phone or troubles with a Flagstar mortgage loan.

And speaking of mortgage loans, those come up a lot on Flagstar’s Better Business Bureau profile, where it earns 1.02 out of 5 stars (which is pretty comparable to other banks).3 Almost all of the customer complaints there are about mortgage experiences, with just a few reviews saying Flagstar has poor customer service generally.

In other words, there’s not much from Flagstar bank account customers―much less business bank account customers.

But honestly, you might take that as a good sign. After all, it means those customers aren’t up in arms about common banking issues (like excess fee charges). So we think there’s a pretty good chance you’ll have a decent experience with Flagstar business banking.

Other small-business products and services from Flagstar Bank

We’ve told you plenty about Flagstar Bank by now, but we’re done just yet. It also has things like business loans, credit cards, and merchant services that might interest you.

Small-business financing

Flagstar Bank has a few loan products for businesses, including term loans, lines of credit, commercial real estate loans, and SBA business loans.

It doesn’t list interest rates for these loans. But since it’s a traditional lender (as opposed to an online lender), we expect Flagstar has pretty competitive interest rates―almost certainly starting well under 10%.

Flagstar Bank fast facts

Loan min./max.
Lowest listed rate
Get a loan
Business loans$25,000 and upUnlistedUp to 5 yrs.
Business lines of credit$10,000 and upUnlistedN/A
Commercial mortgageUnlistedUnlistedUnlisted
SBA loansUp to $5 millionUnlistedUp to 25 yrs.

Data effective 12/6/21. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

If you’d like to get a loan or line of credit from Flagstar, you’ll have to meet some qualifications. Flagstar lends only to businesses that are at least two years old, profitable, and have enough cash flow to cover loan costs. It also looks for “satisfactory” personal and business credit (which we’d guess means a personal credit score in the high 600s).

Those are pretty typical borrower requirements for a bank. (But if you’d like a loan that’s easier to qualify for, we suggest going with an online lender like Lendio instead.)

Small-business credit cards

Flagstar Bank offers a handful of business credit cards too. You can choose from one of four Visa cards:

  • Visa® Business Cash Card
  • Visa® Business Real Rewards Card
  • Visa® Smart Business Rewards Card
  • Visa® Business Card

If you want low interest rates, stick with the Visa® Business Card. It has the lowest rates of Flagstar’s cards, with the tradeoff that you don’t earn any rewards.

The three other cards all earn rewards on your spending. As you probably already figured out, the Visa® Business Cash Preferred Card gives you cash rewards, while the Visa® Business Real Rewards Card and Visa® Smart Business Rewards Card give you points-based rewards.


As a Flagstar customer, you can also get a few more business services:

  • Treasury management
  • Payroll services
  • Simplified employee pension IRA (SEP)
  • Merchant services

So by now, you should know whether or not Flagstar has the bank accounts and other banking products your business needs. But what do existing Flagstar Bank customers think of those accounts and products?

Grow your business today

Browse hundreds of loan options, custom-tailored to your business and budget needs, from a single, simple platform.

The takeaway

We’ve reached the end of this review, which means it’s time to ask again if Flagstar is right for your business.

We think Flagstar could be a good fit if your business is in one of the few states it operates in, if you like the accounts and other business products it offers (like the free business checking account), and if you don’t need the sorts of standout features some other banks offer (like super competitive interest rates or niche business accounts).

If that describes your business, Flagstar probably has what you need for business banking―even if it won’t knock your socks off with cool extras and makes you open new accounts in a branch.

Not sold on Flagstar just yet? Compare it to some alternatives with our rankings of the best banks for small business.

Related content


Before writing this review, we researched Flagstar to find out more about its account options, banking fees, branch locations, customer reviews, and more. After grading it on almost one dozen factors, we calculated an overall score and compared Flagstar to dozens of other banks.

Flagstar Bank FAQ

Is Flagstar Bank a legitimate bank?

Yes, Flagstar Bank is legitimate. It’s been around since the 1980s, has more than 100 branches in five states, and has served many banking customers.

Who owns Flagstar Bank?

Flagstar Bank is owned by the bank-holding company Flagstar Bancorp.

Does Wells Fargo own Flagstar Bank? Are Flagstar and Wells Fargo the same bank?

No, Wells Fargo doesn’t own Flagstar, and they aren’t the same bank. Flagstar actually bought out a few dozen Wells Fargo branches (in Indiana, Michigan, Ohio, and Wisconsin) back in 2018.

So some former Wells Fargo bank branches are now Flagstar Bank branches―but the two banks continue to be very separate.


At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

1. Trustpilot, “Flagstar Bank.” Accessed December 6, 2021.
2. Bank Branch Locator, “Flagstar Bank.” Accessed December 6, 2021.
3. Better Business Bureau, “Flagstar Bank.” Accessed December 6, 2021.

Chloe Goodshore
Written by
Chloe Goodshore
Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.
Recent Articles
How to Avoid Hidden Business Banking Fees
Best Business Bank Accounts for LLCs 2022
Need to open a bank account for your LLC? Business.org ranks the best accounts so...
How to Avoid Hidden Business Banking Fees
The 5 Best Bank Accounts for Entrepreneurs
Need a business bank account? We reveal insider advice on the best bank accounts for...
man shakes loan officer's hand
Bluevine Business Checking Review 2022
We’ve spent hours researching Bluevine and comparing it to other online and traditional banks. Here’s...
Best Online Business Bank Accounts
Best Online Bank for Small Business in 2022
We compared checking accounts, savings accounts, and other banking services at more than two dozen...