Review
Updated
Fact Checked
Nathan Alderman
Flushing Bank describes itself as, "Small enough to know you. Large enough to help you." It's modeled after a small town bank, where bank employees recognize customers and provide the kind of service they would provide a friend. Here, we'll dive into all that Flushing Bank has to offer, and help you determine whether it's the right place for you and your money.
Flushing Bank
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Flushing Bank may be smaller than some, but its current CD rates blow many of its larger competitors out of the water. For higher rates on savings and money market accounts, consumers may want to look elsewhere.
Pros
- Free checking
- Excellent APY on certificates of deposit (CDs)
- Mobile app allows you to bank on the go
- Only $100 required to open a savings account
- Offers a full line of personal and business banking services
- FDIC insured
Cons
- Relatively few brick-and-mortar locations
- Less than robust APYs offered on savings and money market accounts
Flushing Bank savings account review
If you're looking for convenience, you may be interested in a Flushing Bank savings account. But if you're hoping to take advantage of today's high interest rates, you're better off with another bank.
Flushing Bank savings account
One of the few silver linings associated with high interest rates is that consumers can earn a higher rate on their savings. That doesn't mean they always do, though. Like many other brick-and-mortar banks, Flushing Bank's savings account is nothing to write home about. You could easily land a higher APY by opening a savings account with a bank that operates solely online. Since online-only banks have lower overhead, they typically pay much better rates.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.26%
Min. to earn: $1
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N/A
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Flushing Bank CD accounts
Flushing Bank only offers one type of CD, but that single CD offers an excellent APY.
Standard CD account
Flushing Bank CDs offer highly competitive rates. With a minimum opening balance of $1,000, this CD offers an excellent place to grow your money. Whether you're saving for retirement, a wedding, or the down payment on your next home, today's rates can supercharge your efforts.
And if you're nervous about tying your money up for too long, you may appreciate the relatively short CD terms.
Compare CD rates
While Flushing Bank's CD rates are attractive, they're not the highest on the market. Here's a quick rundown of some of the other strong rates out there.
Rates as of May 1, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
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| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Flushing Bank checking accounts review
Flushing Bank offers two checking account options for individual consumers and two for business customers.
Complete Checking
There's a $100 minimum to open a Complete Checking account. Benefits associated with this account include:
- No monthly maintenance fee
- ATM fee waivers
- Online banking and bill pay
- Mobile banking app with mobile check deposit
- Access to over 55,000 ATMs worldwide
- First order of 40 standard checks free
- MasterCard® debit card
Complete Check Premier
The Complete Check Premier account requires a minimum daily balance of $50,000. Perks include:
- Preferred rates
- Higher limits on mobile deposits
- Free ATMs and higher ATM limits
- Online banking and bill pay
- Mobile banking app with mobile check deposit
- Access to over 55,000 ATMs worldwide
- Free checks
- MasterCard® debit card
Complete Business Checking
Just right for companies that want the flexibility of no minimum balance requirement and for those businesses that make less than 500 transactions per month. Here's a sample of what's included in the Complete Business Checking account:
- Only $100 required to open a new account
- No monthly service fee
- Up to 500 transactions per month
- Access to over 55,000 ATMs worldwide
- First order of business checks is free
- Business Online Banking and bill payment
- Business MasterCard® ATM/debit card
Complete Business Checking Plus
Offers competitive interest rates on checking deposits and provides the following:
- Open account with as little as $100
- Earn competitive yield with tiered pricing on balances over $15,000
- No monthly service fee
- Low cost transactions
- Access to over 55,000 ATMs worldwide
- First order of business checks is free
- Business Online Banking and bill payment
- Business MasterCard® ATM/debit card
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
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Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
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Flushing Bank customer service and experience
Flushing Bank has an A+ rating with the Better Business Bureau (BBB), however, not every customer has been pleased with the bank's customer service. One previous customer complained that Flushing Bank provided no backup when the customer's account was hit by fraudulent activity. Other online complaints include run-ins with rude bank employees and long hold times on deposits.
Flushing Bank relationship benefits
Flushing Bank offers some nice perks. For example, checking account holders don't have to worry about monthly fees eating into their checking account balance. They also have access to online banking and bill pay, and over 55,000 ATMs worldwide. In addition, the bank waives the fees for the first five domestic ATM withdrawals each statement period.
Flushing Bank only has 26 brick-and-mortar locations. However, the bank makes it easy to bank entirely online. Either way, a customer has the option of managing all their banking business under one roof -- from opening a checking account to taking out a mortgage.
Alternatives to Flushing Bank
There's no doubt that Flushing Bank offers great rates on CDs, but its other deposit accounts do not stand out from the crowd. Check out a couple alternative banks to compare offerings.
Ally Bank
If you're looking for another bank that offers a full menu of services, Ally is worth a closer look. Ally Bank provides checking and savings accounts, auto loans, mortgages, personal loans, credit cards, four different types of CDs, and MMAs.
Bank of America
Not only is Bank of America an established name in banking, but its Preferred Rewards program gives it bragging rights as a leader in relationship banking. With a highly-rated mobile app, bank customers have access to checking and savings accounts, CDs, credit cards, home and auto loans, and investment opportunities. Plus, Bank of America provides easy-to-understand financial information to help customers make the most of their money.
Is Flushing Bank right for you?
Flushing Bank is a good choice for you if:
- You're interested in growing your money by taking advantage of a 12-month CD.
- You live close enough to one of the bank's 26 brick-and-mortar locations to drop by, or are 100% comfortable banking online.
- You understand that withdrawing money from a CD before its maturity date means getting hit with a penalty.
- You're comfortable with other deposit accounts that don't pay much in interest.
Other Flushing Bank products
Flushing Bank provides customers with more than checking, savings, and CDs.
Personal and business credit cards: Customers can choose from a variety of credit cards, each with 24/7 customer service available.
Loans: Flushing offers mortgages, auto loans, and personal loans to help customers achieve their goals.
Business lending: Business owners can turn to Flushing Bank for lines of credit, SBA loans, microloans, and small business loans up to $1 million.
Money market accounts (MMAs): With two MMAs from which to choose, customers can earn interest while also maintaining access to their money.
Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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It depends on whether you compare it to other brick-and-mortar banks or to banks that operate 100% online. Typically, you'll earn a higher APY by opening a high-yield savings account with an online bank.
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Flushing Bank provides a surprising number of services to small business owners, including Professional Advantage, a customizable banking service that helps Flushing Bank better meet the needs of your business.
Our Banking Experts
Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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