Tuesday, 24 November 2020

Flushing Bank Reviews: Checking, Savings, CD, Money Market, and IRA Accounts

Flushing Bank Reviews: Checking, Savings, CD, Money Market, and IRA Accounts
06 Oct
3:43

Flushing Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Flushing Bank Statement Savings

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

0.15%

CD Rates

Flushing Bank 12 Month CD

2.50%

American Express National Bank 18 Month CD

on American Express National Bank’s secure website

0.35%

CD Rates

Flushing Bank 36 Month CD

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Flushing Bank’s checking account options

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How Flushing Bank’s checking accounts compare

The Flushing Bank checking accounts have some quality features. We like that all their accounts refund at least some out-of-network ATM fees and provide free access to Allpoint ATMs, which are all over the country. The sign-up bonuses are a generous welcome for new account holders. Finally, the two accounts that do pay interest pay a whole lot more than the pitiful rates at national banks.

Still these accounts do have their flaws. If you want to earn interest, Flushing Bank requires a large balance. You need an average daily balance at least $5,000 to avoid the monthly fee on Complete Checking Plus and $50,000 to avoid the fee on Complete Checking Premier. Also, while Flushing Bank interest rates are solid, there are other accounts that pay much more.

If earning a high interest rate is your priority, check out these top online checking accounts. They pay much more and don’t have the high balance requirements of Flushing Bank.

Flushing Bank’s saving account options

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How Flushing Bank’s savings accounts compare

Flushing Bank’s savings account is not that appealing due to its lower interest rate. In fact, it’s even lower than the minimum rate offered by the Flushing Bank checking accounts. We also don’t like that it charges a monthly fee unless you meet the balance requirements. It’s only $3, but an account that earns so little interest shouldn’t be charging a fee.

Using a savings account means giving up flexible access to your money because of the withdrawal restrictions. If you’re going to make that sacrifice, you should be earning a competitive rate and that won’t happen with Flushing Bank. These savings accounts may be a better choice thanks to their higher rates.

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How Flushing Bank’s CD rates compare

There is a wide range in quality for the Flushing Bank CD rates. Their 18 month rate is exceptional and one of the very best you’ll find for this time frame. Besides that, the 60 month rate is reasonable while the rest of the Flushing Bank CD rates are quite poor. You should pay careful attention to their rates as you sign up because the term you pick makes a huge difference in how much you earn.

Flushing Bank has a high deposit requirement for their CDs as you must contribute at least $5,000. (It is much more common to see a $1,000 minimum.) As a result, the Flushing Bank CDs are not an option for small deposits.

If you open a Flushing Bank CD, we recommend only using the top-paying 18 month term. For other time frames or to see what else is out there, take a look at this list of the best CDs for every maturity.

Flushing Bank’s money market account options

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How Flushing Bank’s money market accounts compare

If you want a quality money market account, you won’t find it at Flushing Bank. Their account barely pays any interest. You can earn a higher rate even on some of the Flushing Bank checking accounts.

At the same time, this account requires a high minimum daily balance of $5,000. If you ever fall below, it charges a crushing $15 penalty, which likely would wipe out your interest earnings and then some.

For money market accounts, we recommend staying away from Flushing Bank and checking out these fantastic money market alternatives instead. They earn more and have much lower balance requirements.

Flushing Bank’s IRA CD rates

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How Flushing Bank’s IRA CD rates compare

At Flushing Bank, the best retirement plan option by far is their 18-month IRA CD. It pays one of the highest rates you will find for an IRA CD with this term. Their 60-month IRA CD is OK but you can find others that pay more for this amount of time. Outside of these two choices, the rest of the Flushing Bank IRA CDs pay low rates and are not worth using.

Keep in mind that it takes at least $5,000 to open a Flushing Bank IRA CD. This comes pretty close to the maximum you can contribute per year into an IRA, which will not leave you much room to make other investments.

If you want to open an IRA CD for a smaller amount of money or for a term different than 18 months, we recommend these top IRA CD options.

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David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/flushing-bank/

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