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

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Updated on Tuesday, September 1, 2020

Flushing Bank’s checking account options

Complete Checking Plus account

Pays an OK interest rate and comes with a $200 sign-up bonus. However, you need to keep at least $5,000 in the account to avoid the monthly fee.
APYMinimum Balance Amount
0.15%$0.01
0.30%$5,000
0.45%$50,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 if daily balance is below $5,000.
  • ATM fees: Free at Flushing and Allpoint network ATMs. Five free out-of-network transactions per statement cycle, then $1.50 per transaction.
  • ATM fee refunds: $15 per statement cycle.
  • Overdraft fees: $35

You can open a Flushing Bank Complete Checking Plus account for a deposit of $100. However, this account charges a $10 monthly fee unless you keep an average daily balance of at least $5,000.

When you sign up, you could be eligible for a bonus worth up to $200. To be eligible, you cannot currently have a Flushing Bank checking account or have had one open in the past 24 months. You receive $100 if you set up a recurring direct deposit for at least $250 within 90 days of opening your account. You will receive another $50 after making five debit card purchases of at least $25 and another $50 for paying at least five bills through online banking within 60 days of opening the account.

Complete Checking Plus earns interest on all deposits. There are tiers; you earn more for larger balances, with the highest rate starting at a balance of $50,000. This account comes with a free first order of checks, online banking and a debit card.

You can make unlimited free withdrawals from Flushing Bank and Allpoint ATMs. You can also make five free transactions per month from out-of-network ATMs and Flushing Bank will refund up to $15 in fees from the ATM owner. After that, Flushing Bank charges $1.50 per transaction for out-of-network ATMs.

You can open a Complete Checking Plus account online or by visiting one of the Flushing Bank branches. You will need your Social Security number, government-issued ID and the opening deposit to set up the account. Flushing Bank accepts deposits by check or direct deposit from another bank account.

SEE DETAILS Secured

on Flushing Bank’s secure website

Member FDIC

Complete Checking Premier account

Flushing Bank’s high-end checking account. It comes with a higher interest rate, free out-of-network ATM access, a $300 sign-up bonus and a dedicated banker supervising your account.
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $25
  • ATM fees: None
  • ATM fee refunds: Unlimited
  • Overdraft fees: $35

The Flushing Bank Complete Checking Premier account is their high-end checking account. When you sign up, you’re matched with a banker who will personally supervise your account and help you with any issues.

You must deposit at least $500 to open this account. This account will charge a $25 monthly fee unless you have an average balance of at least $50,000 in deposit accounts at Flushing Bank.

When you sign up, you could be eligible for a bonus worth up to $300. To be eligible, you cannot currently have a Flushing Bank checking account or have had one open in the past 24 months. You receive $200 if you set up a recurring direct deposit for at least $500 within 90 days of opening your account. You will receive $50 after making five debit card purchases of at least $25, and another $50 for paying at least five bills through online banking within 60 days of opening the account.

This account does earn interest on all balances, but since this account can only  be opened in person, you’ll have to call ahead to ask what the rates are. This account also offers unlimited ATM fee refunds so you can make free withdrawals from anywhere.

This account cannot be opened online. You can only open the Complete Checking Premier account by visiting a Flushing Bank branch, so you can meet your personal banker face-to-face. You will need to provide your Social Security number, government-issued ID and the opening deposit to set up the account. Flushing Bank accepts deposits by check or direct deposit from another bank account.

SEE DETAILS Secured

on Flushing Bank’s secure website

Complete Checking account

Comes with a decent combination of benefits for a free checking account. It doesn’t earn interest but offers a $200 sign-up bonus.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: Free at Flushing and Allpoint network ATMs. Two free out-of-network transactions per statement cycle, then $1.50 per transaction.
  • ATM fee refunds: $6 per statement cycle.
  • Overdraft fees: $35

The Flushing Bank Complete Checking account requires an opening deposit of at least $25. After that, there is no minimum balance requirement and this account does not charge a monthly fee.

When you sign up, you could be eligible for a bonus worth up to $200. To be eligible, you cannot currently have a Flushing Bank checking account or have had one open in the past 24 months. You receive $100 if you set up a recurring direct deposit for at least $250 within 90 days of opening your account. You will receive another $50 after making five debit card purchases of at least $25 and another $50 for paying at least five bills through online banking within 60 days of opening the account.

Complete Checking does not earn interest. It provides a free first order of checks, online banking and a debit card. You can make unlimited free withdrawals from Flushing Bank and Allpoint ATMs. You can also make two free transactions per month from out-of-network ATMs and Flushing Bank will refund up to $6 in fees from the ATM owner. After that, Flushing Bank charges $1.50 per transaction at out-of-network ATMs.

You can open a Complete Checking account online or by visiting one of the Flushing Bank branches. You will need to provide your Social Security number, information from a government-issued ID and the opening deposit to set up the account. Flushing Bank accepts deposits by check or direct deposit from another bank account.

SEE DETAILS Secured

on Flushing Bank’s secure website

magnifying glass

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

Statement Savings account

Doesn’t pay much interest for a savings account and comes with a possible monthly fee. You are better off with the Flushing Bank checking accounts.
APYMinimum Balance Amount
0.10%$0.01
0.10%$5,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3 (can be waived)
  • ATM fees: Free at Flushing and Allpoint network ATMs. $1.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $35

The Flushing Bank Statement Savings account requires an initial deposit of at least $25. However, this account charges a $3 monthly fee unless you either keep an average daily balance of $300 in this account or have $2,500 combined in Flushing Bank deposit accounts.

This account earns interest on all balances but the rate is quite low. The rate also stays the same for all amounts so you don’t earn more by depositing more.

Since this is a savings account, it limits how often you can take money out. You can only make six withdrawals or transfers per statement cycle. These include debit purchases, checks, account transfers and bill payments. However, there is no limit for ATM or bank withdrawals. If you go over the limit, Flushing Bank will charge $15 for each excessive transaction.

You can open a Statement Savings account online or by visiting one of the Flushing Bank branches. You will need your Social Security number, a government-issued ID and the opening deposit to set up the account. Flushing Bank accepts deposits by check or direct deposit from another bank account.

SEE DETAILS Secured

on Flushing Bank’s secure website

Member FDIC

magnifying glass

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.

Flushing Bank’s CD rates

A couple of awesome offers mixed in with mostly poor CD rates. The minimum opening deposit is $5,000 so these CDs aren’t meant for small amounts.
TermAPY
6 months0.50%
12 months0.60%
18 months0.15%
24 months2.80%
30-month bump-up2.65%
36 months0.35%
48 months0.35%
60 months2.87%
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: For terms of less than one year, the penalty is three months interest on the amount withdrawn. Six months interest between one year and less than three years and one year interest between three years but less than seven years.

Flushing Bank offers CDs which range from six months up to 60 months. They have a good variety of short-term and long-term options. You must deposit at least $5,000 to open any of the CDs and keep at least this much in your account to earn the APY.

Their 30 month CD includes a bump-up option. If Flushing Bank increases their 30 month CD rates after you enroll, you have a one-time chance to increase your APY to the new higher rate. You cannot deposit more money at the time of the rate bump.

These CDs charge an early withdrawal penalty if you take out any of your principal before the maturity date. The penalty depends on the length of your CD term:

  • For terms of less than one year, the penalty is three months interest on the amount withdrawn.
  • For terms between one year and less than three years, the penalty is six months interest on the amount withdrawn.
  • For terms between three years but less than seven years, the penalty is one year of interest on the amount withdrawn.

You can open a Flushing Bank CD online or by visiting one of their branches. You will need to provide your Social Security number, a government-issued ID and the opening deposit to set up the account. Flushing Bank accepts deposits by check or direct deposit from another bank account.

SEE DETAILS Secured

on Flushing Bank’s secure website

Member FDIC

magnifying glass

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

Maximum Money Market account

Despite having a huge balance requirement and monthly fee, this money market account barely pays any interest. Stay away.
APYMinimum Balance Amount
0%$0.01
0%$5,000
  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: $15 if the daily balance is less than $5,000
  • ATM fees: Free at Flushing and Allpoint network ATMs. $1.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $35

The Flushing Bank Maximum Money Market account requires a huge opening deposit of $5,000. If your daily balance ever falls below $5,000 after opening the account, it charges a costly $15 monthly fee.

This account pays interest on all balances and there is a small increase when your balance is over $5,000. However, the rates are very low for a money market account.

Since this is a money market account, it limits how often you can take funds out. You can make only six withdrawals or transfers per statement cycle. These include debit purchases, checks, account transfers and bill payments. If you go over the limit, Flushing Bank will charge $15 for each excessive transaction.

You can open a Flushing Bank Maximum Money Market account online or by visiting one of their branches. You will need to provide your Social Security number, government-issued ID and the opening deposit to set up the account. Flushing Bank accepts deposits by check or direct deposit from another bank account.

SEE DETAILS Secured

on Flushing Bank’s secure website

Member FDIC

magnifying glass

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

Flushing Bank IRA CDs

Flushing Bank’s regular CDs as part of an Individual Retirement Account. Pay attention to the rates because some options may be much, much better than others.
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: For terms of less than one year, the penalty is three months interest on the amount withdrawn. Six months interest between one year and less than three years and one year interest between three years but less than seven years.

Nearly all of the Flushing Bank CDs can be set up through an IRA. The only one that isn’t available is the 30 month bump-up CD. You must deposit at least $5,000 to open any of the CDs and keep at least this much in your account to earn the APY.

The IRA CDs charge an early withdrawal penalty if you take out any of your principal before the maturity date. The penalty depends on the length of your IRA CD term:

  • For terms of less than one year, the penalty is three months interest on the amount withdrawn.
  • For terms between one year and less than three years, the penalty is six months interest on the amount withdrawn.
  • For terms between three years but less than seven years, the penalty is one year of interest on the amount withdrawn.

You can only open the Flushing Bank IRA CDs by visiting one of their bank branches. Since these accounts are not available online, the bank doesn’t provide the rates on the website, so be sure to call the bank to learn about the rates. You will need to provide your Social Security number, government-issued ID and the opening deposit to set up the account. Flushing Bank accepts deposits by check or direct deposit from another bank account.

SEE DETAILS Secured

on Flushing Bank’s secure website

magnifying glass

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.

Overall review of Flushing Bank’s deposit accounts

There is one account worth going out of your way to open at Flushing Bank: their 18 month CD/IRA CD. It offers one of the best rates you will find for this length of time. The only downside is it’s high $5,000 minimum deposit requirement.

Flushing Bank also offers respectable checking accounts. They are a major improvement over what you’d get at most large national banks thanks to their above-average interest rates and ATM fee refunds. Still, there are better checking accounts out there.

The rest of the Flushing Bank accounts are pretty forgettable, especially their high-fee, low-earning money market and savings accounts. They seem like a bit of an afterthought in their product line as their website barely covers these options.

For someone looking for the very best rate on their money, we’d recommend using the 18-month CD or IRA CD at Flushing Bank. The checking accounts could also be worth a look if you live in NYC, close to one of their bank branches. Ignore everything else.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Do you have a question?