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Flushing Bank Review: New York's Friendly Local CD Provider

Review Updated
Dana George
Cole Tretheway
By: Dana George
Dana George
Dana George
Writer

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.

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 and  Cole Tretheway
Cole Tretheway
Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

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Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

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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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
Member FDIC.

Flushing Bank

Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. 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
Bottom Line

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

  • 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.

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 competitive CD rates.
  • 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.

Monthly fees

Flushing Bank charges no monthly maintenance fees. But some of its premier accounts charge $15 to $25 low balance fees if you have less than $25,000 or $50,000 deposited. To avoid minimum balance requirements, stick to standard Flushing Bank accounts.

Savings accounts

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, the Flushing Bank Complete Savings 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.

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Ratings Methodology
Rates as of Aug 24, 2024

Flushing Bank Complete Savings

Read Review
Member FDIC.
Rating image, 2.75 out of 5 stars.
2.75/5 Circle with letter I in it. 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
Rating image, 2.75 out of 5 stars.
2.75/5 Circle with letter I in it. 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
Read Review
APY
0.05%
Min. To Earn APY
$0
  • No monthly account fee
  • Relatively low opening balance
  • ATM access
  • FDIC insured
  • Low APY
  • Limited accessibility
  • Mobile apps need updates

This is a basic savings account with a low APY from a small, local bank. It's best for folks who already bank with Flushing and want to keep their accounts in one place.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%²
Rate info Circle with letter I in it. 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
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
5.15%
Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
N/A

Certificates of deposit

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.

Rates as of Aug. 20, 2024

APY = Annual Percentage Yield

Offer image for Flushing Bank CD
Flushing Bank CD
MINIMUM DEPOSIT $1,000
3 Mo. APY 6 Mo. APY 9 Mo. APY 1 Yr. APY 15 Mo. APY
5.40% 4.00% 4.85% 3.75% 4.60%

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 Aug. 20, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.60% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 5.20% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 5.10% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

Flushing Bank offers two checking account options for individual consumers and two for business customers.

Flushing Bank Complete Checking

There's a $100 minimum to open a Flushing Bank 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

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Ratings Methodology
Rates as of Aug 24, 2024

Flushing Bank Complete Checking

Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. 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
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. 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
APY
N/A
Min. To Earn APY
$0
  • No monthly account fee
  • No minimum balance required
  • Debit card and check writing
  • FDIC insured
  • No new account bonus
  • Limited footprint and accessibility
  • Account earns no interest
  • Mobile apps need work

This is a solid no-fee checking account that gets the job done. The bank itself is hyper-localized, with its branches clustered in NYC, and it only allows area residents to apply.

  • The Complete Checking 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

  • 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

  • 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

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Money market accounts

Flushing Bank's Maximum Money Market account resembles its savings account. Rates are low; it's not competitive with the best money market accounts. But if you're determined to save with Flushing Bank, you may want to move balances larger than $100,000 from your Flushing Bank savings account to this one. You'd earn a slightly higher interest rate.

Customer experience

Flushing Bank calls itself "small enough to know you, large enough to help you." But how does that statement measure up to customer reviews?

Customer reviews

Customer reviews are difficult to find because Flushing Bank is small relative to big banks like Chase. But for better and for worse, the bank does resemble Chase in some ways. Like Chase, it boasts a strong A+ rating from the BBB, indicating it responds to most customer complaints. It also has a big-bank-like rating on Yelp, scoring a measly 2.2 out of 5.

(We checked Trustpilot, but there aren't any reviews yet for Flushing Bank.) For brick-and-mortar banks, one-, two-, and three-star reviews are the norm. Flushing Bank scores standard for customer reviews.

  • Better Business Bureau rating: A+
  • Trustpilot rating: N/A

Customer service

Flushing Bank customer service reviews are mixed. Recent customers praise Flushing Bank's in-person locations. Customer service agents seem to "bend over backward" to solve problems, and do so with moderate success. One customer complimented Flushing Bank for its big brick-and-mortar locations with plenty of windows. Overall, the branches seem pleasant.

Recent complaints indicate frustration with Flushing Bank's hybrid model. A customer who opened a CD expected to close it easily, but it renewed without notice, and she was forced to visit a branch to get it closed. Most complaints target poor communication of Flushing Bank fees, of which there are many. Flushing Bank's fee schedule is complex compared to rivals.

You can contact Flushing Bank for support Monday to Sunday from 7 a.m. to 11 p.m. EDT., at phone number 800-581-2889. Or, you can email [email protected].

Mobile app

Flushing Bank's mobile apps suffer from the curse that afflicts many small bank apps. It's old, clunky, and poorly reviewed. The latest app store reviews are almost universally negative. The biggest complaint is that logging into one's account is difficult. Some customers are unable to open the app due to connectivity issues.

The mobile UI is old, though it has the important bits. From the app, you can view your bank balances, transactions, and transfers. You can pay bills, and technically, you can make remote check deposits, but customers have had issues doing so.

Despite its persistent issues and aging architecture, Flushing Bank offers a semi-functional mobile app, which is more than most brick-and-mortar banks can claim. If it works -- a big if -- you'd have another way to manage your money on the go.

  • App Store rating: 3.2 out of 5 stars
  • Google Play rating: 3.4 out of 5 stars

Physical locations

Flushing Bank only has 26 brick-and-mortar locations, all in New York. 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.

Checking account holders have access to online banking and bill pay, and over 55,000 ATMs worldwide. For complete checking accounts, the bank waives the fees for the first five domestic ATM withdrawals each statement period.

How does Flushing Bank compare?

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.

Flushing Bank vs. 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. Ally sacrifices brick-and-mortar branches to offer better rates on its savings account. Plus, Ally is probably the best bank for bucketing, a savings method that splits your savings into distinct, goal-based buckets.

Flushing Bank vs. Bank of America

Bank of America is an established name in banking, and 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. The BoA app is much more highly rated than Flushing Bank's, an impressive feat for a bank so large.

FAQs

  • Flushing Bank is a safe place to put your money. The bank is FDIC insured, which means your money is safe from bank failure, up to insurance limits. Generally, that's $250,000 per depositor, per ownership category ($500,000 for joint accounts).

  • No. The national average rate for savings accounts is currently 0.46%, which is much lower than what you can find with competitive online high-yield savings accounts. Flushing Bank's savings account offers well below the national average APY.

  • 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.