Flagstar Bank offers its customers Checking Accounts which are flexible and earn high returns. Its benefits include $1 to opening fees, no minimum balance, free checks for life and the security with an FDIC-insured account. The bank has two types of Checking accounts that are Index Checking and Express Checking. Index Checking Account has flexibility and high returns. Flagstar's Index Checking offers benefits such as a high yield, as little as $1 to open, no minimum balance, free checks for life and security with an FDIC-insured account.