Flagstar Bank’s new checking account offer is going to make us do some math.

Michigan based FlagStar Bank’s S.M.A.R.T. Interest checking account offers a choice of $100 or 2.00% APY interest for 3 months. But read the fine print.

So here is the deal for Flagstar’s checking account offer:

Get $100 when you open a Flagstar Interest Checking account; or
Get 2% APY interest on balances up to $100,000 guaranteed for 3 months when you open a Flagstar Interest Checking account.

To be eligible for this checking account offer, you must keep the checking account open for at least 6 months, or you lose the bonus. So, Deal or No Deal?

Here are some of the other criteria for this checking account offer:

Minimum deposit of $50 and set up an automatic, recurring direct deposit of income of at least $250 per month
Direct deposit must be established within the first 60 days of account opening.
Maximum deposit is $100,000.

Deal, or No Deal?

So while they are paying 2.00% APY for just the first three months and you need to keep your money there 6 months to get the bonus, it essentially doubles your payback time. To earn $100 you would have to keep $10,000 in the checking account for at least three months, then go down to the minimum balance for the remaining 3 months. Plus set up a direct deposit.

What makes this potentially a deal is the additional rewards Flagstar offers with this checking account offer, which include:

FREE Identity Theft Protection
Flagstar Rewards
ATMs FREE Nationwide

Here are the additional terms and conditions for this checking account offer:

Customer must be enrolled in Flagstar’s Loyalty Program to qualify for free ATMs nationwide. $100 deposit or 2% interest rate available for new personal checking account customers only (no existing Flagstar checking account). To qualify, open a new personal checking account with a minimum deposit of $50 and set up an automatic, recurring direct deposit of income of at least $250 per month, excluding interest deposits. Direct deposit must be established within the first 60 days of account opening. $100 bonus will be deposited into your account within 30 days after the first recurring direct deposit takes place. All accounts must remain open and active for a minimum of six months. If checking account is closed within the first six months, Flagstar reserves the right to reclaim the $100 deposit and interest bonus. 2% Annual Percentage Yields (APYs) are accurate as of 2/22/2010 and are guaranteed for 3 months after account opening. Maximum deposit is $100,000. Funds may not currently be on deposit with Flagstar Bank. Offer good only when opening a Flagstar interest-bearing checking account. Account fees could reduce earnings. Direct deposit must be established within the first 60 days of account opening or the rate is reduced to current rate. See your Flagstar representative or call (800) 642-0039 for more details. Flagstar will issue a 1099 for the $100. Offer not good in conjunction with any other coupons or checking account offers. Some restrictions apply. Limit one $100 deposit or 2% interest rate offer per customer per account. Offer subject to change or cancellation at any time without notice. Flagstar reserves the right to reduce the 2% interest rate prior to the 3 month expiration date if checking balances exceed the $100,000 maximum.