SFGI Direct
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310 North Main Street Moorefield, WV 26836 877-776-9722 www.sfgidirect.com ![]() |
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SFGI Direct is headquartered in Moorefield and is the 4th largest bank in the state of West Virginia. It is also the 487th largest bank in the nation. It was established in 1995 and as of December of 2012, it had grown to 198 employees at 17 locations. SFGI Direct's savings rates are 81% higher than the national average, and it has a 3-star health rating.
Related Posts
Add SFGI Direct's Customer Service team to those taking the time to forewarn its' customers of planned downtime: The System will be out of service on 04/24/2013 from 07:00 am to 9:00 am to complete an in
SFGI Direct made a slight increase to its online savings account rate yesterday. The APY increased from 0.91% to 0.94%. Thanks to DA reader cumulus who reported on this increase in the DA forum . Sinc ...
SFGI DIRECT raised its' online savings account APY from 0.91% to 0.94% today.
SFGI Direct's savings account rate has dropped from 1.01% to 0.91% effective approx. 2/9-ish.
2011
- 10/28 - SFGI Direct Savings Account Rate Cut (Forum)
- 4/1 - Rate Drop By SFGI (Forum)
- 2/18 - SFGI Rate Drop (Forum)
- 2/15 - Another High Yield Savings Account is Sold Out - Today's Best Choices?
- 1/11 - Today's Top 3 Liquid Bank Accounts: Checking, Savings & Money Market
2010
- 12/6 - SFGI Direct Increases Rate on its Internet Savings Accounts
- 12/5 - SFGI Direct Raises Savings Account Yield From 1.26% To 1.41% (Forum)
- 3/27 - Note On Their Website On 3/27/10 Says They Are Not Accepting New Accounts Into This Program At This (Forum)
2009
- 11/5 - Last Chance at the 2.25% Savings Account at SFGI Direct?
- 10/27 - Update on SFGI Direct - The Top Online Savings Account
- 9/30 - SFGI Direct's 2.25% Online Savings Account Is Open Again But With Changes
- 7/25 - Competitive Online Savings Account at SFGI Direct
Data for Q4 2012
Institution Statistics
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Institution Health
Overall Score:
3 out of 5
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Average User Rating:







I Like These Guys [SFGI Direct]
I've banked with a couple of online banks over the years and these guys are pretty good. You need $500 to open a savings account, but after it is approved and funded your balance can decline down to $1 with no penalty while still earning interest. I think they do this to limit the number of low-margin, money-losing $5 accounts that can hurt a bank's bottom line. As a potential depositer, you have to clear the bar, but once you're in, you're good.
They have a secure online email system which I used to change my external account. The responses were turned around in 24-hours and were respectful and helpful. Apparently they also have customer service phone support, but I didn't use it, so I won't comment on it.
I haven't found any hidden fees or sneaky policies. In fact, their agreement with the depositor is notably brief and consists mainly of "we do this, we won't do that, you do this, you shouldn't do that"-kind of things. There were no monetary penalties or oppressive language that I could find. In fact, I scoured their website looking for a hidden Disclosures document, but I didn't find anything, and believe me, I clicked on every single hyperlink on that site.
I haven't been banking with them long enough to know this for myself, but other people on the web have asserted that SFGI Direct tries to keep its savings rate up (currently at 0.91 percent as of 2/20/12) by limiting the number of depositors rather then the bait-and-switch with the interest rate thing. We'll see, but I'm hopeful.
Their website is a little rudimentary. I think it is supplied by their online secure-banking-provider but I'm not 100% sure of that. The reason I think so is because some parts of the deeper-down interface refer to loans and other things that aren't offered by SFGI Direct. In that sense, the website seems templatized although not 'not pertinent', if that makes sense. It's not klunky or "bad", it's just rudimentary. It's functional, though. It's not difficult to get around or get things done. Maybe this comment is a nit, but I thought I'd mention it.
I was pleased with how fast they initiated and completed an ACH debit to my external checking account. It posted in 2 days. Not bad considering how others hang on to your money for the float.
Overall I'm liking the simplicity, lack of hidden policies and fees, good reputation across the web, and speed of transactions.
Time will tell, but this seems like what I want.