Last Chance at the 2.25% Savings Account at SFGI Direct?
SFGI Direct has posted the following on its front page:
On Friday, November 6th SFGI Direct will again remove the "Apply Now" button from our website. As many of you noticed in July we removed the "Apply Now" button for approximately 2 months. It is our philosophy to deliver a competitive product to our clients
SFGI Direct has chosen a strategy to slow account growth by limiting the application process of new clients instead of dramatically cutting rates to loyal customers.
So today may be your last chance for this 2.25% APY savings account. I have to give the bank credit for keeping this very competitive rate since it began last summer. As with any bank, it can only take in so many deposits, and the bank isn't large. As of 6/30/09, the FDIC reported that Summit Community Bank (the bank behind SFGI Direct) had $1.57 billion in assets and $964 million in deposits.
For more details about the savings account and the bank, please refer to my SFGI Direct account review. I also have some additional details in this post.
Summit Community Bank's rating for safety and soundness has gone down over the last quarter at Bankrate.com. It's now 1 star (lowest) based on 6/30/09 data. It had been 2 stars when it was based on 3/31/09 data. It remains 2 stars (problematic) at BauerFinancial. This is also based on 6/30/09 data.
The bank has been a FDIC member since 1995 (FDIC Certificate # 34102).
Thanks to larkin who mentioned this SFGI Direct news in the comments.
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