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.