My recent transaction experience with SFGI Direct was flawless. I am impressed. The ACH transfer to an external account hit my account within 24 hours. Every time I had to deal with customer service, the experience was top notch. This relatively small bank puts big guys to shame. The Bank has no restrictions (practically speaking) on daily transfers other than no more than 3 transfers out in a given statement cycle. As someone pointed out, the product is simple and the execution is flawless. Speaks volumes about employees' work ethics. Bravo!!! If there is one savings account you have to have, it is this one.
10+ years as an SFGI account holder - short and long-term savings. Always next-day ACH transfers, interest rates in the top tier, and a web interface that is simple, all down-to-business, and perfectly executed. Couldn't be happier with this account!
I was leary about opening an account with a smaller bank but the interest rate was too tempting to, at least, not try it out. I was also encouraged by the fact that the rate has stayed consistent despite the Fed's shenanigans.
Opened on Friday, initial deposit debited Monday, initial deposit along with log-in instructions came via e-mail on Wednesday.
I tried an out-going and in-coming ACH. Both were deposited and available the next business day. I like that there is no hold on incoming deposits.
Two downsides - no remote check deposit capability and only one external link allowed. I'll overlook those for now.
I've had a savings account with SFGI Direct (Summit) for years. They have always been easy to work with. However, their savings interest rates are no longer competitive, changing your one external linked account (only one is permitted) is cumbersome and today, April 26, 2022, I received my 2021 1099-INT from them. (The USPS stamped the enveloped "4/22/2022" during its whopping 25-mile trip to my address.)
|FDIC Certificate #||34102|
|Return on Assets - YTD||1.39%|
|Return on Equity - YTD||11.87%|
|Annual Interest Income||$32.9MM|
|Assets and Liabilities|
|Assets||Q1 2022vs Q1 2021||$3.62B$3.25B|
|Loans||Q1 2022vs Q1 2021||$2.82B$2.42B|
|Deposits||Q1 2022vs Q1 2021||$3.02B$2.73B|
|Equity Capital||Q1 2022vs Q1 2021||$421.7MM$339.4MM|
|Loan Loss Allowance||Q1 2022vs Q1 2021||$32.6MM$34.0MM|
|Unbacked Noncurrent Loans||Q1 2022vs Q1 2021||$11.7MM$25.3MM|
|Real Estate Owned||Q1 2022vs Q1 2021||$6.9MM$13.9MM|
Always verify rates and promotions with the bank or credit union. We are not SFGI Direct; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.01%||$1||-||SFGI Direct Savings Account|
SFGI Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 300 North Main Street - Moorefield, WV 26836