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SFGI Direct

Deposits held and insured by Summit Community Bank (WV)

Overview / Commentary
www.sfgidirect.com
877-776-9722
300 North Main Street
Moorefield, WV 26836
Deposits held and insured by Summit Community Bank (WV)

Related Posts

Savings Rate Still Holding - 5/21/2020

Current savings account interest still holding at APY 1.56% as of today, May 21, 2020 as other institutions dropping to 1.30% and below. Curious to see how long they keep the current "competitive" rate.

Rate Drops .15% To 1.56% APY - 5/1/2020

SFGI Direct's rate has dropped to 1.56% APY (was formerly 1.71%).

SFGI Direct Savings Account 1.71% APY [Not on DA Savings List] - 4/23/2020

http://sfgidirect.com/Default.aspx -No Monthly Service Charge -Minimum balance to open the account is $500 -Minimum Balance to earn interest $1 -FDIC insured up to maximum applicable limit -Online account opening -Fund account with a transfer from another bank -Manage your account anytime online 24/7 FAQ Q: How many external accounts can I link? A: 1 Q: How is interest compounded and how often? A: Interest is accrued daily and compounded or credited to the account the last day of the statement period, if the account is then open. Q: Can I open an account with a beneficiary? A: Yes. During account opening you may designate up to four beneficiaries on the account. Q: How long does it take to transfer money between my SFGI Direct account and my linked checking account? A: Electronic transfers between SFGI Direct and other banks are FREE and generally take 2 banking business days. Q: Is there a dormant fee? A: Yes. The account will be considered to be dormant after 7 years of inactiv

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Reviews (15)

Simple Product, Perfect Execution!

Posted by: |

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!

22

Quick And Easy

Posted by: |

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.

15

Interest Rate Confusion

Posted by: |

I took a wordpad document, and copied and pasted all the info that I wanted to keep about this bank, and many others, as I archive everything about online banks. I'm getting up there in age, and sometimes I think, that my memory isn't as good as it used to be.

But if it's still as sharp as ever, I know one day, eventually, it might start slipping. So I want this info to come back to, or even keep it for history's sake, or even to let someone else know a fact or two about a bank, they might be curious, or interested in.

And so anyway, to get to my point (see, I'm slippin, lol)....I have found 3 times, where this bank's website, has said (not literally!), that the minimum balance to receive that rate, is 500.00. But now, on their homepage, and ONLY on their front page, I believe that minimum has been changed, since the last time, I've checked this site out, and it's now 1.00.
I don't know if I missed that last time I examined this whole site, as it has been awhile, since I've been here on their site, but if it's 1.00 min now, couldn't they update their website, to reflect that change? To NOT confuse someone? I sure would like to know, and I would be VERY happy, if it's that min now, as there's no way, I could give that much money (500.00), at one time. I also wish I knew how long that minimum would be active, before it changes it back to 500. IF, that is what is going on.
I see I can click on how many stars, for my opinion about different subjects about the website. Too bad they don't have one for this subject... lol. (Can't come up with a word for it, first time I've come up on this situation).
What do others think? Is the minimum balance to open the account, 500 dollars, or 1? Guess I could go ahead and fill out the application, and be declined, for not having the full minimum....:)
But I hate wasting any minutes in my busy day!

4

Best On-Line Bank

Posted by: |

I searched these folks out around 10 years ago and have been with them ever since. I've never had a problem with anything....ever.
Yea..rates go up and down but they're always amongst the best out there....consistently. The Web-site is simple and no frills and it always works as it should.

15
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Health
A

Data as of Q4 2019

Data displayed below is for insuring bank: Summit Community Bank (WV)
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #34102
Year Established1995
Employees354
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.41%
Return on Equity - YTD12.85%
Annual Interest Income$107.0MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$2.40B$2.19B
LoansQ4 2019vs Q4 2018$1.90B$1.68B
DepositsQ4 2019vs Q4 2018$1.92B$1.64B
Equity CapitalQ4 2019vs Q4 2018$267.1MM$231.1MM
Loan Loss AllowanceQ4 2019vs Q4 2018$13.1MM$13.0MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$11.5MM$15.0MM
Real Estate OwnedQ4 2019vs Q4 2018$19.3MM$21.4MM
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Savings Rate Still Holding

  |  
Current savings account interest still holding at APY 1.56% as of today, May 21, 2020 as other institutions dropping to 1.30% and below. Curious to see how long they keep the current "competitive" rate.
5

Rate Drops .15% To 1.56% APY

  |  
SFGI Direct's rate has dropped to 1.56% APY (was formerly 1.71%).
2

SFGI Direct Savings Account 1.71% APY [Not on DA Savings List]

  |  
http://sfgidirect.com/Default.aspx

-No Monthly Service Charge
-Minimum balance to open the account is $500
-Minimum Balance to earn interest $1
-FDIC insured up to maximum applicable limit
-Online account opening
-Fund account with a transfer from another bank
-Manage your account anytime online 24/7

FAQ
Q: How many external accounts can I link?
A: 1

Q: How is interest compounded and how often?
A: Interest is accrued daily and compounded or credited to the account the last day of the statement period, if the account is then open.

Q: Can I open an account with a beneficiary?
A: Yes. During account opening you may designate up to four beneficiaries on the account.

Q: How long does it take to transfer money between my SFGI Direct account and my linked checking account?
A: Electronic transfers between SFGI Direct and other banks are FREE and generally take 2 banking business days.

Q: Is there a dormant fee?
A: Yes. The account will be considered to be dormant after 7 years of inactivity. A fee of $5.00 per month will be imposed until the account is made active or the account is closed.
5

SFGI Direct Lowers Rates .15% To 1.71% APY

  |  
SFGI lowered their savings account rates today to 1.71%.
5

Rates
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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.

SFGI Direct Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.36%$1-SFGI Direct Savings Account
Locations

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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.