SFGI Direct

Deposits held and insured by Summit Community Bank (WV)

Overview / Commentary
300 North Main Street
Moorefield, WV 26836
Deposits held and insured by Summit Community Bank (WV)

Related Posts

SFGI Bumps Savings Account APY To 3.01% - 11/30/2022

SFGI Direct bumped its' savings account (rate=2.97%) APY to 3.01% today. Interest is accrued daily and compounded or credited to the account monthly.

SFGI Savings Account APY Now 2.51% - 11/5/2022

(Bringing up the rear), SFGI Direct bumped its' savings account (rate=2.48%) APY to 2.51% today. Interest is accrued daily and compounded or credited to the account monthly.

SFGI Savings Account APY Now 2.21% - 9/28/2022

SFGI Direct bumped its' savings account (rate=2.19%) APY to 2.21% today.

View all posts from:

12/29/19 - SFGI Direct Falls To 1.91% APY
12/6/19 - SFGI Direct Drops To 2.07% APY
1/20/19 - SFGI Direct Ups Savings Account Rate - Almost 10 Years of Top Rates
11/5/18 - SFGI Direct Ups Savings To 2.07% APY
9/8/18 - SFGI Direct Ups Savings Account Rate - Long History of Top Rates
9/7/18 - Rate Hike At SFGI
6/1/18 - SFGI Direct Savings Account Rate Jumps
6/1/18 - SFGI Direct Rate Hike
4/6/18 - SFGI Direct Raises Savings Account Rate
4/6/18 - Direct Savings Account Raised To 1.61% APY
1/26/18 - SFGI Direct Ups Savings Account Rate
12/11/17 - SFGI Direct Bumps Up Savings Account Rate
12/11/17 - SFGI Rate Hike
9/12/17 - SFGI Direct Increases Savings Account Rate
9/8/17 - SFGI Raised Rate Again
7/28/17 - Another Savings Account Rate Increase at SFGI Direct
7/28/17 - Savings Rate Hike At SFGI
6/19/17 - SFGI Direct Ups Rate On Savings Account
6/16/17 - Rate Increase At SFGI
6/12/15 - SFGI Savings Account Rate Increase
2/20/14 - SFGI Does Not Allow Benficiaries Onto Accounts
1/10/14 - SFGI Direct Savings Account Joins the 1% Club
1/9/14 - SFGI Savings Account Rate Increase
11/27/13 - SFGI Direct Raises Its Rate
5/28/13 - SFGI Savings Account Rate Decrease
4/18/13 - SFGI Scheduled Outage Wed 4-24-13, 7Am-9Am.
12/14/12 - SFGI Direct Savings Account Rate Increase and Review
2/15/12 - SFGI Direct Rate Drops To 0.91%
10/28/11 - SFGI Direct Savings Account Rate Cut
4/1/11 - Rate Drop By SFGI
2/18/11 - SFGI Rate Drop
12/6/10 - SFGI Direct Increases Rate on its Internet Savings Accounts
12/5/10 - SFGI Direct Raises Savings Account Yield From 1.26% To 1.41%
3/27/10 - Note On Their Website On 3/27/10 Says They Are Not Accepting New Accounts Into This Program At This
11/13/09 - SFGI Direct's 2.25% Online Savings Account Is Open Again But With Changes
11/13/09 - Competitive Online Savings Account at SFGI Direct
11/13/09 - Last Chance at the 2.25% Savings Account at SFGI Direct?
11/13/09 - Update on SFGI Direct - The Top Online Savings Account

Simple Product, Perfect Execution!

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!

There Are Better Choices

Posted by: |

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.)

Denying External ACH

Spoke with a customer service rep today; they had asked me to contact them to confirm an external ACH and while they will allow it to go through, advised that future externally-initiated ACH will be denied. This policy change is due to fraudulent activity, but I think not the best solution since I'm not the only person who wants to autopay my credit card out of my savings account or other reasonable activity. Disappointed there's no way for me to approve certain institutions for external ACH.

Disappointing Credit Union

Posted by: |

As of July 6th, this so-called joke of a credit union has begun to enforce a weird, limiting policy: They allow ACH money to be transferred IN even from other financial institution than the one that is linked against your account at SFGIdirect, but the do not allow the same for ACH money OUT.

And since this credit union allows you to create one and one only account linking with an external institution, this newly-enforced, asymmetrical, and stupid policy, becomes very inflexible and limiting. Because it forces you to coordinate all of your ACH withdrawal transactions ONLY via one external financial institution, namely the one that you have linked at SFGIdirect. But how come they allow money transfers IN from EVERYWHERE!? How convenient to you, SFGI.

Because of this suddenly-enforced, new policy, they simply canceled an ACH OUT transaction that was scheduled, WHILE IN PROGRESS, and with the final outcome being that the transaction was reversed i.e. money being transferred back in, automatically.

SFGIdirect, your are a STUPID credit union. Go to hell! I will close my Savings Account with you and go with a credit union that is more capable, and less communist, than you! Shame on you for disrespecting your customers!



Data as of Q2 2022

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

Health Grade Components

FDIC Certificate #34102
Year Established1995
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.44%
Return on Equity - YTD12.43%
Annual Interest Income$68.4MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$3.74B$3.27B
LoansQ2 2022vs Q2 2021$2.94B$2.40B
DepositsQ2 2022vs Q2 2021$2.99B$2.73B
Equity CapitalQ2 2022vs Q2 2021$425.3MM$361.2MM
Loan Loss AllowanceQ2 2022vs Q2 2021$35.1MM$33.9MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$10.9MM$22.9MM
Real Estate OwnedQ2 2022vs Q2 2021$5.3MM$13.2MM
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SFGI Direct Savings Account Rates

3.01%$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

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