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.
Rejected external ACH to transfer out, even the link was confirmed via 2 small deposits and ACH out.
SFGI claimed it's for security reason
only ACH out can be done via SFGI external linked account.
But, you can have just 1 external linked account on SFGI side, this makes any external transfers across my Banks and Brokerage as nightmare.
Yes, you can link new external account, while you drop existing, but this takes 5 business days.
Then if you want to get back original external link it will take 5 business days again.
Worst case scenario Customer Bank has the same policy that doesn't allow ACH out request by SFGI, the same way as SFGI does and that's it!!! You can't transfer money at all via ACH.
I think this is done to limit SFGI customers to pull money out from SFGI as SFGI rates are not competitive for this year by 25% or higher, my interpretation only.
Current Saving rate is above 4% and SFGI just has 3% , so SFGI customers are at 25% interest loss.
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.
|FDIC Certificate #||34102|
|Return on Assets - YTD||1.21%|
|Return on Equity - YTD||10.61%|
|Annual Interest Income||$111.2MM|
|Assets and Liabilities|
|Assets||Q2 2023vs Q2 2022||$4.53B$3.74B|
|Loans||Q2 2023vs Q2 2022||$3.51B$2.94B|
|Deposits||Q2 2023vs Q2 2022||$3.75B$2.99B|
|Equity Capital||Q2 2023vs Q2 2022||$503.6MM$425.3MM|
|Loan Loss Allowance||Q2 2023vs Q2 2022||$45.7MM$35.1MM|
|Unbacked Noncurrent Loans||Q2 2023vs Q2 2022||$11.3MM$10.9MM|
|Real Estate Owned||Q2 2023vs Q2 2022||$4.7MM$5.3MM|
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|
|4.26%||$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