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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

SFGI Savings Account Rate Increase - 6/19/2022

APY on SFGI Savings account is now at 1.00% (was .91%)

SFGI Savings Account Rate Increase - 6/12/2022

Just noticed the APY on my SFGI Savings account is now at .91% (was .71%) This change occurred within the last 48 hours; yeah SFGI!

Rate Drop To .51% (Down .05%) - 7/15/2021

Rate dropped .05% to .51%. .01% higher than Ally. Not worth keeping money there for .01% imo.

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

Reviews (18)

Best In Class Service

Posted by: |

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.

13

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!

32

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.

20

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.)

2
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Health
A+

Data as of Q1 2022

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
Employees431
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.39%
Return on Equity - YTD11.87%
Annual Interest Income$32.9MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$3.62B$3.25B
LoansQ1 2022vs Q1 2021$2.82B$2.42B
DepositsQ1 2022vs Q1 2021$3.02B$2.73B
Equity CapitalQ1 2022vs Q1 2021$421.7MM$339.4MM
Loan Loss AllowanceQ1 2022vs Q1 2021$32.6MM$34.0MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$11.7MM$25.3MM
Real Estate OwnedQ1 2022vs Q1 2021$6.9MM$13.9MM
Rates
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SFGI Direct Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.01%$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

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