SFGI Direct

Deposits held and insured by Summit Community Bank (WV)

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

Related Posts

Rate Dropped From .67% To .56% - 1/29/2021

SFGI did their Friday rate drop today. Down from .67% to .56% APY.

SFGI Direct Cuts Savings Account Rate To 0.67% - 10/16/2020

I'm sorry to report that SFGI Direct has followed many of the online banks by cutting its online savings account rate. The rate is now 0.67% (down from 0.81%). The pre-2020 low for this account is 0.86% in 2013. SFGI has a long history of keeping its rates competitive. Before August when it lowered the rate to 0.81%, the rate hadn’t been below 1% since January 2014. Even though it may seem that they have given up on remaining competitive, its current rate of 0.67% is a fairly competitive rate now for mature online savings accounts (unfortunately).

SFGI Savings Slashed To 0.81% - 8/28/2020

http://www.sfgidirect.com/Default.aspx  SFGI is the latest bank to leave the 1.00% club. The only bank still paying more than 1.00%, which offers online banking and has no special requirements in order to receive the rate is Customers Bank, presently paying 1.10%. CF Bank is paying 1.05%, but that's an introductory rate, and there's no mention of how long the rate will last. The intro rate could drop at any time, and once it ends, it drops all the way down to 0.50%. Clearly, banks no longer want, or need, our money.

View all posts from:

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
1/26/18 - SFGI Direct Savings Account Increases To 1.51% APY
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

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.

Excellent Experience So Far

Posted by: |

Opened 1 account 1 week ago. Very easy account opening application but be sure your equifax report is not frozen as this is what they use for verification.Opened a 2nd account 1 week later but because of some problems there that I had inadvertenly caused, the reps easily had the account opened quickly without the usual fanfare you would get at the big box banks. As a smaller bank much less levels of bureaucracy to deal with. Calls answered in seconds not minutes without long phone menus. Reps were great! Next day ACH pulls and pushes of any amounts is something not available at many other banks. APR'S tend to be in the top 10-20 as I have seen while monitoring them in the past year. Unfortunately only a savings account available. Wish they also had CD's.So far a much better experience than with the big banks and other online banks.

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!

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.

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Health
A

Data as of Q4 2020

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
Employees441
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.21%
Return on Equity - YTD11.35%
Annual Interest Income$115.0MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$3.11B$2.40B
LoansQ4 2020vs Q4 2019$2.38B$1.90B
DepositsQ4 2020vs Q4 2019$2.60B$1.92B
Equity CapitalQ4 2020vs Q4 2019$327.4MM$267.1MM
Loan Loss AllowanceQ4 2020vs Q4 2019$32.2MM$13.1MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$20.3MM$11.5MM
Real Estate OwnedQ4 2020vs Q4 2019$15.6MM$19.3MM
Rates
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SFGI Direct Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.56%$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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