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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 Ups Savings Account APY To 4.26% - 7/14/2023

SFGI Direct bumped its' savings account (rate=4.17%) APY to 4.26% today. Interest is accrued daily and credited to the account monthly.

SFGI Rate Increase - 4/7/2023

I was surprised this morning to see SFGI raised their rate to 4.01% up from 3.81%.

SFGI Raised Savings Rate - 2/21/2023

SFGI raised rate to 3.81% was 3.51%

View all posts from:

10/16/20 - SFGI Direct Cuts Savings Account Rate To 0.67%
8/28/20 - SFGI Savings Slashed To 0.81%
7/15/20 - Savings Rate To 1.01%
7/1/20 - Savings Rate Cut To 1.16%
5/21/20 - Savings Rate Still Holding
5/1/20 - Rate Drops .15% To 1.56% APY
4/23/20 - SFGI Direct Savings Account 1.71% APY [Not on DA Savings List]
3/25/20 - SFGI Direct Lowers Rates .15% To 1.71% APY
2/14/20 - SFGI Direct Lowers Rate .05% - Now 1.86% APY
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 (21)

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

Rejected External ACH To Transfer Out

Posted by: |

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.

3

Denying External ACH

Posted by: |

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.

4
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Health
A+

Data as of Q2 2023

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
Employees495
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.21%
Return on Equity - YTD10.61%
Annual Interest Income$111.2MM
Assets and Liabilities
AssetsQ2 2023vs Q2 2022$4.53B$3.74B
LoansQ2 2023vs Q2 2022$3.51B$2.94B
DepositsQ2 2023vs Q2 2022$3.75B$2.99B
Equity CapitalQ2 2023vs Q2 2022$503.6MM$425.3MM
Loan Loss AllowanceQ2 2023vs Q2 2022$45.7MM$35.1MM
Unbacked Noncurrent LoansQ2 2023vs Q2 2022$11.3MM$10.9MM
Real Estate OwnedQ2 2023vs Q2 2022$4.7MM$5.3MM
Rates
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SFGI Direct Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.26%$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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