Another Savings Account Rate Increase at SFGI Direct


Deal Summary: Savings account, 1.21% APY, $500 minimum opening deposit

Availability: Nationwide (internet bank)

SFGI Direct has just raised the rate on its Savings Account (1.21% APY). It was just over a month ago when SFGI Direct increased the savings account APY to 1.16%. Before that rate hike, the APY was 1.06% and had been at 1.06% since June 2015. The account has a long history of remaining competitive. This can be seen by clicking the savings account row in the table below. This will expand the row to show the rate history of the account.

1.21%--SFGI DirectSFGI Direct Savings Account
Accounts mentioned in this post. Rates as of July 28, 2017.

With the Fed holding rates steady this week, SFGI Direct’s rate increase is likely being driven by competition. Last week Synchrony Bank increased its savings account APY to 1.20%, and this week Barclays did the same thing. Few internet banks seem willing to challenge the rate leaders. Instead, most of the internet banks want to give an impression that they are remaining competitive. They probably won’t attract many new deposits this way, but this strategy probably prevents most of their customers from moving their money.

SFGI Direct’s Savings Account has several nice features such as no monthly fees and no maximum dollar limit on external transfers. Below is a copy of my SFGI Direct Savings Account review from last month.

  • No monthly fees or minimum balance requirements (opening deposit ranges from a minimum of $500 to a maximum of $25k).
  • Online line account application and funding (per FAQ).
  • You can initiate external transfers (ACH).
  • Initiating ACH transfers through another institution is allowed (per FAQ).
  • Fast external transfers (readers have reported one day delays).
  • No maximum dollar limit on external transfers (per FAQ).

There has been one very important change for the better: the online application now allows up to four named beneficiaries. In addition to the usual name/address/birthdate information, SFGI Direct requires a Social Security number for each beneficiary.

On the downside,

  • Only allow one external link for ACH transfers (per FAQ), but you can change the linked account 90 days after account opening.
  • Five business days hold for the initial ACH deposit and a two day hold for ongoing ACH deposits (per account disclosure)

Thanks again to DA reader, Maecl, for his Forum post about this rate increase.


SFGI Direct is the online division of Summit Community Bank, which is headquartered in Moorefield, West Virginia. U.S. citizens and resident aliens, 18 years or older, can opening a SFGI Direct Savings Account through the Bank’s online application.

SFGI Direct has quite a detailed FAQs page that answers almost any question you might have about the Savings Account. If you need additional information, CSR can be contacted at 877.776.9722.

Bank Overview

As the online division of Summit Community Bank, SFGI Direct operates under Summit’s FDIC Certificate (# 34102) and shares its financial history.

SFGI Direct/Summit Community Bank has an overall health grade of "B" at, with a Texas Ratio of 21.53% (above average), based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $144.93 million, excellent annual growth rate of 15.13%. Please refer to our financial overview of SFGI Direct/Summit Community Bank for more details.

Summit Community Bank (Summit) is currently West Virginia’s fourth largest bank, with assets in excess of $1.7 billion and more than 57,300 customer accounts. Summit’s history traces back to the South Branch Valley National Bank, which was chartered in 1883. Summit extended its market area into Virginia in 2000 and today has 30 full-service branches in West Virginia (17) and Virginia (13).

How the Savings Account Compares

When compared to the 205 Savings Acccounts tracked by that are available nationally, six savings accounts have higher rates. SFGI Direct’s Savings Account rate is now tied with the savings account rate at Incredible Bank. Below is a sample of these six accounts that have higher rates, showing how they compare with SFGI Direct.

Interest RateAccount NameCredit Union/Bank
1.40% APYDollar Savings AccountDollarSavingsDirect
1.35% APYSavings AccountLive Oak Bank
1.30% APY (up to $100k)Premier High Yield SavingsCIT Bank
1.21% APYSavings AccountSFGI Direct

The above rates are accurate as of 7/28/2017.

To review the best Savings Account rates, both nationwide and state specific, please refer to our Savings Account rates table or our new Rates Map page.

Related Pages: savings accounts, nationwide deals, Internet banks

Sperry8   |     |   Comment #1
What sort of table comparison is that? You are missing a bunch of banks that are higher, like Sallie Mae, UFB Direct, Able Banking, which are all at 1.3% etc.
Martin   |     |   Comment #2
Wow, a bank raises the rate one hundred of one percent and it made the presses.
Bogie   |     |   Comment #3
If you're going to be sarcastic, at least get the math and the facts right.

The rate was 1.16% APY and raised to 1.21% APY. That would be five hundreds of a percent increase.

I think it was worth noting for comparison with other savings accounts more than just to note of the slight increase.
gregk   |     |   Comment #5
We might be asking just what the criteria are to qualify a rate change
or account offer for "headline & story" status here? Apparently a five hundredths of one percent increase on a savings account fits the bill in that respect, but to my mind it's just so much "fake news". I would suggest the real dynamic at work in this is that many DA readers habitually check in here multiple times a day for the purpose of seeing what new "headline stories" might have been added, - and the more "visits per day" DA can boast of the more advertisers are drawn to the site and the higher rates they are willing to pay ( and the more money DA owners put in their pocket). If Ken stuck to only making headlines and stories out of deposit account news that was truly newsworthy (rather than all the insignificant stuff that's so often trumpeted) there might be some days with nothing new here at all, - and if that became a pattern many readers might decide to only check in once every few days rather than several times daily as they do now, - with not a good result for DA's cumulative bottom line. Thus there's a pressure on Ken to keep the new headlines and stories coming (however often trivial) because that keeps US coming (we know at least once in a while something will appear we won't want to miss), - which for many web mavens becomes a compulsivity, and every website owner's dream.

There's much good info here and a very attractive format, - but plenty too that's just gratuitously added on to keep readers constantly checking in so as not to miss the once in a while "pearl of great value".
FresnoMan   |     |   Comment #4
It's an event, an occurrence. It may not be news, but it happened. Why not report on it? Did something negative occur to counter-balance the posting here? Was the harm intolerable?
Att   |     |   Comment #6
With rates so low even a small increase is mentionable. It shows part of the pattern that savings account rates are going up. Now we need to see the same increases in other longer terms.
gregk   |     |   Comment #7
It seems to me a good criteria for determining whether an account offering or rate change is worthy of "headline & story" notice here is the likelihood of some impact on readers' investment behavior because of it. Will anyone here be moving funds to AFGI Direct because their savings rate increased from 1.16% to 1.21%, - or keep money there that they might otherwise move elsewhere?
It's just not impactfully newsworthy IMO, - thus DA should incorporate the change into its underlying rate tables,
but not specifically hype or single it out as something of any special significance, - unless, of course, the alternative logic I suggested in my previous post is determinative.
Att   |     |   Comment #8
I think you need to look at the rise as a trend in savings accounts. One might keep their funds in an account if they see if their rates are going up. Savings accounts are funds that are liquid and easy to more. To make me move I went from GS bank which was paying 1.05% at the time to Dollar which is paying 1.40%. I would leave this bank and any other that is paying 1.20% to a 1.40%. Each person has different opinions and options.
gregk   |     |   Comment #11
Att - It may be that for some (even many) DA members learning about this five hundreth's percent increase in this FI 's savings rate is significant or at least interesting information to have, in which case Ken may be astute and well serving his readers by highlighting it and other similarly minute rate changes in competitor FI's account offerings. An argument can be made). I was only making the point that so many of these (for ME, and maybe others) inconsequential notifications begin to raise eyebrows over and question the decision criteria at work in "headline and story status" qualification. It's just a passing curiosity of mine, and not something of any great consequence, - but perhaps the moderator here might make a comment as to how he approaches such matters.
Att   |     |   Comment #12
Like markets I try to look at trends. The trend I see is that savings rates are going up and many banks are raising rates. Looks like they are competing. That's what I infer from Men's posting. Only he knows what criteria he use.
Bogie   |     |   Comment #9
Gregk, perhaps you should develop your own blog site and use what ever criteria meets your own personal parameters worthy of "headline & story"?

Or just skip over any headline story that is of no "interest" to you. That is what I do.
gregk   |     |   Comment #10
Geez, Bogie, that's a smaller scale version of saying to some citizen who criticizes their country about something that perhaps they should move to another country, or even create their own country. It gets tiresome because the understanding of human community that underlies it is so vulgar and simplistic.

Like you I quickly pass over the headlines and stories I immediately judge of no significance to me, - but should that preempt me from offering some thoughtful critique (as just one voice) of a site I care about and value? Most well run businesses ( and countries, - in which case it's called democracy) welcome and even encourage that because sometimes it can lead to functional improvements.
Att   |     |   Comment #13
I looked what Chase was paying on a savings account in my area, it is .01%. So I guess if you compare this increase to what the big banks are paying it is a major inctease.
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Availability: Nationwide (internet bank)

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