SFGI Direct Offers 2.25% APY on High Interest Savings Account

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SFGI Direct, a division of Summit Community Bank is offering a high interest savings accoung paying 2.5% APY. That's currently the best savings rate on the BestCashCow rate tables.

SFGI Direct, a division of Summit Community Bank is offering a high interest savings account paying 2.25% APY. That's currently one of the best savings rates on the BestCashCow rate tables.

Summit Financial Group, Inc., the owner of Summit Community Bank, is a financial holding company which provides community banking and insurance services. Summit’s community banking operations consist of 15 banking offices located in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley and Northern regions of Virginia.  As of June 30, 2009, Summit Community Bank had $1.5 billion in assets.

High Yield Savings Account

SFGI Direct's only offering at the moment is their high yield savings account. Key features include:

  • Minimum initial deposit of $500
  • Initial deposit limit of $25,000. You can deposit more using additional deposits.
  • Funding only via electronic ACH.
  • Interest accrues daily and credited monthly.
  • No beneficiaries or IRA accounts.
  • Joint accounts are available.

Account Opening and Funding

When opening an account, you will be asked for your U.S. Social Security number and a valid form of identification including: Driver’s license, State ID, Military ID or Passport. You will also need to provide personal information, including your name, social security number, date of birth, physical address, telephone number, former mailing address(es), and employment information.  If you are not a U.S. Citizen or U.S. Resident Alien and do not have this information, you will be unable to open an account.

Once your account is opened, the only way to fund it is via an electronic ACH transfer from another bank account. SFGI Direct will validate the sending account via to small micro deposits. 

 SFGI Direct Safety and Soundness

SFGI Direct's parent Summit Community Bank is an FDIC insured institution. Bauer Financial gives it 2 out of 5 stars (Problematic)  for its safety and soundness which is actually rather low for a community bank. As always, be sure to stay below FDIC insurance limits of $250,000 per person per bank.

Please share your experience with SFGI Direct below. 

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Comments

  • Savy Saver

    October 16, 2009

    Opening an account was very easy. Great rate, SFGI is paying 2.25% and has held the rate since they started in July. Nice to see a bank without a promo rate and then drop the bottom out once they get a few depositors. Worth checking out if you have some extra funds.

  • MaryBeth

    October 20, 2009

    Opened the account very simple an easy to navigate! I did have a quick question on FDIC insurance. I spoke with someone who was very helpful and gave me the information I was looking for! Would recommend to anyone!!!!!!!!!!

  • Will

    October 31, 2009

    My credit is excellent, but part of the reason is that I minimize the number of inquiries. SFGI Direct requires authorization to access your credit through Equfax just to open a savings account. Not worth it to me.

  • LA

    October 31, 2009

    I opened an account - fairly cumbersome and slow process, you can have only one linked account, immediate verification of my linked account didn't work. The first time I used it, I got locked out as the system no longer recognizes my password.
    Will see, but not impressed so far.

  • Ron

    November 02, 2009

    Great rate. But alas, for me, SFGI Direct would only be good if they allowed beneficiaries. I'm putting my money elsewhere.

  • Jerry Wison

    November 04, 2009

    NO BENEFICIARIES, WHAT IS THAT ALL ABOUT?????????????????

  • eric

    November 05, 2009

    THIS BANK WILL NOT OPEN AN ACCOUNT FOR ANYONE WITH A SECURITY ALERT ON THE CREDIT PROFILE. This makes no sense as it is simply a security issue to protect against fraud. If they do not understand this than they are not sophisticated.

  • mark

    November 05, 2009

    same issue as eric above. obviously, they are not a sophisticated operation.

  • eric

    November 05, 2009

    Just called them at 877-776-9722 & spoke to Sandy at ext. 1241. She confirms that anyone with a security block will not be able to open an account with this bank. They cannot take the extra time to confirm identity. She says they are too small and would need to lower rates and hire more people to do this. They just missed out between two of us receiving $250 k per person or $500 k ... We lost the above market interest, but they lost the deposit. THIS IS SMART BANKING ? Go to Shorebank, Flagstar or Amex bank in that order for return & efficiency.

  • john

    November 05, 2009

    Opened an account, had no problems in doing so. hope the rates dont go down know, so far am impressed

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