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.
Comments
rhino
November 07, 2009
I opened an account a few weeks ago the process was relatively easy. The only way to move funds in and out is through ach. I'm not sure why they only allow one linked account.
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Ed
November 17, 2009
Just deposited $21K a week ago. Now my account shows $0. Who runs this bank Bernie Madoff?
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LA
November 21, 2009
Shortly after opening, rate dropped to 1.85%. Usual bait and switch.
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Jeffrey W
November 23, 2009
Confirmed rate has dropped to 1.85 approximately 30 days after I moved big funds in. Still better than Ing at 1.55 and better than most but very disappointing. Rate chasing is getting to be a colossal waste of time. I've gone through more online banks that Wilt Chamberlain went through women.
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HD
December 31, 2009
Be wary of fund transfer operation. It appears to be a complete manual operation requiring the bank staff to initiate and complete the operation.
I scheduled a 10K transfer from my checking account into my SFGI savings account. SFGI inadvertently sent two (2) 10K transfer requests to my bank and then a correction deposit of $10K. Unfortunately I did not have sufficient balance in the checking account to cover the second 10K and I have been hit with overdraft fees and a bunch of e-mail notification of insufficient funds. The correction deposit shows as pending in my checking account.
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