SFGI Direct is the online subsidiary of Summit Community Bank.
Summit Community Bank provides community banking services to residents of Kentucky, Virginia and West Virginia through its 41 branch locations.
Summit Financial Group, Inc. is the parent company that owns both Summit Community Bank and SFGI Direct. They are headquartered in Moorefield, West Virginia and hold $3.1 billion in assets.
While Summit Community Bank operates locally in the three states mentioned above, SFGI Direct allows customers nationwide to open their single product offering; an online savings account.
Their online savings account also happens to be one of the most competitive in the country currently, and can be opened with as little as $500.
SFGI Direct Online Savings Account Details + APY
As mentioned the SFGI Direct online savings account can be opened with as little as $500, but once opened will earn interest on all sums above $1.00.
|Min Deposit||Min Balance||APY|
To put this yield in perspective, the current national average for a savings account sits at just 0.05% APY according to recent FDIC data. The national average on a money market account is slightly better at 0.06% APY.
The highest yielding online savings accounts still hit the 0.60% APY mark, but just barely.
Like most savings accounts, SFGI Direct’s account features a variable rate that is subject to change at any time without notice.
There are no monthly fees associated with the account.
Although the yield is quite attractive, there are some drawbacks to SFGI Direct and their online savings account.
For starters, this is SFGI Direct’s only account. If you are looking for a checking account for easy access to cash or a fixed rate CD, then you’re out of luck. They also have zero products on the loan side.
Second, as with many online savings accounts, this account comes with no debit card or ATM access.
Depositing, withdrawing and accessing funds can only be done through electronic transfers from or to other connected bank accounts. Paper checks are not even accepted for deposits.
All transfers take up to 2 business days to complete.
How to Open the SFGI Direct Online Savings Account
To sign up, click on the open account button from their homepage.
The process should only take about 10 minutes if you have all the necessary pieces of information handy and ready to go. It’s a 2 step process that starts with verifying your personal information and going over account disclosures, followed by funding the account.
Here’s what you need to complete the process:
- U.S. Social Security number (have your card handy if you do not know your number)
- A valid form of identification including: Driver’s license, State ID, Military ID or Passport
- Previous home address (if you have lived at your current home address less than two years)
- U.S. checking or savings account to fund your new account(s). For this you will need both your account number and the institution’s routing number.
If you need to stop anywhere in the process, just keep in mind the site will time you out in 30 minutes for security purposes, so it’s best to have all the information you’ll need ready to go before you begin.
How to Contact SFGI Direct
If you have any questions in the application process or about the account in general you may contact SFGI Direct in a few ways.
You can give them a call 6 days per week at (877) 776-9722 within these working hours:
Monday – Friday: 8:00am – 6:00pm
Saturday: 8:00am – 2:00pm
You may also email them at email@example.com. This is a secure email, however you should never include sensitive information such as your bank account numbers or identity information like your social security number or any tax numbers.
SFGI Direct’s physical address is:
300 North Main Street
Moorefield, WV 26836
Another point to mention about SFGI Direct and their online savings account is that they technically share the same deposit insurance coverage through the FDIC with Summit Community Bank.
Therefore if you already have deposits held with Summit Community Bank AND are looking to open the online savings account with SFGI Direct, the $250,000 in coverage will be spread between all deposit accounts held at both of those institutions.
For example, if you currently have $50,000 in a checking account with Summit Community Bank and open the SFGI Direct online savings account, you’ll only have $200,000 in FDIC coverage left for the online savings.
If you’re in the market for a no frills online savings account with a respectable yield then CFGI Direct’s product may be a good fit for you.
You can see how the APY stacks up against other high yield online savings accounts this month.