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
$500	$1.00	2.51%

To put this yield in perspective, the current national average for a savings account sits at just 0.21% APY according to recent FDIC data. The national average on a money market account is slightly better at 0.23% APY.

The highest yielding online savings accounts are just now inching above the 3.50% APY percent mark following the FED’s latest 0.75% rate hike on November 2nd.

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.

Compounding and Crediting Interest

Interest is compounding daily and credited back to the account the last day of the statement period.

Account Drawbacks

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 account(s). Paper checks are not even accepted for deposits.

All transfers take up to 2 business days to complete.

Opening and Funding the 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)
• Your current checking/savings account number where the funds will be coming from as well as your financial 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 customerservice@summitfgi.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