SFGI Direct Savings account review
Earn 0.51% APY, but you’ll need $500 to open an account.
SFGI Direct is a free online high-yield savings account offered by Summit Financial Group, Inc., the parent company of Summit Community Bank. You’ll earn 0.51% APY, but you need at least $500 to open an account and you can’t deposit checks or conduct wire transfers.
Minimum deposit to open
Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.
SFGI Direct savings is a no-frills account that offers a competitive 0.51% APY without any fees. However, you can’t deposit checks into your account and you can’t conduct any wire transfers. Plus, unlike most banks, SFGI Direct savings isn’t optimized for mobile banking. So you’ll need to rely on your desktop or laptop for all your banking needs.
If you don’t want to be limited to your computer and to digital transfers and direct deposits, you’ll want to keep looking. Explore other high-yield savings accounts that come with more bells and whistles.
How do I open a SFGI Direct Savings account?
Open a SFGI Direct Savings account online in seven steps:
- Go to the provider’s site and follow the steps to apply.
- From the Provider page, select Open an account.
- Review the Welcome screen, then select Continue.
- Choose whether or not you’re a current Summit Community Bank customer and select Continue.
- On the Account Selection screen, choose SFGI Direct Savings account and select Continue.
- Select the check box if you want to activate direct deposits, then select Continue.
- Review and accept the account disclosures and agreements. Then fill out the Applicant Information form.
- Finally, fill out the Account Funding form and set up your $500 deposit.
To open an SFGI Direct Savings account, you need to meet the following criteria:
- At least 18 years of age
- US citizen or US resident alien
You’ll be asked to provide the following information when you apply:
- US Social Security number
- Driver’s license, state ID, military ID or passport
- Previous home address if you’ve lived at your current address for less than two years
- US checking or savings account to fund your SFGI Direct account
What are the benefits of a savings account with SFGI?
Once you open a SFGI Direct Savings account, you can take advantage of the following benefits:
- Competitive APY. You’ll earn 0.51% APY with your SFGI Direct Savings account, which is well above the average rate.
- No requirements to earn APY. There are no APY tiers, and you’ll earn interest on any account balance of $1 or more.
What should I look out for?
There are some notable drawbacks to keep in mind with a SFGI Direct Savings account:
- Limited types of deposits. You can’t deposit paper checks or wire money to or from your account.
- High minimum deposit. You need at least $500 to open an SFGI Direct account.
- No mobile banking. You’ll need to do all your banking through your desktop or laptop as SFGI Direct doesn’t offer an app and the website isn’t optimized for mobile.
Compare with other savings accounts
How do I deposit or withdraw my money?
SFGI Direct accounts are relatively basic and only offer a few ways to deposit and withdraw funds:
- ACH deposits. You can deposit funds from another bank into your account through automated clearing house (ACH) transfers.
- Direct deposit. Your employer can deposit paychecks directly into your SFGI account.
- Electronic transfers. You can send funds from your SFGI Direct Savings account to another bank account by using ACH transfers.