SFGI Direct Review
SFGI Direct is the online banking division of Summit Community Bank, a community bank based in Moorefield, West Virginia.
The online banking division of a bank held by Summit Financial Group Inc. is designed to provide high-yield online savings to new customers as well as to customers already banking with the brick-and-mortar division of the bank from their 15 locations in Virginia and West Virginia. No other types of accounts are available online.
Online savings account
SFGI Direct only offers one type of account, a high-yield savings account. Online banks are able to offer some of the best bank rates in the industry due to the fact that they have lower overhead costs than brick-and-mortar banks. The online savings account with SFGI Direct opens with just $500. Interest on the account accrues daily and is credited to the account monthly. This is a regular savings account, not a money market account, which means that customers can withdraw their money at any time without penalty. There are no fees or ongoing balance requirements for this account.
Customers can take advantage of the following services:
Deposits at SFGI Direct are held by Summit Community Bank, which has been insured by the Federal Deposit Insurance Corporation since establishment in 1995. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.