SFGI Direct Bank Review

Is SFGI Direct a good bank?

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SFGI Direct bank

SFGI Direct is the online-only banking division of Summit Community Bank, a regional bank with offices in West Virginia, Kentucky, and Virginia. It's owned by Summit Financial Group, a $3.1 billion company based in Moorefield, West Virginia.

SFGI Direct offers just one account—a high-yield, online-only savings account—but delivers an interest rate competitive with major national banks.

  • Pros and Cons
  • Company Overview
Pros and Cons
  • High interest rate for your savings account

  • No monthly fees

  • Scheduled transfers for easy savings

  • 128-bit encryption

  • $500 minimum deposit

  • Only offers one savings account and nothing else

  • Limited to linking with one outside banking institution for transfers

Company Overview
  • Official Website www.sfgidirect.com
  • Bank Product Offerings Savings account
  • Customer Service Call 877-776-9722 Monday through Friday from 8:00 am to 6:00 pm; Saturday from 8:00 am - 2:00 pm, or via email sfgidirect@summitfgi.com
  • Year Founded 1987
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SFGI Direct bank

Who Is SFGI Direct Best For?

SFGI Direct is a good option for people who are satisfied with their local bank but want higher interest rates on their savings. This online bank has features that make saving easy, and watching your interest add up can be rewarding.

This bank could be a good option if you want:

  • A consistently competitive rate on your savings account
  • No monthly fees
  • Easy transfers from your outside checking account
  • The ability to manage your account online

What Does SFGI Direct Offer?

SFGI Direct offers a single type of account: a savings account.

SFGI Direct Savings Account

The SFGI Direct Savings Account is simple, easy to use, and pays a highly competitive interest rate on your savings.

Advantages include:

  • An interest rate of 0.51% annual percentage yield (APY) as of July 30, 2021
  • No monthly fees
  • Online application process
  • Ability to set up automatic transfers from your external account
  • Ability to transfer money from your SFGI Direct savings to your external account
  • FDIC-insured up to $250,000
  • Customer service available via phone and online

This account can only be funded with electronic transfers from another bank account—no paper checks will be accepted.

Since SFGI Direct doesn’t offer any type of ATM card, checking account, or money market account, you must perform an electronic transfer when you want to withdraw your money. Transfers usually take two banking business days. If you need instant access to your savings, SFGI Direct won't be a good fit for you.

The minimum initial deposit is $500. All deposits made to SFGI Direct are covered by FDIC insurance up to $250,000 per depositor. If you have deposits in both a local SummitCommunity Bank and SFGI Direct, they count together toward the maximum federal insurance.

The bank limits you to six withdrawals per month from your savings account.

SFGI Direct Customer Service

You'll access your SFGI Direct savings account through the website. If you need help, you can reach the company by calling 1-877-776-9722 Monday through Friday, 8 a.m. to 6 p.m. and Saturday 8 a.m. to 2 p.m. (all times Eastern). You can also contact them by using the live chat feature on the website, via email, or by sending correspondence through the mail.

How to Bank With SFGI Direct

It's easy to open an account with SFGI Direct, although SFGI Direct does not accept wire transfers or checks sent through the mail. Click the “Open an Account” button on their home page.

Collect everything you need before you start the application process. For security purposes, your session will time out if you leave it inactive for 30 minutes. If that happens, you will lose the work you’ve done.

Final Verdict


SFGI Direct offers a highly competitive interest rate on its savings account, plus there are no monthly fees.


If you need additional services such as checking accounts, loans, or certificates of deposit, then you will need another bank in addition to SFGI.