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Updated on Thursday, October 1, 2020
SFGI Direct’s savings account
SFGI Direct Savings
Minimum Balance Amount
- Minimum opening deposit: $500
- Minimum balance to earn APY: none
- Monthly account maintenance fee: none
- ATM fee: N/A
- ATM fee refund: N/A
- Overdraft fee: none
The SFGI Direct savings account is a basic account and is great for those who want to stash their money for emergencies or as part of their short-term savings goal. Interest is accrued daily and credited to your account every month.
However, if you’re someone who wants to frequently access cash, then this savings account isn’t necessarily the one for you. There is no ATM access or even mobile banking so there isn’t really an option to bank on the go.
With one of the highest APYs out there, it’s a great choice as it’s more flexible than a CD in that you can make withdrawals whenever you want. Do keep in mind that you are limited to six withdrawals a month. This isn’t set by the bank per se, but part of Regulation D, which is a federal law that limits the amount of withdrawals and transfers you make in any interest-bearing account. Anyone who makes excessive withdrawals may risk having SFGI Direct close their account.
Because SFGI Direct only offers the savings account, you’re out of luck if you want to bank with a place where you can get additional products. This may not be a big deal if you just want to link an external account. However, if you’re one who likes to form a relationship with a bank and open multiple types of accounts, you’ll need to look elsewhere.
One of the biggest benefits to this account is that you earn that high APY at any balance amount and there are no monthly maintenance fees. You can see your account at a glance whenever you log on to the bank’s online banking portal.
Account holders can only make electronic transfers between accounts, which could be a downfall if you want the option of accessing your cash in other ways. It generally takes around two business days to complete transfers between your SFGI Direct account and an external one. It’s great in that it discourages spending your stashed money since it’s a slight inconvenience to access your savings.
If you have ever have any questions or concerns, you can easily reach customer service from Monday through Friday from 8 a.m. to 6 p.m. or Saturday from 8 a.m. to 2 p.m. EST. If your question can wait, you can either send customer service a message when you log into your account or an email.
How to get SFGI Direct’s savings account
You’ll need to fill out an application form on SFGI Direct’s website to open an account. You’ll first be asked to agree to their terms and disclosures, and then provide your personal details. This includes your name, address, employment information, Social Security number and a government-issued ID. If you’re opening a joint account, your co-applicant will need to provide the same information.
Afterward, you’ll need to fund your account. As of right now, you can only do so via electronic transfer.
How SFGI Direct’s savings account compares
If we’re only talking about rates, then you can’t go wrong with SFGI Direct’s savings account. The rate is one of the highest we’ve seen compared to other banks and credit unions. Again, if you’re just looking for a place to park some of your savings, this account is a great choice.
The SFGI Direct savings account also offers a relatively low minimum opening balance compared to our list of the best savings accounts out there. While some of these accounts do have higher APYs, they require a higher minimum balance.
However, if you’re looking for more snazzy features such as ATM access and mobile banking, you won’t find that here. Other competitors offer free checking accounts you can link your savings account to, ATM cards and even a mobile app to make transactions on the go.
If you want an even higher rate and other features like check writing capabilities, you could shop around and look at money market accounts as an alternative. Many of these types of accounts are FDIC-insured up to the legal limit and are in many ways similar to a savings account. You are limited to six withdrawals a month as per Regulation D and you may find that some money market accounts require a higher minimum opening deposit. Either way, it pays to shop around and find the current best deal.
Overall review of SFGI Direct’s savings account
Overall, SGFI Direct has a great basic savings account. It offers one of the highest rates out there, a low minimum opening balance and you can earn the advertised APY on any balance amount.
Unfortunately, that’s all the bank offers at this point. If you’re just looking for a savings account and nothing else, then you’ve got a great option here. For those who want other products like checking accounts and CDs, you could consider Summit Community Bank (SFGI Direct is the online division of this bank) as it has a wider variety of banking products. There are also some other great online banks out there that offer great products as well.