SFGI Direct is offering a savings account with a 1.85% annual percentage yield (APY). The savings rate is accurate as of Dec. 18, 2009. Details of the offer include:
- $500 minimum deposit to open savings
- No monthly service charge
- Minimum balance of $1 to earn interest
- Open and fund account online
Make deposits and withdrawals online. You can transfer funds can between SFGI accounts or between SFGI Direct and other banking institutions. You can link only one external account to your SFGI high interest savings.
Interest on SFGI savings accrues daily and is compounded or credited to the account monthly. Initial deposits can’t total more than $25,000 and must be made electronically. It normally takes two business days for transfers between accounts to be completed. The bank does not allow wire transfers into the high interest savings account.
The bank only offers savings accounts for individuals, not businesses. It also does not offer individual retirement accounts (IRAs). When you open an individual or joint savings, you are not allowed to name a beneficiary.
SFGI is a division of Summit Community Bank in Moorefield, W.Va. The bank offers customer service online and by phone. Money deposited in SFGI Direct savings accounts is insured by the Federal Deposit Insurance Corp. (FDIC).
- 6 Month CD %
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Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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