SFGI Direct has an online savings account with a 1.41% annual percentage yield (APY). You can open a savings account online. Details of the offer include:
- No monthly service charge
- Minimum opening balance of $500
- Minimum balance required to earn interest is $1
- Insured by the Federal Deposit Insurance Corp. (FDIC)
The online savings rate is current as of Dec. 3, 2010. Interest on savings accures daily and is compounded monthly on the last day of the statement period. Savings rate is not guaranteed and could change at any time.
You can fund the savings account by transferring money from another bank, and you can only linke to one external account. You must open a high interest savings account online. The maximum opening deposit that can be made is $25,000. The opening deposit will be available five business days after your external account is charged.
The savings offer is for personal accounts only; the bank does not offer business accounts or individual retirement accounts (IRAs). SFGI Direct is a division of Summit Community Bank of Moorefield, W.Va., which is a financial holding company that serves customers in parts of West Virginia and Virginia.