Update: SFGI Direct's rate was lowered from 1.41% APY to 1.31% APY around February 25, 2011.
SFGI Direct’s money market rate of 1.31% APY commands respect, when the best money market rates only yield 1.30% APY (currently offered by American Express).
Details of the Deal
You can get 1.31% APY by opening an account online at www.sfgidirect.com. There are no monthly fees. The minimum deposit to open an account is $500 but as long as you maintain at least a $1 balance, you’ll earn the 1.31% APY. This rate is variable and could change at anytime. You can fund your account by transferring money from another bank.
SmartyPig is Still in the Lead
Even though 1.31% is a good rate, SmartyPig is still no longer paying better at 1.35% APY even though it offers a much more sophisticated account management interface. With SmartyPig, you can create savings goals within sub-accounts, and get rewards when you choose to purchase a retail gift card instead of withdrawing cash. Check out our review of SmartyPig here
About SFGI Direct/Summit Community Bank
SFGI Direct is a division of FDIC insured Summit Community Bank. It’s FDIC certificate number is 57401.
The main office is located at:
1600 Abbott Road
East Lansing,MI 48823
Ph: 517-664-1912
You can verify FDIC status of any bank by going to: http://www2.fdic.gov/idasp/main_bankfind.asp
You can also get the FDIC’s latest CRA rating after finding a bank, currently Summit Community is rated “Satisfactory”.
