Earn 2.25% With A Top Savings Account

Posted in Savings Accounts by DealMaven
October 11, 2009 09:15 AM - 6 Comments

A small bank in West Virginia has taken over the top spot in our rankings of the best, nationally available savings accounts.

Best savings accounts

SFGI Direct, the online division of Summit Community Bank in Moorefield, W. Va., is paying 2.25% APY with a minimum deposit of only $500.

That’s comparable to what you can earn with the best 12-month CDs and only a little lower than the top savings account in our late-August rankings.

While Tennessee Commerce is still paying 2.30% APY, it stopped opening new savings accounts a few weeks ago so we can’t include it in our rankings.

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(5 votes, average: 3.60 out of 5)

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MARK said:
on October 13th at 01:26 am

This bank (SFGI Direct, a division of Summit Community Bank of W.Va) does not allow for beneficiaries on any of it’s accounts.
Please protest this insidious trend in online banks.
Eliminating a proper designation on an account does not serve us as customers, and can not possibly save the bank much in costs.
Regardless, it sets a dangerous precedent, and should not be tolerated.
Cliff said:
on October 14th at 10:17 am

SFGI Direct has got to be missing out on alot of investment monies ( mine being one ) by not allowing for beneficiaries on their accounts. I will not have my investments placed in PROBATE to save this bank a little paper work.
Lenora said:
on October 18th at 02:13 pm

Thank you both for stating the info about not allowing beneficiaries. It saved me a lot of time as I am on the hunt for renewing a CD today. I agree – no beneficiaries – no account from me.
Deanna said:
on October 19th at 12:53 pm

I went ahead and opened an account at 2.25%, I was willing to go without beneficiaries….
Monica Knott said:
on October 22nd at 11:31 am

No way without a beneficiaries. I never hard about this before. Just remember that everything could happen
Linda Montoya said:
on January 22nd at 10:46 am

I was just about to open an account..not now. Thank you for the information! No beneficiaries…no money from me..