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Primis Bank: Open a Savings Account, Get EXPIRED

5.03% APY
($1 minimum deposit)
thegman230
+63 Deal Score
121,067 Views
Primis Bank is offering their Primis Savings Account at 5.03% APY with $1 minimum deposit.

Thanks to Community Member thegman230 for posting this deal.

Note: APYs are subject to change at any time without notice.

Key Features:
  • A straight-forward interest rate: 4.92% with an annual percentage yield (APY) of 5.03%.
    • APY effective 01/30/2023, no minimum balance required to obtain APY and fees may reduce earnings. This account is only available online. To open a comparable account at a branch visit a location near you (Maryland & Virginia).
  • Open for just $1
  • Free services, like incoming wires
  • Easy, simple banking
  • No Minimum Balances
  • No Service Fees
  • No Transaction Limits

Editor's Notes & Price Research

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  • About this deal:
  • Please refer to the forum thread for additional details & discussion. -StrawMan86
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Original Post

Written by
Edited February 1, 2023 at 03:54 PM by
Sounds too good to be true. Anyone have any experience with this bank? This is that crazy high rate for a liquid account. Applies to both savings and checking accounts below.

Savings:

https://primisbank.com/personal-savings/


Checking

https://primisbank.com/primis-premium/

Savings account disclosure: Thanks Johnzm
https://imgur.io/cwXbJ7s
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But CFG Bank has limits according to their website:
Once funding occurs the daily external transfer limit for the CFG High Yield Money Market Account is $5,000. Your external transfers may not exceed $30,000 in a 30-day rolling period.
·
I'm getting tired of moving my money around chasing the APY. They should be coming up again after tomorrow's FED meeting too.
·
Nope, usually paid out within a few business days.

FDIC official website has a section for concernicus folks like you specifically:
https://www.fdic.gov/consumers/co...tions.html
·

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Joined Feb 2019
L2: Beginner
> bubble2 28 Posts
14 Reputation
01-31-2023 at 07:28 AM.
#1
I'm getting tired of moving my money around chasing the APY. They should be coming up again after tomorrow's FED meeting too.
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> bubble2 3,797 Posts
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Original Poster
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01-31-2023 at 07:45 AM.
#2
Quote from SharpMeat9093 :
I'm getting tired of moving my money around chasing the APY. They should be coming up again after tomorrow's FED meeting too.
Haha. They actually did this right now before the meeting to beat other banks to it. The rate is based on the almost 1 bp they are raising.

Just had a lengthy conversation with them and they do seem legit. Asked many questions as well. They have branches as well.
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Last edited by thegman230 January 31, 2023 at 07:58 AM.
Joined Feb 2005
L3: Novice
> bubble2 109 Posts
44 Reputation
01-31-2023 at 08:59 AM.
#3
https://banks.data.fdic.gov/bankfind-suite/bankfind?activeStatus=0%20OR%201&branchOffices=true&name=... [fdic.gov]

They are FDIC insured. That's a great deal. FYI this is a great site to find lots of them:

https://www.depositaccounts.com/savings/
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Joined Feb 2019
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> bubble2 28 Posts
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01-31-2023 at 09:35 AM.
#4
Quote from thegman230 :
Haha. They actually did this right now before the meeting to beat other banks to it. The rate is based on the almost 1 bp they are raising.

Just had a lengthy conversation with them and they do seem legit. Asked many questions as well. They have branches as well.
1 pb, I can only hope!
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Joined Dec 2006
L2: Beginner
> bubble2 88 Posts
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01-31-2023 at 10:04 AM.
#5
Would expect to see 3% or higher CD's but they offer less than 2.0% rates on 18-24months so would love to see prior rates at this bank for checking/savings..

https://digital.primisbank.com/br...rsonal/CDA

Would bet they will lower the 5% soon.
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Joined Dec 2005
My # is bigger than yours
> bubble2 36,174 Posts
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01-31-2023 at 10:12 AM.
#6
"This isn't just talk – we are developing programs and supporting organizations – like the Forward Foundation and Human Kind – that provide more than a hand out or even a hand up. Instead, Primis is offering a foundation on which women and girls can build their future."

I saw a similar episode of Seinfeld.... the Human Fund.
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Joined Jan 2017
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> bubble2 52 Posts
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01-31-2023 at 10:37 AM.
#7
I find their executive bio's very bizarrely written... FDIC insured doesnt mean they wont collapse soon
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Joined Jul 2007
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> bubble2 610 Posts
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01-31-2023 at 10:38 AM.
#8
meh feels like a classic bait and switch; just stick to CFG Bank for something reputable that raise their interest rates without any gimmicks
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> bubble2 1,400 Posts
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01-31-2023 at 10:50 AM.
#9
Quote from tearyprince :
I find their executive bio's very bizarrely written... FDIC insured doesnt mean they wont collapse soon
But it does mean if they collapse you will get your money back from Uncle Sam (up to the limit ofc).
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> bubble2 52 Posts
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01-31-2023 at 10:53 AM.
#10
Quote from cuoreesitante :
But it does mean if they collapse you will get your money back from Uncle Sam (up to the limit ofc).
Get money back when..2 years?
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Our community has rated this post as helpful. If you agree, why not thank

01-31-2023 at 10:53 AM.
#11
Quote from fubag :
meh feels like a classic bait and switch; just stick to CFG Bank for something reputable that raise their interest rates without any gimmicks
But CFG Bank has limits according to their website:
Once funding occurs the daily external transfer limit for the CFG High Yield Money Market Account is $5,000. Your external transfers may not exceed $30,000 in a 30-day rolling period.
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Joined Jul 2007
L5: Journeyman
> bubble2 610 Posts
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01-31-2023 at 11:06 AM.
#12
Quote from kickflip :
But CFG Bank has limits according to their website:
Once funding occurs the daily external transfer limit for the CFG High Yield Money Market Account is $5,000. Your external transfers may not exceed $30,000 in a 30-day rolling period.
No limits using external ach tranfers...non issue for me using outside hub accounts
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Joined Nov 2010
"Buy Low-Live High"
> bubble2 3,016 Posts
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01-31-2023 at 11:11 AM.
#13
Quote from tearyprince :
I find their executive bio's very bizarrely written... FDIC insured doesnt mean they wont collapse soon
Probably AI driven.
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