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expiredthegman230 posted Jan 31, 2023 03:16 PM
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expiredthegman230 posted Jan 31, 2023 03:16 PM

Primis Bank: Open a Savings Account, Get

($1 minimum deposit)

5.03% APY

479 Comments 135,704 Views
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Deal Details
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

Written by StrawMan86 | Staff
  • About this deal:
  • Please refer to the forum thread for additional details & discussion. -StrawMan86

Original Post

Written by thegman230
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
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

Written by StrawMan86 | Staff
  • About this deal:
  • Please refer to the forum thread for additional details & discussion. -StrawMan86

Original Post

Written by thegman230

Community Voting

Deal Score
+63
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Top Comments

kickflip
63 Posts
10 Reputation
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.
SharpMeat9093
49 Posts
22 Reputation
I'm getting tired of moving my money around chasing the APY. They should be coming up again after tomorrow's FED meeting too.
cuoreesitante
2022 Posts
711 Reputation
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

478 Comments

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Jan 31, 2023 07:15 PM
2,022 Posts
Joined Aug 2008
cuoreesitanteJan 31, 2023 07:15 PM
2,022 Posts

Our community has rated this post as helpful. If you agree, why not thank cuoreesitante

Quote from tearyprince :
Get money back when..2 years?
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
2
Pro
Jan 31, 2023 07:30 PM
2,978 Posts
Joined Sep 2011
E4300
Pro
Jan 31, 2023 07:30 PM
2,978 Posts
Nice rate, given short term treasuries (state tax exempt) are yielding 4.2-4.4%. Fed should raise 50 each month till we hit +5%. Then hold till there is blood in the street. Gas is already heading up. Don't expect real inflation on stuffs that you need to fall below 5% with sub 5% fed fund rate. But we know that the FED = bankers who crave for cheap $ forever.

The TOTAL cost of 1kWh of electricity in S Cal is around 35 cents. There are taxes for wild fire, clean energy, etc...
6
Jan 31, 2023 07:41 PM
4,028 Posts
Joined Jul 2010
mitchfloridaJan 31, 2023 07:41 PM
4,028 Posts
They can lower this rate at any time with no notice. It doesn't seem sustainable.
2
Jan 31, 2023 07:46 PM
520 Posts
Joined Feb 2018
cattlet1Jan 31, 2023 07:46 PM
520 Posts
People should read the details. MySavingsDirect requires 60 day advance written notice of any intended withdrawal before you can get your funds. These guys look like a regular bank, and probably won't have such crazy restrictions.
Last edited by cattlet1 January 31, 2023 at 01:13 PM.
2
Pro
Jan 31, 2023 07:49 PM
2,978 Posts
Joined Sep 2011
E4300
Pro
Jan 31, 2023 07:49 PM
2,978 Posts
Quote from mitchflorida :
They can lower this rate at any time with no notice. It doesn't seem sustainable.
True, but your $ will disappear the next day with one mouse click.
2
Jan 31, 2023 07:54 PM
148 Posts
Joined Oct 2011
blackmarlin8Jan 31, 2023 07:54 PM
148 Posts
I opened SallieMae 27 month CD vi savebetter for 5%.
I wish someone offer same rate for 5 or 10 yr
Jan 31, 2023 09:03 PM
3,080 Posts
Joined Nov 2013
okaythenJan 31, 2023 09:03 PM
3,080 Posts
Will this bank drop the rate to very low after 6 or 12 months etc? then I have to move money again?

If FED raise the rate, how many days afterwards can we expect banks to raise the rate for savings account/CDs?
1

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Jan 31, 2023 09:11 PM
11 Posts
Joined Nov 2012
wsuoneJan 31, 2023 09:11 PM
11 Posts
Quote from fubag :
No limits using external ach tranfers...non issue for me using outside hub accounts
What account do you use for your hub account? I'm looking to get a new one. Schwab isn't cutting it here anymore.
Jan 31, 2023 09:11 PM
1,782 Posts
Joined Feb 2006
Shadow RiderJan 31, 2023 09:11 PM
1,782 Posts
why is 5% too good to be true? risk free rates are 4% these days I'd open one if they had a sign up offer otherwise its not even worth it these days
Jan 31, 2023 09:17 PM
1,292 Posts
Joined Feb 2011
indiaj0nesJan 31, 2023 09:17 PM
1,292 Posts
I worrry about cyber security which is not covered by FDIC
Jan 31, 2023 09:30 PM
6,051 Posts
Joined Aug 2010
gamingdroidJan 31, 2023 09:30 PM
6,051 Posts
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.
I just moved to a "bank" (really fintech company that puts it in an FDIC insured bank) that stays consistent with fed increases. They like increase the rate day of or next day. Far less hassle than chasing APYs and opening accounts everywhere and transferring funds.
3
Jan 31, 2023 09:36 PM
922 Posts
Joined Jul 2007
fubagJan 31, 2023 09:36 PM
922 Posts
Quote from wsuone :
What account do you use for your hub account? I'm looking to get a new one. Schwab isn't cutting it here anymore.
Ally next day transfers no limits works great for most
Jan 31, 2023 09:40 PM
399 Posts
Joined May 2004
buyitusedJan 31, 2023 09:40 PM
399 Posts
any idea if the business savings account pays the same? i couldn't find that info on the site. I am getting 3.5% from live oak bank for my business savings, which is the best i've found.
Jan 31, 2023 09:46 PM
3,206 Posts
Joined Feb 2004
mnsweepsJan 31, 2023 09:46 PM
3,206 Posts
in a few weeks, they will drop the interest to 1%..
3

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Jan 31, 2023 09:49 PM
11,148 Posts
Joined Dec 2007
boosterjmJan 31, 2023 09:49 PM
11,148 Posts
Quote from gamingdroid :
I just moved to a "bank" (really fintech company that puts it in an FDIC insured bank) that stays consistent with fed increases. They like increase the rate day of or next day. Far less hassle than chasing APYs and opening accounts everywhere and transferring funds.
Which one is that?

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