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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 135,743 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

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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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Original Poster
Feb 01, 2023 02:38 AM
4,720 Posts
Joined Mar 2005
thegman230
Original Poster
Feb 01, 2023 02:38 AM
4,720 Posts
Quote from SmilingManatee958 :
from PRIMIS fine print:
III.3. Restrictions; Limits. In most cases you may use Online Banking to gain access to deposit accounts in which you have an unrestricted right to withdraw funds. However, the Financial Institution, as it may determine at any time and from time to time in its sole discretion, may deny Online Banking account access, restrict Online Banking account transactions, or place limits on the specific dollar amount of funds that may be withdrawn or transferred from any account.
Standard lingo for all banks.
Original Poster
Feb 01, 2023 03:02 AM
4,720 Posts
Joined Mar 2005
thegman230
Original Poster
Feb 01, 2023 03:02 AM
4,720 Posts
Quote from jayadams22 :
Seems to me like nobody knows how FDIC insurance works. Your money is insured, yes. But you would collect your lost funds in what time period?

All in all, rate chasing is dumb. For the majority of people who have less than 100k in a savings account, this rate vs a Discover rate of 3.3% is negligible. Most folks also aren't keeping that kind of cash in a savings account for years. Just read up on America's emergency savings problem.
Lol ok. If you like throwing away free money good for you. Btw the majority of people in this country have less than 4k saved. On that amount it is negligible, not on 100k it is not.
Feb 01, 2023 03:04 AM
1,370 Posts
Joined Sep 2021
Wyvern1Feb 01, 2023 03:04 AM
1,370 Posts
whats the catch
Feb 01, 2023 03:05 AM
849 Posts
Joined Mar 2005
digital330Feb 01, 2023 03:05 AM
849 Posts
Previous name was Sonabank, rebranded in last March.
Feb 01, 2023 03:53 AM
372 Posts
Joined Dec 2020
HonestLlamaFeb 01, 2023 03:53 AM
372 Posts
I'm surprised I don't hear anyone mention Wealthfront in these kinds of threads.

3.8% and up to $2m FDIC because they use partner banks to store money up to $250k per institution.

Any reason not to use Wealthfront as hub account?
Feb 01, 2023 04:18 AM
318 Posts
Joined Dec 2013
humphrjmFeb 01, 2023 04:18 AM
318 Posts
Quote from HonestLlama :
I'm surprised I don't hear anyone mention Wealthfront in these kinds of threads.

3.8% and up to $2m FDIC because they use partner banks to store money up to $250k per institution.

Any reason not to use Wealthfront as hub account?
I usually move between wealthfront and ally when rates are high and low respectively
Feb 01, 2023 04:22 AM
420 Posts
Joined Mar 2016
Jacky16Feb 01, 2023 04:22 AM
420 Posts
Quote from humphrjm :
I usually move between wealthfront and ally when rates are high and low respectively
Would you lose the interest on the days the money is pending?

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Feb 01, 2023 04:22 AM
2,481 Posts
Joined Feb 2013
KevoDFeb 01, 2023 04:22 AM
2,481 Posts
Quote from HonestLlama :
I'm surprised I don't hear anyone mention Wealthfront in these kinds of threads.

3.8% and up to $2m FDIC because they use partner banks to store money up to $250k per institution.

Any reason not to use Wealthfront as hub account?
Nope. Wealthfront is great. Just make sure to get the extra 0.5% referral bonus and stack it up for a year.
Feb 01, 2023 04:30 AM
41 Posts
Joined May 2018
JohnO6777Feb 01, 2023 04:30 AM
41 Posts
Quote from bchill :
Redneck Bank is pretty good if you stay below 75K. They are always near the top.
Agreed. I'm in now for 4.25% for under $15k.
Feb 01, 2023 04:44 AM
41 Posts
Joined May 2018
JohnO6777Feb 01, 2023 04:44 AM
41 Posts
Do we dare mention that government insured Ibonds are presently earning 6.48%? Yes, there are caveats: Have to keep it for a year. Rate changes every 6 months. 3 months interest penalty for withdrawal before 5 years. Website interface is pretty awful. No app. But still…
Feb 01, 2023 04:45 AM
3 Posts
Joined Mar 2018
Day-CampPFeb 01, 2023 04:45 AM
3 Posts
Quote from bchill :
Redneck Bank is pretty good if you stay below 75K. They are always near the top.
Have had Redneck for a few years, six transactions limit per month but customer service is actual humans and they are responsive.
Feb 01, 2023 04:47 AM
922 Posts
Joined Jul 2007
fubagFeb 01, 2023 04:47 AM
922 Posts
Quote from E4300 :
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...
fking insanity on SCE rates in SoCal; bill up easily 20% for same kwH used last year wtf
2
Feb 01, 2023 04:54 AM
769 Posts
Joined Jan 2008
DizFeb 01, 2023 04:54 AM
769 Posts
Quote from JohnO6777 :
Do we dare mention that government insured Ibonds are presently earning 6.48%? Yes, there are caveats: Have to keep it for a year. Rate changes every 6 months. 3 months interest penalty for withdrawal before 5 years. Website interface is pretty awful. No app. But still…
Do we dare mention the $10k/year limitations? Sure, you can gift some, but paint the whole picture. And yes, I know what I'm talking about as I have $40k in I-bonds currently. That said, this Primis "bank" is complete trash.
1
Feb 01, 2023 05:08 AM
321 Posts
Joined Nov 2008
discostuFeb 01, 2023 05:08 AM
321 Posts
I can't find any details about the banking agreement. Anyone mind posting a pdf of the agreement? I would specifically like to find out

1) How often is interest calculated? Daily vs Weekly?
2) How often is interest credited? Monthly?
3) Are there any early account closure fees?

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Feb 01, 2023 05:13 AM
154 Posts
Joined Jun 2017
Robbie4488Feb 01, 2023 05:13 AM
154 Posts
Quote from bchill :
Redneck Bank is pretty good if you stay below 75K. They are always near the top.
Can you explain? They are currently 4.5% for first $15k and 0.5% beyond $15k. For $75k that averages to 1.3%.

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