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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

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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Feb 01, 2023 09:17 AM
3,540 Posts
Joined Dec 2017
canyonheights9Feb 01, 2023 09:17 AM
3,540 Posts

Our community has rated this post as helpful. If you agree, why not thank canyonheights9

Quote from BarackHObama :
Folks, buy short term bonds. You can get 4.8% or so without all this hassle.
Better yet - treasures,, no state income taxes. Use treasurey direct or any no fee brokerage house.
1
Feb 01, 2023 09:25 AM
3,540 Posts
Joined Dec 2017
canyonheights9Feb 01, 2023 09:25 AM
3,540 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.
Fdic works almost instantly.
Feb 01, 2023 10:23 AM
842 Posts
Joined Apr 2006
Corporate ThugFeb 01, 2023 10:23 AM
842 Posts
Secondary markets are offering a hair over 4.5% for mid-May maturity Treasury Bills
Feb 01, 2023 10:30 AM
1,480 Posts
Joined Jun 2007
David36Feb 01, 2023 10:30 AM
1,480 Posts
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.
Oh that kills it !!!! They wanna lock your $ in.
Feb 01, 2023 10:32 AM
1,480 Posts
Joined Jun 2007
David36Feb 01, 2023 10:32 AM
1,480 Posts
Quote from Bunduckie :
6 transactions is standard for majority of high yield savings accounts with banks
It's a gov rule. No bank can change it.
1
Feb 01, 2023 10:43 AM
87 Posts
Joined May 2020
kazuya_MishimaFeb 01, 2023 10:43 AM
87 Posts
Quote from tearyprince :
I find their executive bio's very bizarrely written... FDIC insured doesnt mean they wont collapse soon
dont they have 100 years to pack you back anyone with FDIC?
3
Feb 01, 2023 11:25 AM
4,028 Posts
Joined Jul 2010
mitchfloridaFeb 01, 2023 11:25 AM
4,028 Posts
Quote from fubag :
fking insanity on SCE rates in SoCal; bill up easily 20% for same kwH used last year wtf
Thats because of evil climate change. Natural gas usage will doom us all in two or less years. How dare you?
Last edited by mitchflorida February 1, 2023 at 05:15 AM.
3

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Feb 01, 2023 11:41 AM
3,348 Posts
Joined Nov 2010
bchillFeb 01, 2023 11:41 AM
3,348 Posts
Quote from cgigate :
What $75k comes from? FDIC insures $250K for individual account or $500K for jointed account
They pay the higher rates up to 75k in Money Market.
1
Feb 01, 2023 11:43 AM
3,348 Posts
Joined Nov 2010
bchillFeb 01, 2023 11:43 AM
3,348 Posts
Quote from Robbie4488 :
Can you explain? They are currently 4.5% for first $15k and 0.5% beyond $15k. For $75k that averages to 1.3%.
Check out the Money Market it is 4.25 up to 75K.
Feb 01, 2023 12:29 PM
34 Posts
Joined Nov 2020
SmilingManatee958Feb 01, 2023 12:29 PM
34 Posts
Quote from David36 :
Oh that kills it !!!! They wanna lock your $ in.
Move money using external hub bank.
Feb 01, 2023 12:30 PM
326 Posts
Joined Aug 2008
borravenFeb 01, 2023 12:30 PM
326 Posts
Quote from BarackHObama :
Folks, buy short term bonds. You can get 4.8% or so without all this hassle.
How do we buy them ?
Original Poster
Feb 01, 2023 12:46 PM
4,720 Posts
Joined Mar 2005
thegman230
Original Poster
Feb 01, 2023 12:46 PM
4,720 Posts
This thread is not about govt bonds, t-bills, brokered accounts, secondary markets, crypto, advice about what to invest in, climate change, or anything else unrelated to the actual bank and deal posted. Please respect that. Every single thread about a good rate from a bank is littered with this garbage. If you want to talk about those things then create a new topic in the community forum finance thread. It is tiring for others and myself having to read and blow by posts in other threads and this one that having nothing to do with the actual title and post of the thread.
Last edited by thegman230 February 1, 2023 at 05:56 AM.
1
Original Poster
Feb 01, 2023 12:51 PM
4,720 Posts
Joined Mar 2005
thegman230
Original Poster
Feb 01, 2023 12:51 PM
4,720 Posts
Quote from discostu :
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?
According to the VERY nice US rep I spoke with for over 30 minutes asking questions to vett them, interest in calculated, compounded and credited daily. Didn't ask about closure fees however
Original Poster
Feb 01, 2023 12:52 PM
4,720 Posts
Joined Mar 2005
thegman230
Original Poster
Feb 01, 2023 12:52 PM
4,720 Posts
Quote from Bunduckie :
Is this open to all states?
Yes, nationally
1

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Feb 01, 2023 01:09 PM
17 Posts
Joined Apr 2017
maguna23Feb 01, 2023 01:09 PM
17 Posts
Quote from BarackHObama :
Folks, buy short term bonds. You can get 4.8% or so without all this hassle.
Bonds serve a completely different purpose than checking and savings account, and horrible advice to tell someone to move their savings into bonds without understanding their full picture. I wish users could vote to delete reckless comments like this.
2

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