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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 01:13 PM
465 Posts
Joined Nov 2014
userbeavisFeb 01, 2023 01:13 PM
465 Posts
Quote from FancyApparel825 :
Primus sucks
Lol ... wonder how many will get this reference. Applause
Original Poster
Feb 01, 2023 01:16 PM
4,720 Posts
Joined Mar 2005
thegman230
Original Poster
Feb 01, 2023 01:16 PM
4,720 Posts
Quote from Hawkins1 :
No offense but this whole comment seems flawed. 1) The current consensus is that the Fed will raise rates by 50 bp, not 1. 1bp is only 0.01%. 2) You had a conversation with a customer service rep and they seem legit? I actually feel bad for the person who you talked to. What could you actually ask someone?

Perhaps you should ask what their rates were 2 weeks ago? Why did they jump to 5% when they did (to beat other banks and get people to sign up)? What is their history of rate increases over the last year? How quick are they to react? Are they going to bait people with 5% and not raise again for the rest of year? Your post provides no information that helpful or relevant to people making a decision on whether to open an account here or not.
The fed will likely raise the BP by almost 100 or 1%. I was referring to the percentage point in my post and there was a typo, however it was not clear so i'm making it clear now.

As far as your other questions and comments, I've already answered those in the thread and my comments and replies to other members asking questions are extremely helpful. If you do a little reading and thinking for yourself you would see that or perhaps call them yourself and vett them.
Last edited by thegman230 February 1, 2023 at 06:19 AM.
1
Original Poster
Feb 01, 2023 01:18 PM
4,720 Posts
Joined Mar 2005
thegman230
Original Poster
Feb 01, 2023 01:18 PM
4,720 Posts
Quote from userbeavis :
Lol ... wonder how many will get this reference. Applause
Lol.. the band not the bank lol
Feb 01, 2023 01:18 PM
3 Posts
Joined Nov 2013
sergio2066Feb 01, 2023 01:18 PM
3 Posts
Quote from thegman230 :
The fed will likely raise the BP by almost 100 or 1%. I was referring to the percentage point in my post however it was not clear so i'm making it clear now.

As far as your other questions and comments, I've already answered those in the thread and my comments and replies to other members asking questions are extremely helpful. If you do a little reading and thinking for yourself you would see that or perhaps call them yourself and vett them.
1%?
You can't be serious
This should be a 0.25% or 0.50% (at most) increase today
And the highest during this raise cycle has been 0.75%, never 1%...
Feb 01, 2023 01:19 PM
95 Posts
Joined Dec 2006
rcdwvdFeb 01, 2023 01:19 PM
95 Posts
Quote from tearyprince :
Get money back when..2 years?
More like next business day
Feb 01, 2023 01:45 PM
27 Posts
Joined Mar 2015
bkbrecFeb 01, 2023 01:45 PM
27 Posts
*APY effective 01/30/2023, no minimum balance required to obtain APY and fees may reduce earnings.
I don't see anything describing what fees may reduce earnings.
Feb 01, 2023 01:56 PM
104 Posts
Joined Jan 2015
KREWfitFeb 01, 2023 01:56 PM
104 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.
You don't know us. We may all have 100K+ to rate chase. Negligible my arse.

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Pro
Feb 01, 2023 02:14 PM
2,978 Posts
Joined Sep 2011
E4300
Pro
Feb 01, 2023 02:14 PM
2,978 Posts
Quote from fubag :
fking insanity on SCE rates in SoCal; bill up easily 20% for same kwH used last year wtf
Even more brutal if you have an electric car. Cost per kWh ramps up quickly because due to higher tier pricing.
Pro
Feb 01, 2023 02:16 PM
2,978 Posts
Joined Sep 2011
E4300
Pro
Feb 01, 2023 02:16 PM
2,978 Posts
Quote from thegman230 :
The fed will likely raise the BP by almost 100 or 1%. I was referring to the percentage point in my post and there was a typo, however it was not clear so i'm making it clear now.

As far as your other questions and comments, I've already answered those in the thread and my comments and replies to other members asking questions are extremely helpful. If you do a little reading and thinking for yourself you would see that or perhaps call them yourself and vett them.
No way...these bankers masquerading as public servants will never slit their own throats. It would be a miracle if they have balls to print 50.
Feb 01, 2023 02:28 PM
1,694 Posts
Joined Dec 2007
HiiimgravyFeb 01, 2023 02:28 PM
1,694 Posts
Quote from thegman230 :
No they wont. Their previous rates have been climbing from 3.5 to 4 and now 5.
i think the question mainly is how long they hold as rate leader, nonetheless I'll be watching for a bit.
Feb 01, 2023 02:51 PM
178 Posts
Joined Jul 2009
johnsmiht11111Feb 01, 2023 02:51 PM
178 Posts
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 bp is 1 basis point which is 0.01%. Don't think they are raising it 1.0% either though.
Feb 01, 2023 03:18 PM
763 Posts
Joined Jan 2007
takhyonFeb 01, 2023 03:18 PM
763 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?
Feb 01, 2023 03:19 PM
763 Posts
Joined Jan 2007
takhyonFeb 01, 2023 03:19 PM
763 Posts
Quote from FancyApparel825 :
Primus sucks
Please elaborate
Feb 01, 2023 03:23 PM
743 Posts
Joined Dec 2011
lentmFeb 01, 2023 03:23 PM
743 Posts
Quote from thegman230 :
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
They said no closing fees.
BTW, are you saying we're getting the compound interest?

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Feb 01, 2023 03:37 PM
1,855 Posts
Joined Sep 2007
ECartmanFeb 01, 2023 03:37 PM
1,855 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 for hub account.

Vio Bank for liquid (4.17% no limits).

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