Update 3/17/24: They are now offering their Novus checking with 6.00% APY for 6 months on up to $50,000. Requires direct deposit of $1200 within 60 days of opening. A monthly $1,200+ direct deposit is required to keep the 6% boost; otherwise you’ll get the base rate of 4%.(ht to reader PaulinTexas)
Update 6/9/23: Seems Primis went and froze everyone’s some peoples accounts, no one really knows what’s going on. Readers suggest filing CFPB, FDIC and BBB complaints against them to spur some action.
Update 2/17/23: They are now sending out an official email confirming that the 5.03% rate will remain (at this time) for those who got the account while that rate was being advertised.
Update 2/16/23: Rate has been cut to 4.35% for both accounts. Find higher APY accounts here. For now the reps are saying that this change only applies to new accounts, and existing customers will continue to get the 5.03% rate.
Contents
The Offer
Primis Checking | Primis Savings
- Primis is offering a 5.03% APY on their fee-free checking account with no minimums and no requirements.
- Primis is also offering a 5.03% APY on their fee-free savings account with no minimums and no requirements.
Primis Bank is FDIC insured.
Our Verdict
The 5.03% savings rate tops all rates on regular savings accounts and even tops all CD rates, at the time of this writing. What I find even more remarkable is the 5.03% rate on a checking account – those rarely offer any interest at all. (See this outdated post from a few years ago.)
I don’t know much about Primis Bank but thought it worth creating a dedicated thread for discussion and reader reviews. Both of these accounts are fairly new to us (though it’s possible they’ve been around for a while and under the radar). Feel free to share your experiences. The biggest question mark is whether they’ll maintain a high rate in the long run, relative to the market.
Hat tip to reader CO
Application went “under review”, the next day saw “Access to your account has been disabled.” No email.
Just opened new Novus with 6% boost today. Initial (existing) account is still active and we will see if I get 6% on the new one too.
I opened the Novus account today. Went very smoothly. Nice insurance to have the 6% option for a while. The truth in savings doc was provided during the app and it still states the 6% as of today.
Preferred Rate
If the account requirements are met during the preferred rate
period, and your daily balance is $100,000.00 or less, the
interest rate paid on the entire balance will be 5.84% with an
annual percentage yield (APY) of 6.00%.
Account Requirements to earn preferred rate
Within 60 days of account opening, establish an ongoing
deposit of at least $1,200.00 into your Novus account. Once we
confirm you have established the required direct deposit, you will
begin earning the preferred rate on balances up to $100,000.00
at the beginning of the next statement cycle after your direct
deposit is confirmed/received for up to a maximum of 6
consecutive months provided the monthly required direct
deposits continues during the period. An eligible direct deposit
of at least $1,200 must be confirmed (received in your account)
within 60 days of account opening in order to be eligible for the
preferred rate; the required direct deposit must continue
monthly for the duration of the 6 month period to remain eligible
for the preferred rate during the 6 month preferred rate period.
At the end of the initial 6 month preferred rate period, the
preferred rate ends and the base rate applies thereafter to all
balances in the account.
Wait, this is a bit confusing. They say the 6% will kick in the next cycle after the DD requirements are met but are you already seeing 6% on the actual account? thanks
Thanks for both the replies. May I ask why 10/16, I guess their cycle run from 16th to 15th?
I dont have an account at TD, I will read this thread to see if any other works, I can do 1 real DD as well 🙂
And just to confirm, the rate is guaranteed to be 6% for the first 6 months after I do the first DD and keep doing them, right? I dont want to go through the hassle if the rate is not guaranteed.
And from what I read, they will do only 1 Chex even if I open multiple accounts, right?
thanks again!
The TIS also states “Frequency of Rate Changes: We may change the interest rate on your account at any time. Determination of Rate: At our discretion, we may change the interest rate on your account.” Both the Above Cap Rate and Base Rate have gone up and done over the course of the promotion and are currently 4.50% APY. No where does Primis state that the Preferred Rate of 6% is guaranteed.
thank you!
If I may ask I more question please. Looking at the revision history above, seems like they have been offering 6% since March of this year but I guess the amount eligible changed from 50k to 100k sometime later? Since this is the first time rates have gone down, I am thinking of waiting another 2 weeks to see if they keep it at 6% and will then decide to jump in.
Update 3/17/24: They are now offering their Novus checking with 6.00% APY for 6 months on up to $50,000
I’m pretty sure even if the rate goes down, it will still be higher than most of the competition. It’s also such an easy requirement to earn the interest rate. No extra hoops, like DC spend requirements.
Thank you very much for the history. I am currently getting 5.55 at Flagstar and 5.25 at Marcus, so this is definitely tempting considering that regular transfer do trigger the DD requirement.
I just read the scary posts from 2023 though where they suspended lot of account with bigger balances and people had to file complaints left and right and even then nothing from this bank. So still undecided about jumping in 🙂
The Primis cycle is the 15th of each month. You have to maintain the monthly DD for the six months, or the rate will drop and not come back. I used my Schwab brokerage account initially, and it works, then I switched to TD with no issues.
I only have 1 Chex pull and I have 4 accounts. If Chex was a concern, you could freeze it, apply for an account & if you get denied, unfreeze it & try again.
Is the ACH daily limit of “$18,000 (for incoming and outgoing transfers)” for combined in and out?
Is the limits for each account or the total for the customer?
I use an external account, with much higher limits, to push/pull funds to/from Primis.
thank you!
When 6% APY is over after 6 month, can I close it and open a new Novus account to get the 6% again? Or can I open 2nd Novus account to get 6%?
At this point it’s a crap shoot, but I’m rolling the dice.
The 6% rate will drop so, get it
whileif you can.Yeah I will give it a try too, thanks!
Thanks for this information, I guess with multiple accounts, we will have to meet the DD requirements for each one separately? Wondering what is your strategy? planning to do real DDs or something else? thanks
Looks like this is no longer offered. Gives a 404
Web Portal (primisbank.com)
I am glad that I saw your comment. I login to Primis and was able to open Primis Novus Checking and fund $10 from my existing Primis Premiem Checking.
I now notice the disclosure says something about “Preferred rate is only available on new money to Primis Bank”.
Does it matter that I initially opened and funded the account from my existing Primus Premium checking?
Or does that mean later on to get 6%, I must transfer money in from outside Primis (cannot internal transfer from my existing Primis Premium Checking)?
Downloaded Disclosure says:
• Preferred Rate1
If the account requirements are met during the preferred rate period, and your daily balance is $100,000.00 or less, the interest rate paid on the entire balance will be 5.84% with an annual percentage yield (APY) of 6.00%.
• Above Cap Rate1
If the account qualifications are met during the preferred rate period, a variable interest rate of 4.89% will be paid only for that portion of your daily balance that is greater than $100,000. The account APY will range from 5.00% to 6.00%, depending on the balance in the account.
• Base Rate1
When account qualifications are not met and/or after the preferred rate period ends, the variable interest rate paid on the entire balance in your account will be 4.89% with an APY of 5.00%
1 The interest rate and annual percentage yield (APY) are current as of 06/10/2024
*Preferred rate is only available on new money to Primis Bank. At the discretion of the bank, the preferred rate may be denied if the account is funded with existing funds on deposit with Primis Bank.
Yes, that’s what new money means. Chase also does the same. Some banks actually keep a record of how much you had before so you cannot transfer out and back in but most banks are not that strict.
For the 6%, does the $1200 direct deposit has to be from one single direct deposit (not total of multiple direct deposits)?
Correct, you need at least one direct deposit per statement period of at least $1,200 per deposit (also their statement cycles mid-month so you’d need the deposit to fall between the second half of one calendar month and the first half of the next, I forget the exact date when it cycles but it’s not a straight calendar month first to last).
I was able to split my SS DD at Climate First 5.32% APY, by ACHing half of it to Primis 6% APY.
It is complicated because:
First, Climate does not have repeat transfers.
Second, Primis uses MX [that I avoid] for transfers.
Third, I have to use a another bank to pull from Climate and push to Primis.
Primus accepted ACH for DDs. They answer emails too. Very good CS.
Now if someone would clue me in on the best CD and MM rates. Not Credit Unions.
By the way, Primus 6% Novus checking has increased the max to $100K
Does it only work for new customers or existing customer can add fund up to $100K ? Thanks.
existing can fund up to $100k for the remainder of their 6 month boosted period
Had a $1,200 push from Schwab during the June statement cycle and I only got 4.25% APY.
Can anyone else verify if Schwab still works or not?
If your Schwab push was in June statement cycle, even if works, won’t the 6% APY be boosted only on the next statement cycle (which might be 7/16)? Did you check after 7/16 to see if you got 6%?
New customer’s application declined! “Your application did not pass our digital banking customer due diligence and has been rejected” citing E-Funds report. But I pulled a new ChexSystems report and NO inquiry from any FI lately.
Anyone can advise?
Received the same rejection today, applied yesterday
I got the same rejection last month. I figured it was chex, but when I tried to reapply today I had to call (already had an application login but was locked from denial). They emailed me later the same lingo and that I cannot reapply.
What is an eligible DD & how is it verified?
I sent this to CS: “Could you please explain and provide examples of what is/what is not “an eligible direct deposit”? Also, do you manually confirm direct deposits on a certain date or does the system determine if a monthly deposit is eligible just prior to the close of the statement cycle (15th)?”
Answer: “An eligible direct deposit would include payroll, interest, pension, dividends, SSI, etc. ACH transfers set up from another financial institution would not be considered as an eligible direct deposit. Our team manually tracks the direct deposits coming into the Novus accounts to ensure they are true direct deposits and that they have come in before the next statement cycle begins to make sure the account has qualified to continue earning the 6.00% APY”
Not sure how interest & dividends are considered an eligible DD unless it comes from a brokerage account like Schwab – which qualifies as a DD.
I think Wise and Fidelity should work. Can anyone confirm yes/no? Any other DPs on alternative DD’s that work?
Schwab
Treasury Direct
How can we confirm if I think this is new rule with DD and we will see the change (who will qualify for 6%) 16th of June?
Chase personal checking – ACH 2 day transfer
March 16th I believe
So, you are confirming that Chase Personal checking – ACH 2-day transfer works as a DD for this promotion, right?
Yep, seems like personal chase 2 day ach transfers are still working. Showing 6% as of June 16th.