Subscribe
Notify of
guest

980 Comments
newest
oldest most voted

Mike Baker
Mike Baker (@guest_1872435)
July 10, 2024 16:43

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.

Mike Baker
Mike Baker (@guest_1873002)
July 11, 2024 15:21

By the way, Primus 6% Novus checking has increased the max to $100K

James
James (@guest_1873368)
July 12, 2024 00:45

Does it only work for new customers or existing customer can add fund up to $100K ? Thanks.

S
S (@guest_1873394)
July 12, 2024 02:40

existing can fund up to $100k for the remainder of their 6 month boosted period

Megan
Megan (@guest_1868006)
July 2, 2024 01:15

Had a $1,200 push from Schwab during the June statement cycle and I only got 4.25% APY.

PaulinTexas
PaulinTexas (@guest_1872267)
July 10, 2024 11:12

Megan Sorry that happened to you. My guess is your Schwab push was next day instead of a future date (2+ days) so Primis failed to recognize it as a DD.

Can anyone else verify if Schwab still works or not?

vic torr
vic torr (@guest_1860657)
June 17, 2024 10:35

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?

JD
JD (@guest_1861239)
June 18, 2024 13:53

Received the same rejection today, applied yesterday

Josh
Josh (@guest_1862579)
June 20, 2024 22:51

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.

PaulinTexas
PaulinTexas (@guest_1853569)
June 1, 2024 13:39

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

Bulba
Bulba (@guest_1854367)
June 3, 2024 14:47

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?

PaulinTexas
PaulinTexas (@guest_1854424)
June 3, 2024 16:36

Bulba What are you using as a DD now – work/payroll or alternative?

Bulba
Bulba (@guest_1854530)
June 3, 2024 22:07

Chase personal checking – ACH 2 day transfer

PaulinTexas
PaulinTexas (@guest_1854970)
June 4, 2024 19:41

Bulba Please confirm the date you started to get 6% on your account.

Bulba
Bulba (@guest_1856970)
June 7, 2024 11:13

March 16th I believe

PaulinTexas
PaulinTexas (@guest_1856981)
June 7, 2024 11:35

Bulba Great. There isn’t a new rule. I was just asking the question because they never defined what qualified as a DD. Since your Chase deposit is currently working nothing should change for you.

So, you are confirming that Chase Personal checking – ACH 2-day transfer works as a DD for this promotion, right?

Bulba
Bulba (@guest_1860272)
June 16, 2024 10:42

Yep, seems like personal chase 2 day ach transfers are still working. Showing 6% as of June 16th.

PaulinTexas
PaulinTexas (@guest_1852495)
May 30, 2024 19:21

For anyone looking to add funds or initially fund a Primis account.

You can “double dip” interest over a weekend/holiday if you pull funds into Primis on a Friday around 5/6 PM EST. Just link or, use an existing linked external account in Primis (limit of 3) and schedule the transfer.

Primis credits your account (current balance) when the deposit is scheduled/made but, the funds won’t be pulled from your funding account until Monday/Tuesday (if Mon is a holiday). This gives you an extra 3/4 days of interest at Primis & your funding account.

This Friday would be perfect for folks wanting to add additional funds.

Winner winner chicken dinner

PaulinTexas
PaulinTexas (@guest_1853574)
June 1, 2024 13:47

Yeah, this didn’t work like I thought it would. I forgot Primis has a $6K transfer limit in/out & an $18K daily transfer limit. So, I ended up using three $6K transfers on 5/31 & will transfer the remaining $32K on Monday.

PaulinTexas
PaulinTexas (@guest_1852388)
May 30, 2024 16:44

EARN 6.00% APY* ON UP TO $100,000.

 

Your Novus account with Primis is first-in-class and we’re committed to keeping it that way. We’re glad you’re here and we’re consistently evolving our offering to give you more. 
 
That’s why we’ve increased the maximum balance on Primis Novus’ preferred rate. You’ve recently seen updated account terms within your app. We clarified our direct deposit requirements to make them easier to understand, and we increased the amount that we’ll pay the boosted rate on. 

Before, we paid a boosted 6.00 APY* (annual percentage yield) for six months on balances up to $50,000 when the direct deposit requirement was met. Now, we’re paying on up to $100,000 for the remainder of your intro 6-month period. Questions? Email us and we’ll make sure you’re squared away. 

Just got this in an email  Chuck Here’s the updated Info for new customers: Primis Novus Checking – Primis Bank

Bulba
Bulba (@guest_1852439)
May 30, 2024 18:27

Would be cool if they extand that 6 months period

Morgan
Morgan (@guest_1851368)
May 29, 2024 09:32

Sorry when is the “statement cycle”? If direct deposit hits on the 15th, will cycle begin on the 1st the following month?

S
S (@guest_1851652)
May 29, 2024 18:13

their statements cycle on the 16th, so you want your dd to hit each month between the 16th and 15th (so for example, if you open on June 1, you have until July 30 to receive at least one direct deposit of $1200+ – if it’s received on 7/30, your 6% rate would start on 8/16 when the statement cycles and you would want your account balance to be $50k by 8/15 to make sure you’re earning the full amount for the whole six months- and you will need to receive a direct deposit of $1200+ each month for the following six months to keep the rate- if it stops at any point, you lose the rate boost and can’t reinstate it)

PaulinTexas
PaulinTexas (@guest_1851654)
May 29, 2024 18:18

Morgan The statement cycle is the 15th of each month. Since they pay interest on the 16th the deposit on the 15th might qualify for the current cycle? You have 60 days to figure it out but I don’t recommend waiting until the last day of the cycle to make a qualifying deposit.

Q
Q (@guest_1851367)
May 29, 2024 09:29

Optimized Plan for Maximizing Earnings:
-Account Opening:
June 1: Open the Primis Novus Checking account with an initial deposit of $1.
Your account is now active.
-Direct Deposit:
June 15: Set up direct deposit $1,200 to qualify for the boosted APY. Ensure that your direct deposit is active within 60 days.
-Initial Deposit:
June 28: Deposit $48,799 into your account. Your total balance will be $50,000.
This ensures you’re close to the boosted APY period without exceeding the cap.
-Boosted APY Period:
July 1: Your interest rate will be boosted on the next statement cycle after your direct deposit of $1,200 or more hits your account.
For the next 6 months, you’ll earn 6.00% APY on up to $50,000 of your balance as long as monthly direct deposit is maintained.
Withdrawals:
July 11: Withdraw $1,400 from your account to stay under the cap.
August 12, September 12, October 12, November 12, December 12: Repeat the withdrawal of $1,400 each month.
Adjust withdrawals as needed to maintain the balance below $50,000.
After the Boost:
December 31: After the initial 6-month boost, your entire balance shifts to a variable interest rate of 3.93% with an APY of 4.00%.
Your account remains fee-free, and there’s no minimum balance requirement.
Revised Summary:
June 1: Open with $1.
June 15: Set up direct deposit.
June 28: Deposit $48,799.
July 1 (and next 6 months): Enjoy 6.00% APY on up to $50,000.
July 12 and subsequent months: Withdraw $1,400 to stay under the cap.
After 6 months: Move money or continue earning at lower 4.00% APY.

JB
JB (@guest_1853533)
June 1, 2024 12:46
  Q

By “June 15: Set up direct deposit.”, do you mean have the first direct deposit hit on that day?

Also, why would you withdraw the $1,400 to stay under the cap? Wouldn’t you just withdraw the excess over $100,000 each time your monthly interest is deposited?

Eric 🔗
Eric 🔗 (@guest_1853546)
June 1, 2024 13:08
  JB

JB,

I presume that Q withdraws $1400 each month to account for the DD ($1200) + the interest received each month ($250). I’m not sure how they got $1400 instead of $1450 though.

Also, they wrote a $50K cap but you wrote $100K. Maybe you have different terms than they do.

JB
JB (@guest_1853561)
June 1, 2024 13:23

That makes more sense even though there is still a $50 difference not accounted for. And good point as the promo has been increased to 100k.

Jennifer ✝️🦁🕊️🙏🐘
Jennifer ✝️🦁🕊️🙏🐘 (@guest_1848452)
May 22, 2024 18:24

Is there anything besides schwab that works for dd here?

PaulinTexas
PaulinTexas (@guest_1849019)
May 23, 2024 11:28

Pretty sure a TD deposit will work but can’t confirm yet. Will use TD for my next deposit in June and I’ll report back with results. Can anyone else confirm TD works?

Eric 🔗
Eric 🔗 (@guest_1849023)
May 23, 2024 11:32

PaulinTexas,

If I was you, I wouldn’t make a change to your DD. See the below comment for a warning.

https://www.doctorofcredit.com/high-interest-savings-to-get/#comment-1832976

PaulinTexas
PaulinTexas (@guest_1849038)
May 23, 2024 11:51

Eric That’s funny, that is Jennifer ✝️🦁🕊️🙏🐘 post. So, she already knows TD works. As she describes the problem was caused by switching to a Sofi deposit. So, there is confirmation from Jennifer & https://www.doctorofcredit.com/high-interest-savings-to-get/#comment-1824080 that TD works. So, I don’t see an issue going from one confirmed DD method to another.

Hey, but thanks for the heads up.

Eric 🔗
Eric 🔗 (@guest_1849261)
May 23, 2024 19:08

Trust me, I noticed the irony.

Jennifer ✝️🦁🕊️🙏🐘
Jennifer ✝️🦁🕊️🙏🐘 (@guest_1849333)
May 23, 2024 21:06

No, I need to try a different dir dep because after I switched to sofi, I lost my 6% rate. Then I went back to using Treasury direct, but my rate wasn’t reinsated. So, either treas dir stopped working, or, if you use a dir dep that doesn’t work, you can’t re-establish it. Either way, I closed the account. I should have tried wise, but was irritated so I wasn’t thinking clearly, and just closed it.

Out of curiosity, I wondered if I could just open a new novus account, since they don’t pull chex for subsequent accounts, there was no harm in trying. It worked, and I opened a second novus account, no problem.

Well last month, I used treasury direct. Unfortunately, my rate is still 4%, where it should have updated on the 16th. I kept checking without trying another method to see if maybe they were late in updating like another person commented, but unfortunately it’s still 4%.

So, again, maybe treasury direct no longer works, but maybe it does but could be that even though they allowed me to open another account, they won’t allow me to get the 6% on a subsequent account.

That is the dp I am trying to be, but I’m not going to know unless I know what works. Before I once again close the account and give up, I wanted to try a known current working dir dep. Unfortunately I don’t have schwab, which seems to be what everyone is using.

PaulinTexas
PaulinTexas (@guest_1849375)
May 23, 2024 23:01

Rundell Can you reconfirm if TD still works for Primis? It would really help Jennifer ✝️🦁🕊️🙏🐘 answer an important question on what’s happened & happening with her accounts. It will also provide additional clarity for me as I switch to TD as my DD method. Thanks 😊

Rundell
Rundell (@guest_1849482)
May 24, 2024 09:07

Not sure if this helps but I only did TD two times, the last time it hit on 3/19. I then switched to using Merrill Edge and I’m still getting 6%.

PaulinTexas
PaulinTexas (@guest_1849538)
May 24, 2024 11:25

Rundell Thanks for the DP!

Jennifer ✝️🦁🕊️🙏🐘 You definitely lost your original rate due to the Sofi deposit “…the required direct deposits 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”.

You’re probably correct that Primis noticed you had a previous account & will not let you double-dip, sort of speak, although that would be a fantastic DP if you could!

I will use TD this cycle for my DD. If it still works (99% confidence) then you can’t double-dip. If it doesn’t work…then you still won’t know for sure. Your time to meet the 60-day DD requirement is running out so you should try and cultivate another DD source ASAP just to cover your tracks & maybe provide another DP.

Jennifer ✝️🦁🕊️🙏🐘
Jennifer ✝️🦁🕊️🙏🐘 (@guest_1849668)
May 24, 2024 15:20

Yeah, i was hoping someone would say fidelity worked or wise worked, because I have both of those.

I’ve had a lot of trouble with primis, multiple catastrophes that I have never experienced with any other bank, so it wouldn’t surprise me if you COULD just open a second account and get the 6% a second time, which is what I was attempting, but doesn’t seem like they are that stupid after all because I think Treasury direct should have worked since it worked my first month.

However since nobody has provided a working dp that I already have, I actually decided last night to just shift my money to a 6% account with debit card requirements instead.

I was only looking for an account that I could use as my main checking account, and I preferred primis since I hate doing the debit card requirements, but primis novus is only for 6 months anyway (unless I was able to just keep opening new accounts which is what I was hoping for (again, I have a very low opinion of primis so the expectation wasn’t out of the realm of possibilities).

S
S (@guest_1853623)
June 1, 2024 15:37

i got the impression from their terms and talking to a csr that if you drop direct deposit at any point after it’s activated, you lose the 6% rate: “As long as the direct deposit of $1,200 is maintained, you’ll enjoy the boost for 6 months.” and “$1,200 direct deposit needs to be maintained at least once per statement cycle during the promotional period in order to continue receiving the boosted rate.”

PaulinTexas
PaulinTexas (@guest_1860280)
June 16, 2024 11:22

Eric Switching my DD from Schwab to TD worked as I still have the 6% rate.

Now Jennifer ✝️🦁🕊️🙏🐘 knows for sure why opening a second account didn’t work to get back the lost 6% on the original account. The DD was valid, but Primis wouldn’t let her start a second promotion.

It was worth a try! If it had worked, then all of us could close/reopen a Novus account and start a new 6-month promotion.

Jennifer ✝️🦁🕊️🙏🐘
Jennifer ✝️🦁🕊️🙏🐘 (@guest_1860322)
June 16, 2024 14:22

@PaulinTexas –
Thanks for confirming. I didn’t really have anything to lose since there isn’t additional chex pulls, so I figured it was worth a shot. Didn’t work the way I hoped though unfortunately.

RocDoc
RocDoc (@guest_1847481)
May 20, 2024 23:00

Primis is only available for US citizens or permanent resident.