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 (See this outdated post from a few years ago.)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
Had an account with this bank, this bank is dishonest in every way, very poor customer service, stay away from these people and bank, FAR AWAY
Really enjoying Primis so far. No issues except one linking my external account which they fixed quickly. Customer service has been great. Just got invited to their referral program which is also nice.
I was able to ACH out large amount for a higher paying CD at another bank. No issues at all so far with Primis.
I am glad that there was no bank run from previous posts here. And hope they unfreezed everyone’s account.
Primis allows new account application again. Lol…
Do you recommend it?
For days now, when I try to log in using the app or the website it says that the portal is down. Anyone else is having this problem?
No, I always use https://digital.primisbank.com/login to log in and there is no issue.
Similar problem. Don’t have the app but getting the same message on desktop. The login redirects from https://digital.primisbank.com/login to https://digital.primisbank.com/maintenance-mode. I contacted customer service for a timeline.
Started from yesterday, my transfer (2x6K ACH out) couldn’t be executed. They are still in “scheduled” status. I called CS, but CS told me there is nothing blocked.
If anyone wants 3 months of 5.3% at Marcus MM by Goldman Sachs (must be a new account) send me a message at hbs_rjm@hotmail.com we both get that rate for 3 months it’s better than a CD as you’re not locked in and there’s no minimum or maximum dollar amount.
I hope the rest of you get as much of of kick out of this as I do. From my inbox 15 minutes ago (8/17/23):
“We are notifying you that we will be closing your Primis bank account(s) ending in XXXX. We will attempt to send any remaining balances back electronically to your account of origin (the account used to fund your Primis account). If we are unable to do so, we will issue a cashier’s check for any remaining balances and send directly to the mailing address on file. If you have any questions about this, our digital banking team is available to help at digitalcustomercare@primisbank.com.”
This follows the closure of my checking account last month, which occurred mere weeks after they had frozen my account, days after I had transferred my full HYSA balance from another bank. See previous posts of mine since May for reference.
Shills aside (and there appear to be plenty in these comments, namely one starting with a “D”), I hope those of you with a more positive experience continue to have better luck. As for me—BULLET DODGED.
Slightly different question. I have an existing account with them for past 6 months and I am not able to access my account for past 1 week. It throws this error ” The portal is currently down. We’re working to create the best customer experience for you. We apologize for any inconvenience. Please try again later.
Where are you logging in from? I haven’t had any issues from the app, and I just logged in from the website, no errors
Applied and it went pending. Anyone know how long their application took once applied?
It should take about 2 business days or longer if you applied on weekends.