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.
- 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.
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 (See this outdated post from a few years ago.)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