Update 2/17/23: Primis announced that new customers will only get 4.35% APY. Existing customers who got in while it was 5.03% APY will be grandfathered in for the time being (duration unknown).
You were one of the first – and you deserve the best.
Thanks for being one of the first customers to take advantage of our Primis Premium Checking. You’re earning the top-notch annual percentage yield (APY) of 5.03% and we’re glad you’re here.
Soon, you may see on our website that our APY is changing to 4.35%. This will not apply to you. As an early adopter of our digital platform, you will continue to earn 5.03% APY. While our rates are always subject to change, we want to currently hold your rate at the highest level possible.
Original post:
Primis Bank is relatively unknown, but is sure to gather some new deposits with their 5.03% APY Premium checking and 5.03% APY Primis savings accounts (rate as of 1/31/23).
Premium Checking details:
- 5.03% APY as of 1/30/23.
- No minimum balance requirement.
- Open with just $1.
- Must open online.
- Free cashier’s checks and starter pack of checks.
- Free ATM rebates.
Primis Savings details:
- 5.03% APY as of 1/30/23.
- No minimum balance requirement.
- Open with just $1.
This is notable as it breaks the 5% barrier as a non-“rewards” checking account and there are no minimum debit card usage requirements. Found via DepositAcccounts. I don’t see any maximum deposit limit on the APY either, but keep in mind that there is no rate guarantee on these checking and savings so the rate can change at any time in the future.
Added: Reader Adam says to make sure to download the “Primis Digital Mobile App” and not the other one which applies to their physical branch accounts (their two systems are currently separate). You may have issues syncing your existing bank (or Personal Capital) with Primis because they try to log into the physical branch account interface and not their online-only accounts.
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That no Maximum Amount is key to know.
I’m trying to chat with them and get an answer but they have long hold/wait times for their chat. I’m number 14 in line right now! Will follow up if I hear anything.
So, after waiting an hour+, I finally got my question asked.
[12:55:56pm] Paula:
Thank you for contacting Primis. My name is Paula. May I have your name and how can I assist you?
[12:56:07pm] CF Frost
I wanted to inquire about your Premium Checking and Saving products, paying 5.03% APY interest. Is there a maximum balance amount that can earn the 5.03 APY?
[12:58:46pm] Paula:
yes, there is no cap, our FDIC is $250,000
————————————————————
So, assuming Paula knows what she is talking about…it appears there is no cap on the amount that can earn the higher interest rate. It would be nice to see it in writing though!
I waited 3.5 hours only to be told I had to be able to receive text messages in order to login to the account I had just funded without needing to get a text message.
100% wrong .. you can do test deposits just like the old fashion way you don’t want to 5% go somewhere else
2/1/2023
I opened an account last night with $60,000 which they confirmed to me. This morning I see that they must have cancelled the transaction as there is no money in my account. I also cannot contact them as they said I am number 12 and they would call back. They never did. When I called back the phone went directly to VM.
Can a bank do this?
Did you get refunded? Maybe the bank need to verify with the other bank that the transaction is legitimate
They have a maximum transfer of 25k a day
No.
If it is that difficult to get comms, don’t think I am going to park my 100K with them. Looking for high yield savings to park 100K for about 2-3 years. What a disappointment.
I think everyone and their brother, with a little pocket change, hit up Primis yesterday after it was published here and on Doctor of Credit.
I’m just hoping other banks start to join the 5% party and there are more options in our future. Don’t knock em’ though…they probably got hammered.
I AGREE ONCE KNOW THEY ARE ABOUT THE TOP HIGH APY RATE OFFER, IT MAKES A LOT OF SENSE THAT THEY ARE GETTING HIT WITH A LARGE VOLUME OF BUSINESS. I JUST APPLIED ALSO AS SOON AS I SAW THE 5% ON TUESDAY AND CURRENTLY WAITING ON THE ”’ UNDER REVIEW ”’ . I ALSO DID TRY THE CHAT COMMUNICATION & IT WAS NOT TOO BAD ONLY ABOUT 30 MIN WAIT. THE TELEPHONE CALL BACK I BELIEVE IS A GREAT FEATURE TO HAVE, THAT IS IF THEY ARE ABLE TO REALLY GET BACK TO YOU. SO I AM TRYING TO BE PATIENT & UNDERSTANDING THEM FOR NOW.
CA RESIDENT.
ITS A GREAT !!! TO PASS ON.
To link an external account, Primis asks for user name and password of your external bank. There are no other options. I will absolutely NOT provide anyone with my banks user name and password!
IS THIS NORMAL ? DOES EVERYONE GO THRU THIS PROCESS ?
I SUBMITTED: TUESDAY JANUARY 31.
Primis Savings: Under Review
Our review process can take up to 2 business days. You will receive an email when the process is complete.
TONIGHT, I WENT ON THE CHAT “””INSTANT RESPONSE””” & THE LATER OR EARLIER YOU CONTACT THEM THE FASTER THEY ANSWER YOU, EVENTHOUGH THEY ARE VERY BUSY & THE CALLS SHOULD BE AS SHORT AS POSSIBLE.
HOPE THIS HELPS…….
APY IS GREAT !!!
Thanks to Jonathan again for the post.
Just opened the Primis Premium Checking (5.03% APY) online and link to external and made a transfer.
Entire process very easy and less than 10 min.
Hard to believe a checking account rate this high and no DD or Debit required. Really?
Agreed, does anyone know if there is another way to deposit/ transfer money?
I too had problems with Primis. Went through all the steps to open an account but after a week of “Account under review”, I cancelled my application. If a bank is this difficult to work with during the account-opening phase, what will they be like down the road? No thanks.
Just open up a Primis savings account. Easy to open and funded with initial $50K. it was easy and fast. However, I am not comfortable giving them my user name and password for the funding bank account but that was the only choice. I prefer micro-deposits which are more secure and reliable. I will change the password once I am done funding the account.
I transferred 100K without a hitch the day this offer was published here. Application was easy as heck, well organized and I was approved in 5 minutes. My money showed up in the account on hold (ACH from Chase) the following morning. Hold was released in a few days and their communications have been clear and on time.
I suppose they are overloaded.
Rate dropped to 4.35% today. Feels now like a bait and switch!!
Existing customers still get 5.03%
Correct. Just got THIS in an email today:
You were one of the first – and you deserve the best.
Thanks for being one of the first customers to take advantage of our Primis Premium Checking. You’re earning the top-notch annual percentage yield (APY) of 5.03% and we’re glad you’re here.
Soon, you may see on our website that our APY is changing to 4.35%. This will not apply to you. As an early adopter of our digital platform, you will continue to earn 5.03% APY. While our rates are always subject to change, we want to currently hold your rate at the highest level possible.
Congratulations on being a banking trailblazer. Our goal is to continue to impress you and create a long-standing relationship.
Thank you,
Your Primis Team
Thanks for this, I didn’t get this email, but I logged into my online account and still see at 5.03%.
Why did the rate drop 2/17/23 now down to 4.35%? They were only at 5.03% for a few weeks??
Guess the bank has reached its fund raise goal
I can not get pass, “enter your parties extension number” what is the extension? is this a legit bank? i cancelled my application because i cant get pass this option
Ha. This is the second deal I’ve miss already along with the mad Chase bonus. Oops. I guess there’s always the next train.
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