Primis Bank Review 2024
- Overall Rating
- Pros and Cons
- Savings Review
- Premium Checking Review
- Perks Checking Review
- CD Review
- About Primis Bank
- FAQs
- Methodology
- How Primis Bank Compares
Redeem now Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Compare Primis Bank AccountsPrimis Savings Account
Bottom line: Primis Bank pays some of the best high-yield savings account and high-yield checking account rates. It also has a strong cash-back checking account. Its CD rates are fairly low. Primis is limiting itself to 1,000 new account openings total per month. If Primis has already maxed out its monthly account openings, you can add your name to a waiting list.
Primis Bank Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 4 |
| Premium Checking | 4 |
| Perks Checking | 4 |
| CD | 3.5 |
| Trustworthiness | 4 |
| Total | 4 |
Primis Bank Pros and Cons
| Pros | Cons |
|
|
Primis Savings Account Review
Primis Savings Account Start saving Primis Bank, Member FDIC Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)5.07%
Minimum Deposit Amount$1
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive interest rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- con icon Two crossed lines that form an 'X'. Interest compounded monthly instead of daily
Primis Bank pays some of the best high-yield savings account and high-yield checking account rates. It also has a strong cash-back checking account. Its CD rates are fairly low.
Product Details- 38 branches in Maryland and Virginia
- Prime Savings Account is only available online
- Interest compounded and deposited monthly
- FDIC insured
Like many online banks, Primis Bank offers a competitive savings account interest rate. You'll earn 5.07% APY, with interest compounding monthly. It takes just $1 to open an account, and there are no no monthly service fee, incoming wire fees, or limits on the number of monthly transactions (many banks charge a per-transaction fee if you go over six transactions).
Compare Today's Savings Rates
Primis Premium Checking Review
Primis Premium Checking Start banking Primis Bank, FDIC Insured. Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fees
Annual Percentage Yield (APY)5.07%
Minimum Deposit Amount$1
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive interest rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free cashier's checks
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free stop payments
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Refunds out-of-network ATM fees
- con icon Two crossed lines that form an 'X'. Limited ATM network
- con icon Two crossed lines that form an 'X'. Account not available at a Primis branch
Primis Bank pays some of the best high-yield savings account and high-yield checking account rates. It also has a strong cash-back checking account. Its CD rates are fairly low.
Product Details- 38 branches in Maryland and Virginia
- Over 30 Primis ATMs near Primis branches
- Open the Primis Premium Checking account from anywhere in the US
- Primis Premium Checking is only available online
- Can overdraw from your account and Primis won't charge you a fee
- Interest compounded and deposited monthly
- FDIC insured
Checking accounts don't usually pay interest. However, the Primis Premium high-yield checking account pays the same as its savings account: 5.07% APY with a minimum opening deposit of just $1 (and there's no minimum balance required to earn interest). The bank offers early direct deposit, so you can get cash up to two days earlier than your regularly scheduled payday. Fees for ATM transactions at non-Primis ATMs are refunded to your account the business day your statement cycle ends.
Cashier's checks, stop payments, and your first pack of Primis checks are free. There are no annual or monthly fees, overdraft fees, in-person notary fees, or incoming wire fees (domestic or international).
Primis Perks Checking Review
Primis Perks Checking Start banking Primis Bank, FDIC Insured. Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)None
Minimum Deposit Amount$1
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn $0.50 cash back on debit card purchases
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free cashier's checks
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free stop payments
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Refunds out-of-network ATM fees
- con icon Two crossed lines that form an 'X'. Limited ATM network
- con icon Two crossed lines that form an 'X'. Account not available at a Primis branch
Primis Bank pays some of the best high-yield savings account and high-yield checking account rates. It also has a strong cash-back checking account. Its CD rates are fairly low.
Product Details- 38 branches in Maryland and Virginia
- Over 30 Primis ATMs near Primis branches
- Open the Primis Perks Checking account from anywhere in the US
- Primis Perks Checking is only available online
- Can overdraw from your account and Primis won't charge you a fee
- Member FDIC
With the Primis Perks Checking account, you'll get $0.50 back on every debit card purchase (ATM transactions don't count) — but you won't earn any interest. If you typically carry a small balance and use your debit card frequently, you might come out ahead with a Primis Perks account. However, if you tend to have a higher balance and don't make many debit card purchases, you might benefit from the 5.07% APY offered by the Primis Premium checking account.
Otherwise, the two checking accounts are basically the same, with free cashier's checks, stop payments, and starter checks — plus the same $0 maintenance, overdraft, in-person notary, and incoming wire fees.
Primis CD Review
Primis CD Start saving Primis Bank, FDIC Insured. Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)1.00% to 1.80%
Minimum Deposit Amount$250
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Variety of term lengths
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties
- con icon Two crossed lines that form an 'X'. Interest compounded monthly, not daily
- con icon Two crossed lines that form an 'X'. Low interest rate
Primis Bank pays some of the best high-yield savings account and high-yield checking account rates. It also has a strong cash-back checking account. Its CD rates are fairly low.
Product Details- These Primis CDs are only available to open online
- Terms range from 6 to 72 months
- Early withdrawal penalties range from 3 to 6 months interest, depending on the term
- Interest compounded and deposited monthly
- Member FDIC
The minimum deposit for a Primis CD is just $250, which is low compared to many banks, and you can choose from an array of terms ranging from six months to 72 months. Early withdrawal penalties range from three to six months, depending on the CD term.
About Primis Bank
Primis Bank offers limited banking services, including business accounts, personal checking accounts, a high-yield savings account, and CDs. The company was established in 2005 under the name Sonabank, National Association, eventually rebranding to its current name in 2021. Headquartered in McLean, Virginia, Primis Bank offers online banking services and has 38 brick-and-mortar locations throughout Virginia and Maryland. Deposit accounts aren't available in Puerto Rico or other US territories.
Even though there are branch locations, Primis is primarily an online bank.
Customer support is available 24/7 via phone and live chat.
The Primis Bank mobile app has 4.7 stars in the Apple Store and 3.8 stars in Google Play.
Primis Bank is a Federal Deposit Insurance Corporation (FDIC) Member bank, so deposits are insured for up to $250,000 per depositor, per account ownership category.
Is Primis Bank Trustworthy?
The Better Business Bureau gives Primis Bank a B rating. The highest possible rating is an A+ but Primis has a B due to several customer complaints on the BBB website.
According to the Identity Theft Resource Center, neither Primis nor its parent company has had a data breach within the last five years. Additionally, the Consumer Financial Protection Bureau Consumer Complaint Database shows no complaints against either in the past three years.
However, a press release dated May 22, 2023, indicated that Purcell & Lefkowitz, a class action law firm, is investigating Primis Financial Corp. for potential breaches of fiduciary duty by its board of directors. No additional information is currently available.
Primis Bank FAQs
Is Primis Bank a safe bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Yes, Primis Bank is a safe bank. As an FDIC-member bank, your deposits are insured for up to $250,000 for each account ownership category. Ownership categories refer to the way you hold your funds. FDIC ownership categories include single, joint, trust, and certain retirement accounts.
Is Primis Bank an online bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Primis Bank has 38 brick-and-mortar locations throughout Virginia and Maryland, but you can opt to bank online via the bank's website or mobile app from around the US.
Is Primis Bank legit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Yes, Primis Bank is a legitimate bank. It has been around since 2005 (though it was established as Sonabank, National Association, initially). As an FDIC-member bank, deposits are protected for up to $250,000 per depositor, per account type.
Methodology: How We Reviewed Primis Bank
We rated Primis Bank's accounts and services using Personal Finance Insider's bank account methodology. We generally look at customer support, mobile apps, ethics, and other factors depending on the type of account we're reviewing. For example, we consider monthly fees and overdraft protection for checking accounts and early withdrawal penalties and interest rates for CDs.
How Primis Bank Compares
Primis Bank vs. Varo Bank
Primis Bank and Varo Bank share a few features. For example, both charge zero fees and pay competitive APYs on savings accounts, plus your cash is FDIC insured.
Varo's savings account pays slightly more, but there's a catch: You need to receive at least $1,000 in direct deposits per month and maintain a balance under $5,000 to earn the highest rate.
Primis Bank vs. Current
Primis Bank and Current both offer FDIC insurance and zero fees. Primis Bank makes it easier to grow your money with its 5.07% APY on savings and checking account balances.
Current customers earn up to 4.00%, but it's a little more complicated. You stash your cash in Savings Pods, and you're limited to three pods with a maximum balance of $2,000 each. So you can only earn interest on balances up to $6,000. Additionally, you'll need a qualifying direct deposit of at least $200 per month and a minimum balance of $2,000 to get the highest APY.
Jean Folger Jean Folger has 15+ years of experience as a financial writer covering real estate, investing, active trading, retirement planning, and retiring abroad. She is co-founder of PowerZone Trading, a company that has provided programming, consulting, and strategy development services to active traders and investors since 2004. Previously, Jean was a real estate broker, an English teacher, and a trip leader for an adventure travel company. Read more Read less Evelyn He Compliance Associate Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber. Read more Read less Top Offers From Our Partners
Betterment Cash Reserve Account New Customer Offer: Earn 5.50% APY when you open your first cash account with $10 deposit. Terms apply. A tooltip *Current promotional rate; annual percentage yield (variable) is 4.75% as of 7/31/23, plus a .75% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you'll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities. **The national average savings account interest rate is reported by the FDIC (7/17/23) as the average annual percentage yield (APY) for savings accounts with deposits under $100,000. Start SavingncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufonyxsdGspqeZnGKzqrrAp5qeZ6Cntq610maZmqabYr%2Bmwsierg%3D%3D