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Primis Bank Review: Small Underdog With Strong APY and Punchy Perks

Review Updated
Matt Frankel, CFP®
Cole Tretheway
By: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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 and  Cole Tretheway
Cole Tretheway
Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

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Our Banking Experts

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
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Member FDIC.

Primis Bank

Bottom Line

Virginia-based Primis Bank offers not only high-APY checking and savings accounts, but some of the most unique combinations of account features on our radar. It doesn't excel in all areas of banking, such as CDs, but this is a competitive financial institution that is worth a closer look if you're in the market for a new bank.

Pros
  • Highly competitive APYs on checking and savings accounts
  • ATM fee reimbursement
  • Unique account features
Cons
  • Branch network is small and concentrated
  • CD rates aren't competitive

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

Is Primis Bank right for you?

This bank may be a good option for you if:

  • You want to open an extremely competitive high-yield savings account.
  • You want to open a checking account with unique perks.
  • You want the option to do in-person banking in Virginia.

Bank fees

Primis Bank Fee Charge
Monthly maintenance fee $0
Non-bank ATM N/A
Overdraft $0
Outgoing wire transfers $5
Data source: Primis Bank

Savings accounts

The Primis Savings Account is one of the most competitive products on our radar. It has an APY competitive with our top high-yield savings accounts. There are no account minimums or maximums, and for high-balance customers, Primis Savings Account balances receive extended FDIC insurance for up to $2 million.

There are some other unique features of the Primis Savings Account. Not only does it not charge for incoming wires, it will reimburse you for the fees paid to another institution if you deposit money via wire transfer. There are no monthly service fees, ATM fees, or transaction limits.

Ratings Methodology
Rates as of Jul 18, 2024

Primis Savings Account

Member FDIC.
APY
5.07%
Min. To Earn APY
$1
  • Excellent APY
  • No minimum deposit requirement
  • No monthly account fees
  • Extended FDIC coverage
  • Limited branches
  • Primis only opens 1,000 new accounts per month

The Primis Savings Account has one of the highest APYs in the market and has no minimum balance or monthly fees. The account can be opened from anywhere in the United States, and can be an especially good fit for savers with balances that exceed the typical FDIC limits.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 18, 2024
Min. to earn: $1
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

4.50%
Min. to earn: $0.01
N/A
Open Account for E*TRADE Premium Savings

On E*TRADE's Secure Website.

Certificates of deposit

The Primis Bank Consumer CD comes in terms ranging from six to 72 months. The accounts have a minimum opening deposit of $250, which is certainly on the lower end, but the APYs paid by Primis Bank Consumer CDs aren't competitive with those offered by many of our top high-yield CD banks. According to a bank representative, you must travel to a Primis Bank branch location to open a CD. As of writing, online CD applications are paused.

Compare CD rates

While Primis Bank CD rates are on par with what other branch-based financial institutions offer, they aren't terribly competitive with the yields you can get from some of our top online banks.

Rates as of June 7, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.70% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 5.20% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

APY: 5.00% Term: 1 Year Min. Deposit:  $0
Open Account for Barclays Online CD

On Barclays' Secure Website.

Checking accounts

Checking accounts are an area where Primis Bank shines, and there are a few to choose from.

Primis Perks Checking

Primis Perks Checking is the bank's standard checking account, but it is a highly competitive product. It has no overdraft fees, a $1 minimum opening deposit, and no monthly maintenance fees. It has some other unique features, such as a free introductory order of checks, reimbursement on wire deposit fees, and access to direct deposits up to two days early. There's also unlimited ATM fee reimbursement, so the account can be used effectively nationwide.

Finally, another rare feature of the Primis Perks Checking account is that account owners get $0.50 back on all debit card purchases.

Rates as of Jul 18, 2024

Primis Perks Checking

Member FDIC.
APY
0%
Min. To Earn APY
N/A
  • No maintenance fees or overdraft fees
  • Early direct deposit access
  • ATM fee reimbursement
  • Debit card rewards
  • Doesn't earn interest
  • Limited branches
  • Primis caps new accounts at 1,000 per month

Primis Perks Checking is an excellent no-fee checking account with no minimum deposit requirement. There's ATM fee reimbursement, early direct deposit access, and other perks. Account owners get $0.50 back every time they make a debit card purchase, with no limits.

  • The Primis Premium Checking account is the bank's interest-bearing checking account product. Like the other checking account, there is no maintenance fee or overdraft fee, and there's nationwide ATM fee reimbursement. It offers early access to direct deposits, wire deposit fee reimbursement, and more.

    The biggest difference between the Premium and Perks checking account is that instead of offering debit card rewards, the Primis Premium Checking account pays interest -- and at an APY that is competitive with most of the high-yield savings accounts on our radar.

  • Primis Novus Checking resembles the Premium Checking account. The main difference is you can get an APY boost on up to $100,000 for the first six months by setting up direct deposits. After that, your APY drops to around what the Premium account offers (possibly, slightly lower). It's worth looking into for an immediate six-month boost to your APY.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

0.40% (up to 3.30%)
Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.
Open Account for Axos Bank Rewards Checking

On Axos Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Customer experience

Primis Bank markets itself as a friendly, relatable bank you can contact 24/7 for human support. Let's see how its image stacks up to customer reviews.

Customer reviews

Customer reviews are mixed. On one hand, Primis Bank has an A+ BBB rating, indicating it responds to most complaints. On the other hand, its Trustpilot rating is middling, and its BBB reviews are even worse. However, this is standard for brick-and-mortar banks, which typically get 2-star reviews. Compared to competitors, Primis Bank slightly leads the pack.

  • Better Business Bureau rating: A+
  • Trustpilot rating: 3.2

Customer service

Customer service reviews are mixed. It seems that the 24/7/365 human support is a blessing and a curse. On one hand, you get human help. I called customer service on a Tuesday morning, and they picked up within five minutes. My question was answered promptly, and the representative was friendly and sympathetic.

On the other hand, many customers complain about long wait times during busy hours. Without an army of bots to handle customer complaints, human resources must stretch to answer calls. It seems many customers feel Primis Bank is under-equipped to handle the load. One notable, recurring mention is the CEO personally calling customers to resolve issues. No promises there, but it's an interesting move you won't find from the likes of J.P. Morgan.

You can contact Primis Bank for human support 34/7/365 at phone number 833-477-4647. Or, you can email [email protected].

Mobile app

The Primis Bank mobile app isn't a top-rated banking app, but recent reviews skew positive. The app isn't feature-packed, but it's simple to use. According to one reviewer, many of its older glitches have been ironed out. Recent reviewers appreciate how easy the app is to use. A notable perk: you can use Zelle through the app to send money to people. The biggest complaint is that logging in can be a hassle, and some users struggle with check deposits.

From the app, you can view balances and transactions, send money, and deposit checks by snapping photos of them. It covers all the basic functions you need from a banking app. If you plan to do most of your banking from your phone, you can probably get away with it here. That said, it may be easier to manage your account online or in person.

  • App Store rating: 4.7 out of 5 stars
  • Google Play rating: 3.8 out of 5 stars

Physical locations

Primis Bank is based in Virginia, and has a network of 34 branches in that state. So if you live in Virginia, this is a rare combination of an online bank APY/fee structure and the convenience of a brick-and-mortar bank. However, Primis is a truly national bank, with most accounts available to open online and offering ATM fee reimbursement nationwide.

A key differentiator is the V1BE mobile banking service, which literally comes to you to provide banking services (if you live in certain areas). For example, instead of going to the ATM to get cash, V1BE will bring cash to you within two hours.

How does Primis Bank compare?

To be sure, Primis Bank is a highly competitive bank regardless of where you live, but it is a great bank for people who live where it has a physical presence. Plus, there is a lot it doesn't offer, such as an investment platform. So, here are a couple of alternatives.

Primis Bank vs. SoFi

If you don't live in Virginia, SoFi could be a better option for certain people. It offers an excellent checking and savings account product that has some similar perks to Primis Bank accounts, and offers a range of loans as well. In addition, SoFi has an excellent investment platform and an all-in-one financial app that is among the most user-friendly in the industry.

Primis Bank vs. Capital One

Capital One is a nice combination of a branch-based bank with online bank APYs and features, but its branch network has a much wider reach than that of Primis Bank. Capital One offers excellent checking and savings options, a wide variety of credit card and loan products, and unlike Primis, some highly competitive CD rates.

FAQs

  • Primis Bank was established in 2004, but was originally known as Southern National Bancorp of Virginia. It changed its name to Primis Financial in 2021.

  • Yes, Primis Bank is safe. It's FDIC insured, and even takes it a step further than most competitors. It participates in a network of partner banks to offer as much as $2 million in FDIC insurance per person for savings accounts, compared with the usual $250,000 limit.

  • No, Primis Bank has ATMs throughout its home state of Virginia. However, the bank's checking and savings accounts don't charge any fees for non-bank ATM usage and will reimburse any fees customers are charged for using other bank's ATMs.