Primis Bank Review: Small Underdog With Strong APY and Punchy Perks
Review
Updated
If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
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.
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 Motley Fool Money rates bank accounts.
This bank may be a good option for you if:
| Primis Bank Fee | Charge |
|---|---|
| Monthly maintenance fee | $0 |
| Non-bank ATM | N/A |
| Overdraft | $0 |
| Outgoing wire transfers | $5 |
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.
Primis Savings Account
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.
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 |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.30%
Rate info
The annual percentage yield (APY) is accurate as of May 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
|
N/A
|
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
|
N/A
|
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
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.
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.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
|
APY:
4.25%
|
Term:
14 Months
|
Min. Deposit:
$500
|
Open Account for
On LendingClub's Secure Website. |
|
|
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for
On Discover Bank's Secure Website. |
|
|
APY:
4.00%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Raisin's Secure Website. |
Checking accounts are an area where Primis Bank shines, and there are a few to choose from.
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.
Primis Perks Checking
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.
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 |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
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 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.
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].
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.
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.
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.
If you don't live in Virginia, SoFi® (Member FDIC) 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.
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.
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.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
