Review
Updated
Fact Checked
Ashley Maready
Primis Bank is one of the more unique regional banks on our radar. It offers checking and savings accounts that are highly competitive in terms of both APY and features, and offers several types of loans as well. In this full Primis Bank review, find out if it's right for you.
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
- Primis limits the number of new accounts
- Branch network is small and concentrated
- CD rates aren't competitive
Primis Bank savings account
Primis Bank offers a single savings account product, and it's a very competitive one. Here's an overview of what you should know.
Primis Savings Account
The Primis Savings Account is one of the more competitive products on our radar. It has an APY that is 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. However, for this (and all other) Primis Bank accounts, it's important to realize that the bank currently limits the number of accounts to 1,000 per month to keep its growth manageable.
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Ratings Methodology
Rates as
of Apr 27, 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
- 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.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
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 4.60%
Rate info
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!
|
|
Rating image, 4.75 out of 5 stars.
4.75/5
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 |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
|
N/A
|
|
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
4.35%
Min. to earn: $0
|
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
|
Primis Bank CD accounts
Primis Bank offers CDs, but these are among the least competitive products offered by the bank.
Primis Bank Consumer CD
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.
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 April 25, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Primis Bank checking accounts
Checking accounts are an area where Primis Bank shines, and there are a couple 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.
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Ratings Methodology
Rates as
of Apr 27, 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
- 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.
Primis Premium Checking
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.
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Ratings Methodology
Rates as
of Apr 27, 2024
Member FDIC.
APY
5.07%
Min. To Earn APY
$1
- No monthly fees
- ATM fee reimbursement
- Very competitive APY
- Early direct deposit access
- No debit card rewards
- Primis caps new accounts at 1,000 per month
The Primis Premium Checking account has one of the highest checking account APYs on our radar, as well as no minimum deposit requirement. It has no monthly maintenance fees, no overdraft fees, and reimburses fees paid at non-Primis ATMs.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
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')
|
|
|
Rating image, 4.75 out of 5 stars.
4.75/5
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 |
0.50%
Rate info
You can earn the maximum savings 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
|
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
|
|
Rating image, 4.25 out of 5 stars.
4.25/5
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 |
0.40% (up to 3.30%)
Rate info
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
|
Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
|
Primis Bank customer service and experience
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.
Another key customer service 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.
The bank has an A+ rating with the Better Business Bureau, and it offers a top-rated banking app on both the App Store and Google Play.
Primis Bank relationship benefits
Primis Bank offers top-notch checking and savings accounts, as well as loans, to all of its customers. As of this writing, there aren't any special relationship benefits, such as discounted interest rates or improved APYs for customers who have a banking relationship with Primis.
Alternatives to Primis Bank
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.
SoFi Bank
If you don't live in Virginia, SoFi Bank 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 Bank
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.
Is Primis Bank right for you?
Primis Bank offers the most features and services to customers who live where it has physical branches, but it can be a good choice for anyone who wants a high-yield checking or savings account.
Other products by Primis Bank
In addition to the savings accounts, checking accounts, and CDs we've discussed, Primis Bank offers a variety of other banking products.
- Business checking accounts
- Business savings accounts
- Auto loans
- Boat loans
- HELOCs
- Personal loans
Primis Bank credit cards
- Primis Rewards Platinum Visa: 0% intro APR for the first 12 billing cycles, earns 1 point per $1 spent. No annual fee.
- Primis Cash Rewards Platinum Visa: 0% intro APR for the first 12 billing cycles, earns 1% cash back on purchases. No annual fee.
- Primis Platinum Edition Visa: 0% intro APR for the first 12 billing cycles, no rewards but a low APR. No annual fee.
- Primis Visa Signature Travel: 0% intro APR for the first 12 billing cycles, 1.5 points per $1 on purchases, travel insurance, other perks. No annual fee.
Primis Bank mortgages
- Conventional mortgages
- USDA loans
- VA loans
- FHA loans
- Refinancing loans
- 100% financing for medical professionals with no PMI
- Jumbo loans up to $3 million
- Investment property loans
Our bank and credit union methodology
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.
FAQs
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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.
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Yes, Primis Bank is 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.
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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.
Our Banking Experts
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.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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