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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. If Primis has already maxed out its monthly account openings, you can add your name to a waiting list.
Primis Bank Pros and Cons
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Primis Savings Account Review
no monthly service fee
4.70%
$1
- Competitive interest rate
- Low minimum opening deposit
- No monthly service fees
- 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.
- 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 4.70% 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).
Primis Premium Checking Review
no monthly service fees
4.50%
$1
- Competitive interest rate
- Low minimum opening deposit
- No monthly service fees
- No overdraft fees
- Free cashier's checks
- Free stop payments
- Early direct deposit
- Refunds out-of-network ATM fees
- Limited ATM network
- 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.
- 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
Primis Premium Checking pays the same as its savings account: 4.50% 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
no monthly service fee
None
$1
- Earn $0.50 cash back on debit card purchases
- Low minimum opening deposit
- No monthly service fees
- No overdraft fees
- Free cashier's checks
- Free stop payments
- Early direct deposit
- Refunds out-of-network ATM fees
- Limited ATM network
- 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.
- 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 4.50% APY offered by the Primis Premium checking account.
Otherwise, the 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
1.00% to 1.80%
$250
- Low minimum opening deposit
- Variety of term lengths
- Standard early withdrawal penalties
- Interest compounded monthly, not daily
- 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.
Primis CD- 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 U.S. 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 an A+ rating.
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
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.
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 U.S.
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.
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 APY on savings and checking account balances.
Current customers earn up to 4.00% bonus, 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.
Why You Should Trust Us: How We Reviewed Primis Bank
We rated Primis Bank's accounts and services using Business Insider's bank account methodology. We generally look at customer support, mobile apps, ethics, security, miscellaneous features, 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.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
