Primis Bank Review 2023

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Primis Bank Overall Rating

Primis Bank Pros and Cons

Primis Savings Account - Product Name Only Review

Like many online banks, Primis Bank offers a competitive savings account interest rate. You'll earn Primis Savings Account - APY APY, with interest compounding monthly. It takes just Primis Savings Account - Minimum Deposit to open an account, and there are no Primis Savings Account - Fees Display, 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 - Product Name Only Review

Checking accounts don't usually pay interest. However, the Primis Premium high-yield checking account pays the same as its savings account: Primis Premium Checking - APY APY with a minimum opening deposit of just Primis Premium Checking - Minimum Deposit (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 - Product Name Only Review

With the Primis Perks Checking - Product Name Only 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 Primis Premium Checking - APY 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 - Product Name Only Review

The minimum deposit for a Primis CD - Product Name Only is just Primis CD - Minimum Deposit, 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?

Primis Bank operates as a subsidiary of Primis Financial Corp. The BBB gives Primis Bank an NR (No Rating) because the company is in the process of responding to complaints that had already been closed.

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? 

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?

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?

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 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 Primis Savings Account - APY APY on savings and checking account balances.

Current customers earn Current Account - APY, 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.