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Primis Bank review: An attractive checking account – investxyon
Thursday, February 22, 2024
Home Investment News Primis Bank review: An attractive checking account

Primis Bank review: An attractive checking account

by xyonent
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Primis Bank has two attractive current accounts and a high-yield savings account worth considering.We have a branch in Virginia Although we serve Maryland, we accept customers from all over the country.

They also offer CDs, but the prices aren’t as high as other stores.

If you’re looking for financing, Primis offers a variety of loans including credit cards, home loans, car loans, personal loans, and more.

We will research what your bank offers and decide if it is the best choice for you.

prime bank
  • The Primis Perks checking account earns you 50 cents on every purchase you make with your debit card.
  • There are no monthly fees.
  • Interest-bearing checking account options with attractive APYs.

Checks, savings accounts, CDs, loans

What is Primis Bank?

Primis Bank was founded in 2005. The Virginia-based bank offers a variety of business and personal banking services to customers across the United States. We have physical locations around Richmond and Alexandria, but are available online to anyone across the country.

What does it offer?

Primis Bank offers both business and personal banking products. On the business side, you’ll find checking accounts, savings accounts, and loans. However, this review will focus on the personal banking products offered by Primis Bank.

Checking accounts: Primis Perks and Primis Premium

Primis Bank offers two checking account options: Primis Perks and Primis Premium.

Both accounts can be opened for $1. Primis Premium accounts have the opportunity to earn interest, while Primis Perks accounts do not.

The highlight of the Primis Perks account is that you earn 50 cents on every purchase you make with your debit card in-store or online. Other benefits include no account fees, no overdraft fees, and no maintenance fees. Primis ATMs are free to use and any fees charged at non-Primis ATMs will be refunded at the end of the statement period. You can also get a free check pack of 40 or get a free cashier’s check when you need it.

Primis Premium is an interest-bearing checking account currently offering 5.07% APY on all balances. This account has no overdraft fees and offers free cashier’s checks and free in-person notary services.

primis savings

Primis Savings accounts offer 5.07% APY on all balances. It only takes $1 to open an account. After opening, you won’t encounter any minimum balances, monthly fees, or transaction limits.

Primis CD

Primis offers CDs with terms ranging from 6 months to 72 months. All accounts require a minimum deposit of $250. If you need to make a withdrawal before your CD expires, be prepared to pay an early withdrawal penalty.

The prices offered by Primis CD are as follows:

There is no doubt that CD rates will be even higher. See a list of the best CD rates here.

primisloan

Primis Bank offers a variety of loans to help you reach your financial goals. These include mortgages, auto loans, boat loans, HELOCs, personal loans, and credit cards. If you open a savings account with Primis Bank, you can streamline your finances by applying for the necessary loan through the bank.

Are there any fees?

There are no monthly fees, no overdraft or NSF fees, no stop payment fees, and no call fees. ATM fees will also be fully refunded at the end of the month.

But that doesn’t mean there won’t be charges no matter what. For example, the Primis checking account has a $25 fee for expedited bill payments and a $10 fee for returning deposited items. When opening a Primis Bank account, read the fine print to avoid unexpected fees.

How does it compare to Primis Bank?

Primis Bank is not the only financial institution. When stacked up, it looks like this:

Chime® offers a fee-free bank account to make your life easier. Additionally, Chime offers SpotMe.® With this service, you can enjoy a fee-free overdraft of up to $200*. However, Chime’s savings and checking accounts offer a slightly lower APY than Primis Bank’s.

Current offers personal accounts with no minimum balance requirements or overdraft fees. While you won’t earn 50 cents on every purchase you make with your debit card, you can earn up to 7 points on every purchase you make at participating merchants, and you can redeem those points for cash back. Uniquely, the gas station, now removed, allows free access to cash.

Neither Chime nor Current offer in-person banking options.

How do I open an account?

If you want to open a Primis Bank account, first select your account on the bank’s website.

When you start applying for a bank account, you will need to enter some personal information. Be prepared to share your name, address, social security number, date of birth, and phone number. Also, be prepared to prove your identity with a government-issued ID.

If your account application is approved, you can proceed to fund your account.

Is it safe and secure?

Primis Bank offers accounts with extended FDIC insurance. At the time of writing, the financial institution protects deposits of up to $2 million for free. Additionally, Primis Bank takes standard steps to protect your financial information using bank-grade encryption.

How can I contact Primis Bank?

For in-person assistance, visit Primis Bank, which has dozens of branches throughout Virginia. However, if you live in another state or simply don’t want to visit a branch, you can always call 1-833-4PRIMIS for assistance. You can also email customer service at customercarecenter@primisbank.com.

The bank has average Trustpilot reviews, 3 out of 5 stars, but has a small number of reviewers. Also, apple Users tend to like apps 3.4 out of 5 stars. in contrast, google play Store users gave the mobile app 2.5 out of 5 stars.

Is it worth it?

Primis Bank offers a range of personal savings products to suit your financial situation. Checking account options allow you to choose between earning 50 cents on every debit card transaction or 5.07% APY. These are rate benefits. The savings account also offers an attractive APY of 5.07%.

So if you want an account with minimal fees and attractive benefits, Primis Bank might be worth it.

But before you sign up, consider all the best banking options.

Features of Primis Bank

Checks, savings accounts, CDs, loans

Minimum opening balance requirement

$1 – Checks and Savings

CD minimum starting balance

There are several around Richmond, Virginia and Alexandria, Maryland

customercarecenter@primisbank.com

Web/Desktop Account Access

chime

* SpotMe® on Debit is an optional free overdraft service that comes with your Chime checking account. To qualify for the SpotMe on Debit service, you must receive a qualifying direct deposit of $200 or more into your Chime checking account each month and use a physical Chime Visa® debit card or secured Chime Credit Builder Visa® credit card. Must be enabled.

Eligible members can overdraw their Chime checking account Up to $20 initially applies to debit card purchases and cash withdrawals, then up to $200 based on Chime account history, frequency and amount of direct deposits, spending activity, and other risk-based factors. Higher limits may apply. SpotMe on Debit limits are displayed within the Chime mobile app and are subject to change at any time in Chime’s sole discretion. Chime does not charge overdraft fees for SpotMe on Debit, but there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit does not cover non-debit card transactions.
This includes ACH transfers, Pay Anybody transfers, or Chime Checkbook transactions. SpotMe on Debit Terms of Use. See Terms of Use: SpotMe on Debit Terms of Use

¹ Chime Savings Account Annual Percentage Yield (“APY”) is variable and subject to change at any time. The disclosed APY will be effective from May 22, 2023. No minimum balance required. You need to save $0.01 to earn interest.

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