Rating of Primis Bank: Attractive checking accounts

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Primis Bank has two attractive checking accounts and a high-yield savings account that are worth a look. They have branches in Virginia and Maryland, but accept customers nationwide.

They also offer CDs, but the prices are not as high as elsewhere.

If you are looking for financing, Primis offers a wide range of loans including credit cards, mortgages, car loans and personal loans.

We'll explore what the bank has to offer and you can decide if it's the best choice for you.

• The Primis Perks checking account rewards you 50 cents for every debit card purchase.
• No monthly fees.
• Attractive effective annual interest rate for the option of an interest-bearing current account.

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 country. It has physical locations in the Richmond and Alexandria areas, but is available online to anyone nationwide.

What does it offer?

Primis Bank offers both business and private banking products. On the business side you will find a checking account, a savings account and loans. However, for the purposes of this review, I will focus on the private banking products offered by Primis Bank.

Current accounts: Primis Perks and Primis Premium

Primis Bank offers two current account options: the Primis Perks and the Primis Premium.

You can open any account with $1. While the Primis Premium account offers the opportunity to earn interest, the Primis Perks account does not.

The highlight of the Primis Perks account is that you earn 50 cents for every debit card purchase you make in store or online. Other benefits include no account fees, no overdraft fees and no maintenance fees. You can use Primis ATMs for free, all fees charged at non-Primis ATMs will be refunded at the end of the billing cycle. You can also receive a free package of 40 checks and free cashier's checks if needed.

The Primis Premium is an interest-bearing checking account that currently offers an effective annual interest rate of 5.07% on all balances. This account has no overdraft fees, free cashier's checks, and free personal notary services.

Primis Savings

The Primis savings account offers an effective annual interest rate of 5.07% on all balances. You only need $1 to open the account. Once open, there are no minimum balances, monthly fees, or transaction limits.

Primis CDs

Primis offers CDs with terms between six and 72 months. Each of these accounts requires you to make a minimum deposit of $250. If you need to make a withdrawal before the CD matures, you may be subject to an early withdrawal penalty.

Here is a look at the prices offered by Primis CDs:

You can definitely find higher CD prices. Check out our list of the best CD plans here.

Primis loan

Primis Bank offers a range of loans to help you achieve your financial goals. These include mortgages, auto loans, boat loans, HELOCs, personal loans and credit cards. If you open a deposit account with Primis Bank, applying for a loan from the bank can help you optimize your finances.

Are there any fees?

There are no monthly fees, no overdraft or NSF fees, no stop payment fees, and no inbound transfer fees. You will also receive a refund of all ATM fees at the end of the month.

But that doesn't mean you'll never see a fee no matter what. For example, Primis checking accounts charge a $25 expedited bill payment fee and a $10 deposited item return fee. When opening a Primis Bank account, read the fine print to avoid unexpected fees.

How does Primis Bank compare?

Primis Bank is not the only financial institution out there. Here's how it stacks up:

Chime® offers a fee-free bank account to make your life easier. Chime also offers SpotMe® Service that can help you get fee-free overdrafts of up to $200*. But the APRs offered on Chime's savings and checking accounts are slightly lower than Primis Bank's.

Current offers a personal account with no minimum balance requirements and no overdraft fees. While you won't earn 50 cents on every debit card purchase, you can earn up to 7 points per dollar spent at participating merchants, which you can redeem for cash back. What's unique is that the currently removed gas station gives you unrestricted access to your cash.

Neither Chime nor Current offer personal banking options.

How do I open an account?

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

When you start applying for a bank account, you will need to provide some personal information. Be prepared to provide 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 enhanced FDIC insurance. As of this writing, the financial institution protects up to $2 million of your deposits for free. In addition, Primis Bank takes standard measures to protect your financial data through bank-level encryption.

How do I contact Primis Bank?

If you need personal assistance, Primis Bank has dozens of branches throughout Virginia. But for customers who live in another state or simply don't want to go into 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 ratings of 3 out of 5 stars and only a handful of reviewers. Apple users also tend to like the app better with 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 deposit products that may suit your financial situation. Checking account options allow you to choose whether you want to earn 50 cents or 5.07% APR for each debit card transaction, which are rate benefits. The savings account also offers an attractive APR of 5.07%.

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

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

Features of Primis Bank

chimes

* SpotMe® on Debit is an optional, fee-free overdraft service for your Chime checking account. To qualify for the SpotMe on Debit service, you must receive at least $200 in qualifying direct deposits into your Chime checking account each month and activate your physical Chime Visa® debit card or secured Chime Credit Builder Visa® credit card have.

Eligible members may overdraw their Chime checking account initially up to $20 for debit card purchases and cash withdrawals, but later a higher limit of up to $200 or more may be eligible depending on Chime account history, frequency and amount of direct deposits, spending activity and other risk-based factors . The SpotMe on Debit limit will be displayed in the Chime mobile app and may be changed at any time at Chime's sole discretion. Although Chime does not charge overdraft fees for SpotMe on Debit, ATM transactions may incur out-of-network or third-party fees. SpotMe on Debit does not cover non-debit card transactions.
including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions. See Terms and Conditions: SpotMe on Debit Terms and Conditions

¹ The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. Disclosed APR effective May 22, 2023. No minimum balance required. To earn interest, you must have $0.01 in savings.

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