Primis Bank's Savings Account Is First To Reach 5% (Rate Update)

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Update 2/17/23: For new accounts, the rate has been reduced to 4.35% APY for both the Primis Savings Account and the Primis Checking Account. For the time being, existing accounts will continue to earn 5.03% APY. This post was originally published on 1/31/23.

Deal Summary: Primis Savings Account, 5.03% APY, $1 minimum deposit. Primis Checking Account, 5.03% APY, $1 minimum deposit.

Availability: Nationwide through online platform.

Virginia-based Primis Bank (Primis) has significantly increased the rate of the Primis Savings Account. Following a 98 bps increase, the Primis Savings Account currently earns 5.03% APY – currently the highest rate offered on a nationally available savings account. The fee-free Primis Savings Account can be opened with a $1 minimum deposit, with all balances earning the stated APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.07%--Primis BankPrimis Savings Account - Online Only
Rates as of May 22, 2024.

DA reader, RBB, announced the new Primis Savings Account rate in a Forum post yesterday, with several other DA readers commenting on their own experiences contacting Primis for additional information about the Savings account. Unfortunately, there doesn’t seem to be much of a consensus among the various CSRs concerning the information DA readers want and/or need to know. I did two separate Live Chats and got different answers for almost every question I asked.

It serves no point to list the conflicting information I obtained, but as soon as I can confirm certain details (ACH limits, credit check, making deposits), I will update this blog post. What I can state with certainty is 5.03% APY, $1 minimum opening deposit, and no fees.

Primis Premium Checking

The Primis Premium Checking rate was also increased by 98 bps and currently earns 5.03% APY. DA reader, abzurd, opened a Primis Premium Checking account at the beginning of January and describe the experience in a comment to RRB’s Forum post, including a link to the Primis Premium Checking Account Disclosure which he downloaded into a Google Drive folder. While the Disclosure is mostly 56 pages of legalese, the first page is a Truth-in-Savings disclosure that provides basic account information: APY, $1 minimum opening deposit, interest compounded monthly, and no fees. Currently, the Primis Disclosure page lacks account Truth-in-Savings disclosures.

It'll be interesting to see how long Primis maintains the top rate on the checking account. Online banks have a long history of launching checking accounts with rates that compare well with top online savings account rates. Those top rates (on standard checking, not rewards checking), however, never last in the long run. Salem Five Direct is a good example, albeit not a recent one: in 2007, the eOne Checking offered a 5.30% APY. The eOne Savings was introduced later and soon had the higher rate. As rates fell, the eOne checking rate dropped well below online savings account rates (eight years of 0.25%, followed by 0.10% for the last 3 years).

Availability and Account Opening

Headquartered in Tappahannock, Virginia, Primis’ online product line is available to U.S. citizens and resident aliens who are at least 18 years of age and have a valid Social Security number.

Opening either a Primis Savings Account or Primis Premium Checking Account can only be done online.

The online application and the online banking platform are based on the Savana platform, the same platform used by Live Oak Bank. According to a December 13, 2022 press release,

Savana, an industry leader in financial software for banks and fintechs, today announced that Primis Bank has successfully launched its new all-digital consumer offering leveraging the Savana platform to unify and orchestrate its technology ecosystem and automate processes between its Finxact core and customer channels.

Led by President & CEO, Dennis Zember, Primis’ initial rollout is focused on deposit products for retail customers, with small-business checking and savings expected to become available in Q1 2023.

“To be a different kind of bank, we have to bring a different kind of offering to customers, including a modern, frictionless digital experience,” said Dennis Zember, President & CEO, Primis Bank. “Savana’s processes, paired with our beyond-competitive products, create a streamlined and attractive experience that brings our vision to life.”

Bank Overview

Primis has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 3.95% (excellent), based on June 30, 2022 data. In the last year, Primis' deposit growth has been weak, with a loss of $87.33 million (-3.13%) in total non-brokered deposits. (The loss in deposits is likely a significant factor in the competitive savings and checking account rates.) On a more positive note, Primis has an excellent capitalization level (15.56%), the result of holding $3.23 billion in assets with $502.84 million in equity. Please refer to our financial overview of Primis (FDIC Certificate # 57968) for more details.

Primis Financial Corp. is the holding company for Primis Bank. In Primis Financial's 2022 Q4 earnings report, the new digital bank offering was mentioned:

While newly launched, the Bank's new digital banking offering is beginning to see balance growth with $29.7 million of deposits on the new platform at year-end and almost $40 million at the time of this press release.

Primis is currently the eighth largest bank headquartered in Virginia, with assets in excess of $3.2 billion and nearly 69,000 customer accounts. Established in 2005, the original Sonabank, N.A. acquired four Virginia and two Maryland banks between 2006 and 2017. Following the 2017 acquisition of EVB, Sonabank moved its headquarters to Tappahannock, with the Primis rebrand occurring in March 2021.

How the Primis Savings Account Compares

When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit and do not have small balance caps, the Primis Savings Account APY currently ranks first.

The above information and rates are accurate as of 1/31/2023.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

Related Pages: Washington savings accounts, Norfolk savings accounts, Richmond savings accounts, Charlottesville savings accounts, savings accounts, checking accounts, nationwide deals

Previous Comments
P_D
  |     |   Comment #1
"I did two separate Live Chats and got different answers for almost every question I asked."
RichReg
  |     |   Comment #2
Just like the old adage : "If you're looking for trouble, you're liable to find it".
Would appear that I too, ..am about to join the 'bad CSR' club.

The one I've got on the phone now was about to tell me these accounts pay interest annually...
let's see what other things she doesn't know. LOL.

EDIT: Apparently, I couldn't even get that far...she took my name & number for a call back from a supervisor. I did find out that mobile deposit limit is $25k per day, though. So many questions, ..so little time. LOL.
Rickny
  |     |   Comment #3
I opened the account last night. Account funded this AM. Funds not available.

25k is high for mobile deposit. Chase was at 5k now at 7.5k$ limit.
MF
  |     |   Comment #308
The account agreement is available on their site - it includes all the information, including the $25k per day mobile deposit limit. So, no need to call - it's what's in writing that counts anyway. (You may have to begin the account opening process to get to the agreement, but you can - and are supposed to - read the agreement before going forward with opening the account.
GG7
  |     |   Comment #4
I've got 6 figures coming out of a Capital One 360 account in a couple of weeks, so I will be curious to see what the final verdict of this bank is. Was planning to just move that cash into MySavingsDirect @ 4.35% with my other liquid cash that has been in there for a while now.

Will be hard to beat Emigrant Bank's "instant" deposit crediting on any amount you transfer in, 24/36 hours transfers out, and the lean and mean website that just works.

I'm looking for a review of the ACH performance in and out of one of these PRIMIS Savings Accounts.  Do they pay interest monthly like MSD does?  How long do they hold deposited funds for?  How much $$ can you withdraw per ACH transfer?
Rickny
  |     |   Comment #5
GG7 I opened account last night. Money in account this AM listed on hold. They have a "hold" button on the deposit posting. Selected button and says funds available 2/1. Haven't done any other transactions other than initial funding
GG7
  |     |   Comment #8
Thanks for the additional info Rickny!  Most appreciated!  :o)


Are the funds showing as part of your total balance? As in "Daily Interest" being paid during the hold period? MSD always puts a 7 day hold on new deposits, but you start earning interest immediately on the day you initiate the transfer. In my case, I have seen up to 3 days transpire between when the deposit immediately posted to my total balance and when the funds were actually pulled from my funding account.

This is why I like Emigrant Bank's approach so much. None of the other High Yield Savings banks I have had accounts with were so generous with crediting deposits literally starting the second you click the TRANSFER button to start the deposit ACH process. Most make you wait until the funds have cleared your funding account and are physically in the bank's coffers before your balance reflects the deposit and interest payments start. 
 
Depending on how often you add money to the account, this difference in interest payment days can really add up over time!
Rickny
  |     |   Comment #9
When I funded FROM PRIMUS the amount showed as deposited but having a hold.

Watch Emigrant, They sometimes don't raise their rates when savings accounts go up or drop their rates. Dollar Direct (An Emigrant on line bank) a couple of months ago had the highest rates and stated America's Highest Rate. They then stop raising their rates and changed the slogan to One of America's Highest Rates.
GG7
  |     |   Comment #10
Oh yeah! ... I am fully aware of this as I have a DSD account in addition to my MSD. I tend to check all of my various accounts daily to make sure that nothing major has changed.

In my personal experience... Emigrant Bank has been slower to cut rates when things cool off compared to many other online banks. They usually just let their online products get passed up by some other bank offering a more attractive APY, rather than cutting their rate. DSD still has the same 3.50% APY it had back in October of 22 when that was the highest APY available online. Rather than cut the rate, they just let it languish and raised MySavingsDirect up to 4.35% APY to attract new depositors instead. Fine with me, since the web sites and functionality, including their awesome ACH transfer times are identical.
ARK
  |     |   Comment #6
Am I the only one noticing that they are offering a variable rate, or does it matter?!
Rickny
  |     |   Comment #7
It's a savings or checking. They are usually variable unless you het a rate guarantee. That's why using for liquid cash. I don't expect the rate to last longer than a couple of months but need the liquidity.
EdwardD
  |     |   Comment #11
What are the funding methods to open Primis account? Is debit card an option? For ACH funding method, can you link external account by manually entering routing# and account# or Primis forces you to provide your external bank's login credential? I don't feel comfortable providing bank login information to third party and wonder if I can avoid that here.
dantheman46
  |     |   Comment #12
You can enter routing and account number and they’ll send trial deposits.
Tommyboy
  |     |   Comment #13
When I was setting up initial funding on a mobile device a drop down box allowing you to select your financial institution appeared and for me there were different options dependent upon which bank you selected. When I selected Ally bank it required you to provide login credentials which I try to avoid however when I selected Bank of America it would allow you to setup instant access without providing login credentials by agreeing to share information about your Bank of America account.
LRUIZCabo
  |     |   Comment #14
I wouldn't be too concerned about using Plaid to instantaneously link your external bank to Primis. If it mishandles your security information then you may be entitled to file a lawsuit and win a settlement in the future. These plaintiffs walked away richer with "... about $13.50 each."

 https://www.courthousenews.com/judge-approves-settlement-ordering-plaid-to-pay-58-million-for-sellin...
P_D
  |     |   Comment #15
Problem with that is that my security information is protecting alot more than $13.50.

Just one breach can end up being a nightmare for years.

That's one danger of this bank shopping game. The more accounts you have, the more you are giving out account information to CSRs and third parties, the better your chances of having a security breach.

I would rather give out my private information to a computer than a human being. Neither one is airtight but there are typically more safeguards on electronically stored information then there are on humans. I get a bad feeling in my gut every time I have to talk to someone at an FI on the phone, some stranger I don't even know, and not so uncommonly someone who clearly doesn't have an understanding of what they are doing, and they are asking me for highly confidential information. But you can't play the game without it.

There have been one or two times when I just hung up because the person on the other end of the phone sounded completely incompetent and I did not want to give them that information. But that's a very unscientific way of protecting yourself and bound to fail eventually.
Whimtreasures
  |     |   Comment #16
I've had no problems with Plaid. Just change your password after
P_D
  |     |   Comment #18
Yes I posted that suggestion a few days ago. It reduces your exposure but does not by any means eliminate it because the moment you give Plaid or anyone else your login credentials they can scrape any information they want from your account instantly and can retain it in perpetuity.

Also, the benefit you get from changing your password is becoming less important since most FIs have implemented some kind of 2FA. Still it's still a good practice to change it not only after you use a third party like Plaid but on a periodic basis as well. But it is becoming less of an advantage to do so than it used to be.
LovinSomeCDs
  |     |   Comment #272
If you ever give your credentials to move money, like Plaid, you always have that one account that you use for paying bills out of, credit card transactions, etc. Basically an account with very little money, just enough to pay bills and charge purchases. You also transfer money to that type of account, and then move it out of their via paper check. Easy peazy. Same thing as having that one credit card with a 500.00 limit to make online purchases at questionable sites, and such. everyone should have these.
Rickny
  |     |   Comment #17
I was a victim of identity theft that was done by personnel at a hospital. They used the personal information used for admission and a required charge card. They tried to make a large purchase via credit from Dell. Dell contacted us and asked if we were making this request and the reason they called they were using my wife's name and my social security number. We told them no and they cancelled the order. They went crazy with our Amex card. We contracted Amex who cancelled the charges and the criminals were still trying to make charges even though the card was cancelled. Dell wanted us to press charges as they had info about the indiviuals. The local police where I once lived said they did not want to spend the time to go after the people in the Bronx and would just do a report so we could file a report with FTC and had to beg for that. We took all the actions like freezing credit reports and all was fine.
P_D
  |     |   Comment #21
Many years ago somebody broke into my locker at a gym and stole my wallet. Within hours charges started showing up on my credit card. They know they have to move quick before you cancel the card so they go in a fast shopping spree.

Fortunately having a stolen credit card is is one of the least harmful forms of identity theft.

As long as we're living in the Stone Age with social security numbers from the 1930s and the lack of modern identity technology methods this will go on forever. With all the trillions of dollars we give Washington every year it's outrageous that they haven't developed a much more secure identity system. We've had the technology for decades already.
gpagpa01
  |     |   Comment #19
Did anyone get account under review?
remmymo
  |     |   Comment #20
The following information sharing that you cannot refuse is in their fine print which makes me nervous:
"For our affiliates' everyday business purposes -information about your transactions and experiences
Should I be worried about this?
Also the rep I spoke with said you can transfer out $30k/day & $100k/month...BUT ONLY THROUGH THEIR PLATFORM AND THAT YOU CANNOT MOVE MONEY AT ALL USING AN EXTERNAL BANK.
But you can wire money out and that domestic wires cost $5. I tried to look up ACH in and out limits in their 35 pages of fine print but didnt notice it and searched for $30,000 and $100,000 and found nothing but the following under:
III.3. Restrictions; Limits.  In most cases you may use Online Banking to gain access to deposit accounts in which you have an unrestricted right to withdraw funds. However, the Financial Institution, as it may determine at any time and from time to time in its sole discretion, may deny Online Banking account access, restrict Online Banking account transactions, or place limits on the specific dollar amount of funds that may be withdrawn or transferred from any account.
JVW
  |     |   Comment #22
One thing I'm very pleased about in this thread thus far: Just a tiny whiff of a mention of anything political. And that's just the way it should be in a savings blog!
P_D
  |     |   Comment #23
"YOU CANNOT MOVE MONEY AT ALL USING AN EXTERNAL BANK."

Not impossible but highly unusual and often incorrectly stated by CSRs.

Considering the apparent accuracy of their CSRs I would confirm and reconfirm that one and want to hear from a manager before concluding it is correct.
remmymo
  |     |   Comment #24
I totally agree. I did spend about 10 minutes with this rep explaining what I meant by linking an external bank from the external bank's platform and then initiating transfers from that platform. But the wording of III.3. Restrictions; Limits that I quoted above makes me nervous. I don't remember seeing that wording in other banking agreements, but maybe I didn't read them as closely
P_D
  |     |   Comment #25
I don't think that information sharing language with affiliates is uncommon these days. Whether or not it is worrisome is a separate question, but I don't think it's unusual.
craig10x
  |     |   Comment #26
My application is also under review (i did it early afternoon) says it can take up to two business days for a decision...

I guess most of you here that applied got an instant approval?

Oh and my chat rep told me if it is pushed in from an outside bank's ach there is no limit as far as they are concerned...
SK
  |     |   Comment #28
Same here, tho I did not yet designate an amount to transfer. Site stated that transfer account was under fraud review. This was after providing Ally account # and password verification and successfully submitting a texted code from Primis.
GG7
  |     |   Comment #58
I think I got approved immediately... I was taken to the FUNDING section to enter my funding bank info. My credit union was not listed in their search engine, so I had to enter in the routing and account numbers and must wait for the micro deposits to be dropped into my credit union Checking Account before I can complete the funding portion.

I hit SAVE&EXIT and will return to complete the application process once the test deposits have been made by PRIMIS. So based on that... I am assuming I was approved. I have a user name and password that gets me onto the website as of now, but it just takes me back to my application page asking for the micro deposit amounts.
remmymo
  |     |   Comment #29
But to the extent of sharing information about MY PERSONAL BANKING TRANSACTIONS?
P_D
  |     |   Comment #30
Difficult to say. Keep in mind that essentially all FIs share information about your transactions with third parties such as credit agencies, the government, third party service providers that handle various clearing and other services for them and others under certain circumstances. So that particular language doesn't really tell you much.
Buckeyes
  |     |   Comment #27
still sticking with short term treasuries and corporate bonds, Gotta love inverted yield curves. Jump on the bandwagon anytime folks. Picked up some Boeing today that the bond market rates poor at BBB but I got 5%! I dont think Boeing is going anywhere. I'll take that risk.
sams1985
  |     |   Comment #32
Was if callable or non callable ?
Buckeyes
  |     |   Comment #43
I find the whole callable vs non callable issue to be overblown. You get a good rate of return either way. Nearly every corporate bond is callable on etrade, and the only one to do so on my account was Amex last week. I still netted well over 4% with them. Because my pension is not taxable on the federal level gains on corporate bonds really don't hurt me much.  So I switch between corporate and treasuries all the time. 
P_D
  |     |   Comment #46
"I find the whole callable vs non callable issue to be overblown."

This is a case by case basis analysis. It depends on your investment needs. If, for example, a predictable cash flow is part of your need, then holding callable bonds can be highly unsuitable and add important risk to your plan (in actuality it adds risk to your plan no matter what your plan because it creates unknown returns over the planning period, that is the definition of risk).

The typical purpose of the call is to protect the issuer so that they can exit the obligation if market rates fall. And if they exercise the call under those conditions, you will be stuck with cash in the unfavorable rate market. This is a risk for any holder of a callable bond although in this period of generally rising rates it may not be so obvious.

So I don't think you can generalize that an aversion to callable bonds is overblown because for some investors it more risky than others and other investors may not see the risks until conditions expose it.
Buckeyes
  |     |   Comment #54
correct. as they say "your mileage may vary". I look at my treasuries as the non callable, of course, and my corporates as callable. On the stock side though, if I really am to follow 60-40 I have some difficult choices to make as all of a sudden i feel like I'm chasing. But thats a topic for another board.
HonestAbe
  |     |   Comment #31
For those using Zelle, it apparently is only available for business checking accounts. That is the only portion of the website where it shows that. I will not bother confirming with customer service as some other comments here indicate they seem to have no clue.

Thus far, I was approved immediately after applying on 1/30/2023 and got my dollar in the next night.

As for other matters, I just deposited a check and will see how long that process takes. I will soon test if I could transfer in 6 figures. My biggest concern is that this does seem too good to be true like others have pointed out, and really hope that I do not shoot myself in the foot.
Edit: An e-mail from a customer service rep advised that business accounts do not have the option of using Zelle either. 
T_Way
  |     |   Comment #33
I'm ready to ACH transfer into Primis the FDIC insured maximum of $250,000, however first I want to learn how its ACH transfer withdrawals work. Because of the inability to get a straightforward, consistent answer to that question from customer service, I'll begin with a very small sum initially and incrementally scale up as I learn through trial & error the answers to my questions. Where the balance ends up in the end depends upon the accessibility of the deposits.
Rickny
  |     |   Comment #34
I'm doing a large transfer initiated from Chase into my Primus account over 30 k. May test a pull initiated from Chase to see if an over 30k can be made. This may take some time as Chase lately makes me go through a ACH verification process when funds are being sent to a newly added external account. The transaction is in a pending review status.

I don't anticipate problem. When Republic Chicago had a high rate, many posted that they believed pulls initiated from another bank had limits and that was not the case.
T_Way
  |     |   Comment #35
Thanks for sharing. I'll share more as I gather more information too. I'm especially interested in discerning the ability to withdrawal large sums from Primis through ACH transfers initiated at external banks/brokerages. Although I'm unfamiliar with Primis' ACH transfer speeds and limits, I have a couple hub banks (and a couple brokerages) which move large amounts of ACH transfers from one destination to the next either the same day or the following day.

I've little doubt that Primis has few restrictions on ACH transfer deposits originating from external banks, but...

Last thing I remember, I was
Running for the door
I had to find the passage back
To the place I was before
"Relax, " said the night man
"We are programmed to receive
You can check out any time you like
But you can never leave"
deplorable_1
  |     |   Comment #37
Hotel California......or the covid Hilton. ; )
ARK
  |     |   Comment #87
#35, can you recommend a couple of hub banks able to pull large sums and does not hold funds for daaaays to clear...
deplorable_1
  |     |   Comment #36
Well this looks like a really good deal to me. I will probably hold off until after the FED meeting and see how things shake out at GM right notes and DERI first. My guess is that it's fine and the CSR's are just clueless as is the case at sooo many FI's now days. When you ask them about external ACH transfer limits(intiated from an external bank) they always think you are asking them about THEIR internal ACH transfer limits. They get easily confused. Oh wait let me put you on hold while I transfer you to a supervisor......click.......dial tone.....yep been there done that. lol
craig10x
  |     |   Comment #38
Received an email from them this morning...they are just requesting a copy of the bank statement of the account i am funding from and then they will proceed with the application...so looks positive for getting an opening on this account...
Kerry2
  |     |   Comment #39
Chasing rates is oxymoron, you are missing the big picture, the US is broke and there is no money to pay the depositors, the US banks are thinking of BAIL-IN law. FDIC has enough money to pay $100 per $1 million in deposits. If something goes wrong, like last night in Lebanon, "Lebanese Central Bank Devalues the Lira by 90%", we are all doomed.
P_D
  |     |   Comment #47
I don't think this will happen in America any time soon because we are still running on the last of the positive economic momentum from the last administration in spite of the attempts to destroy it over the last two years. But I think that the change in the House of Representatives after this last election and the 2024 presidential election may be the last best hope to avoid that fate.

On the other hand this administration got us into a very scary war that is creating a terrifying alliance between Russia and China and a four star general just predicted we will be at war with China within two years and is telling our troops to prepare for war. In addition we are being overrun by foreigners entering the country illegally in record numbers including tens of thousands of know terrorists and felons posing a severe national security threat that the president seems to have no interest in stopping.  So anything is on the table.
Kerry2
  |     |   Comment #53
P_D, just a friendly reminder, never say never when money are concerned, the whole world revolves around them. We are on a brink of falling of the cliff.
milty
  |     |   Comment #40
Has it been confirmed that you can or cannot transfer funds into and out of Primis Bank using an external bank transfer?
midas89
  |     |   Comment #41
Regarding the checking account specifically: It's extremely unlikely that ACH transfers out of a checking account, when said transfers are initiated from your outside bank, would be blocked. As everyone knows, the whole point of a checking account is for unlimited send & receive of people's money. Whether it be bill payments or anything. Countless people set up auto debits where their utility companies or insurance, or rent, etc., do the monthly pulling out money from your checking account. I think it's safe to say that no pull blockages on checking accounts would be done by any bank.
P_D
  |     |   Comment #45
I have never encountered any limitation with respect to permissibility or dollar amounts imposed by a bank on either a savings or a checking account on ACH transfers initiated externally (other than the Reg D rules of course). The only place I have encountered such restrictions is at a credit union. And then only on their share accounts, never on a savings or checking account. And even then it is extremely rare. The only one I can think of offhand that has such restrictions is Navy Federal, and even there the restriction only applies to withdrawals, not deposits.
Kerry2
  |     |   Comment #48
P_D, you are very knowledgeable and smart person, for the moment, just look at the facts:
More than 30% in congress registered as GOP are Rinos, especially look at the real US history (not what is written in the school's books), but what happened to USA in 1871, that may bring you to the real reality. FDIC is just a shell department to calm the nerves of the savers and not a real savior.
P_D
  |     |   Comment #49
I think maybe you meant to post this on the other branch where this was being discussed? I don't have a strong disagreement with most of your points. But I think your timeframe is premature and the overall picture is not quite as dire yet as you conclude and that there is still a possibility of a turnaround and imposing fiscal responsibility (which means spending cuts because the spending is the problem). Of course a catastrophe can happen at any moment that could change that, but that is always the case.

America is as strong as its people and its ideology.  And I still have faith that it will ultimately prevail in the face of the assault it is now facing.  But we need the bull in the china shop to take office in January 2025 to clean house to accomplish that, not the candidates who follow the Marquess of Queensberry Rules and have perfect manners and decorum.  This is a dire situation and we need the only guy who has a proven record of being able to get results to shake things up in Washington... and that is why the Washington deep state is so determined to try to prevent him from even running.
GG7
  |     |   Comment #59
During my application process they stated that you can have up to (10) external accounts. Seems silly to be offering that as a feature if you can't fully utilize them with your PRIMIS account, right?
I would be surprised if their external ACH policies are radically different than any other online bank.
Rickny
  |     |   Comment #42
Got a message from Chase today about my initial funding of my Primus account. To sum up: .. That using my account number along with routing number for "this purchase" was not protected by using other methods such as a debit or charge card (It wouldn't allow me to cut and paste). Never received a notice like this but the funding went through. Hold says funds available today at 11:59PM (Noticed the time today.
  Did a large transfer from Chase today to Primus.  After going through Chase's fraud verification and them locking my on line access the tranfer should go through tomorrow.  Over 30k.  Will post results.
craig10x
  |     |   Comment #44
My account was opened 15 minutes after they received the copy of the bank statement...debit card ordered...so, all set...
craig10x
  |     |   Comment #50
I have no problem getting into the Online Banking but can't log into the mobile app... f anyone else has that problem please let me know and how it was resolved...
HonestAbe
  |     |   Comment #51
I had this problem also.

You are probably using the app titled Primis Personal Banking. Download Primis Digital Mobile App instead. It should then work.

Let me know.
verifiedreview
  |     |   Comment #52
I am in the process of opening the savings account with them. Somehow cannot link to my bank instantly (the bank is there on the list and I answered everything correctly), so had to do microdeposits to verify. This was last night, hopefully tomorrow we will see them deposited. I chatted with them (long wait time of ~1 hr) earlier today, CSR is quite matter of fact and did not resolve my issue initially. Upon further inquiry, CSR updated something on my profile and we got the issue resolved. I called them before trying to chat, and was placed on an estimated wait time 37 minutes return call. Never got their return call in 50 minutes, so tried chatting instead. I am also curious about the ACH transfers. We don't want to be trapped in this if they indeed limit outside pulls (imagine pulling money for months if the rumored 30K limit is real).
RichReg
  |     |   Comment #55
Account opened and mobile app installed successfully this morning!

Started application yesterday morning...couldn't link account instantly.
Trial deposits sent promptly; showed up at SoFi this morning ..account
completely approved and mobile deposit app now ready to go.
(BTW, the disclosures state that ALL deposits begin accruing Interest on the DAY OF DEPOSIT.
And cut-off time for mobile deposits is 6PM Eastern.)

Online banking displayed "Debit Card Ordered" as soon as the account was funded;
additionally, I just now got a Digital Platform rep on the phone (not a local branch)
who promptly ordered my first batch of FREE checks.
All-in-all, a simple and trouble free process.
Buckeyes
  |     |   Comment #56
i signed up for the hell of it and got to the review stage in literally 5 minutes. so it's in their court now. painless so far.
GG7
  |     |   Comment #60
I like the FREE DEBIT CARD part! I am waiting for their micro deposits to hit my credit union so I can finish the application and fund my PRIMIS account. I don't have a Debit Card for my MySavingsDirect account where the bulk of my liquid cash is right now. 

I'm planning to put a respectable 6 figure sum into this PRIMIS savings account and let it ride until they lower the rate.

Better than any of the brokered CDs I am seeing on Fidelity right now! lol!
EdwardD
  |     |   Comment #61
I added my external funding account via micro deposits. I saw two micro deposits shown as "Mx Technologies - ACCTVERIFY". Is Mx Technologies the same as Primis Bank?

What is the hold time for the funded amount? Does it depend on how large the amount is? Wonder I should enter a large amount during initial funding (risk long hold time) OR I should just do a small initial funding and then try to either push or wire transfer larger amount from external bank?

Whatever external banks you linked during initial funding, are they being saved in the external accounts list so that in the future you can use them in external transfers initiated from Primis Bank?
GG7
  |     |   Comment #62
That is how it usually works. Your original funding account will be one of (10) total external accounts PRIMIS lists as optional for your account. You can add other banks to your list if you need to.

In terms of how much cash to deposit starting out? I would suggest opening with whatever amount you are comfortable with. I'm going to start with a couple of hundred bucks just to get access to my new account and check out how everything works, including the transfers section, ACH transfer times etc.

They list the minimum deposit amount as $1.00, so technically you could start with that if you are not sure about using this bank as a major holding location for more substantial amounts.
RZ
  |     |   Comment #63
Just received a text from Primis that they are returning the $1.00 that I had deposited after initial successful set up and link. Need to call and find out why but I’m hesitant to commit to a bank with poorly defined disclosures
RichReg
  |     |   Comment #70
@ EdwardD; MX technologies is the software company that facilitates the funding connection.
So yes, in this case it is indeed Primis; my SoFi account had the same entry.

So far, 2 separate deposits on 2/2 (one ACH, one mobile deposit) are both showing a 3 business day hold; elapsing on February 7th.
midas89
  |     |   Comment #79
Primis is using the legit middleman company MX Technologies to do the acct verification, etc. "Top financial institutions and fintechs use MX to reliably connect to financial accounts and act on financial data."

Possible Primis Bank slogan: "We Primis you high returns and the best banking experience ever!"
Buckeyes
  |     |   Comment #65
Update on me. After I finished their less than 5 minute application, I submitted and it went into the review stage. They asked for my bank statement from the funding source very quickly (less than 30 min later). I sent right away and I'm currently in the crickets stage. so it's about 24 hours in real time later, and i'm somewhat concerned about the delay. Hanging on.
FrugalTed
  |     |   Comment #66
I got enticed by the 5.03% APY and opened a Person Savings Account online with this bank last night. And it has turned into a nightmare!

After opening the accounts, I looked things over and noticed a BIG BIG BIG problem. At the account opening, I linked this Personal Savings Account to my Chase checking account for the initial funding. It asked for my Chase login credential (username and password) which I entered and my account was instantly linked... supposedly.

Upon closer inspection at the last 4 digit Chase account that was linked to my new savings account shown in the external account information, they linked the wrong Chase checking account to my new savings account. That linked Chase checking account does not belong to me!!! I got a email this morning saying the initial deposit was successful and the money used for the initial funding has been pulled from that linked account. I checked my Chase checking this morning and no money has been pulled for the initial funding meaning they took the money from the wrong account at Chase! Now, I have to contact them to fix this mess. What a big headache!

Be careful guys and gals! Always check everything throughly.
RZ
  |     |   Comment #72
I think this is what happened to my Chase link and deposit as well. Hold time to speak with a csr was ridiculous today. I don’t have much confidence with this bank at this point. I immediately changed my log in credentials with Chase after the “successful” linkage, I doubt that I will pursue this any further
EdwardD
  |     |   Comment #74
@FrugalTed @RZ Have you in the past ever owned and then closed Chase accounts? If so, may be you want to check to make sure the wrong linked Chase account is not one of the old Chase accounts that you previously owned and closed? This is just my thought in case the automatic linking process fails to check status of account when it found multiple accounts with that login at the external bank site.
I verified my funding accounts via micro deposits method.  It took 1 business day from initial application to verifying micro deposits to account actually opened.
FrugalTed
  |     |   Comment #75
No, I only have one account (checking) in my lifetime at Chase. Never had another checking, saving, CD at Chase.
EG
  |     |   Comment #161
I tried to link my Chase account and once it was linked, it showed the wrong last four digits of the account number. I didn’t transfer any funds - I just deleted it. I linked three other accounts and they showed the correct last four digits. It’s probably a glitch with their interface with Chase
MrSquish
  |     |   Comment #202
You linked the correct account... For some reason Chase doesn't give the actual account for security reasons. It gives a virtual number. My chase savings and checking have different numbers with SoFi and Fidelity when linked through Plaid.
verifiedreview
  |     |   Comment #67
So... I just canceled my application and backing out. It was under review for a day or so. There are too many unknowns with this bank. Will wait a month or so, when the dust settles and when we have more info/reviews on this bank, before considering applying again. That little bit extra APY is not worth it if the bank is bad.
Buckeyes
  |     |   Comment #68
excellent idea. i did the same.
GG7
  |     |   Comment #69
I always use the old reliable routing number/account number to set up my funding account with any of these online banks. I "never" use the option that asks for all your account login credentials for your funding bank account. It is worth it to me to wait a few more business days than to have problems with security or funding account pilot errors down the road.

If FrugalTed had used this method, he would have discovered his error with the account number long before any funds were pulled from someone else's bank account.  (Still surprised such a thing happened to be honest)

And after you have verified your funding account, just deposit $50.00-$100.00 to get the account opened so you can poke around and make sure everything is to your liking. Once you are satisfied, then you can drop the 6 figure deposit in there or whatever large sum you want to park for the 5.03% APY.

That is my game plan with my PRIMIS Savings account. Just waiting for the trial deposits to hit my credit union likely early next week.
Buckeyes
  |     |   Comment #71
I vowed to simplify my life and I'm going against my wishes if I open this account . 3 credit cards, 2 banks, one local one online, one investment firm. I went through an audit last year that was hell and having too much money all over the place made things that much more difficult, mainly because of Coinbase. Plus I am way overweight bonds savings and CD's anyways. Best of luck to everyone joining up. Hopefully it isn't an introductory rate.  
Dandy
  |     |   Comment #137
@Buckeyes can you please check your PM? Thank you.
Mikey1
  |     |   Comment #266
“Hear hear!” for simplification, Just finished doing my taxes and dismayed by all those puddly little interest amounts from various banks now holding $1 in dormant accounts. The Treasury can have my money for now at 4.75% for only an 8 week commitment.
FrugalTed
  |     |   Comment #76
It never asked me for my routing number or account number. It only ask me for my financial institution (I selected Chase), I clicked next and then it took to another page where I entered my Chase user ID and password. After that, it say account successfully linked.
glitch99
  |     |   Comment #78
Instead of selecting "Chase", you scroll to the bottom of the list of suggested banks and select the "use account number instead" option. After entering the routing number it'll show you the corresponding bank again, and you need to ignore it and again select the "enter account number instead" option below it.
EdwardD
  |     |   Comment #73
I submitted my application for checking on 2/2 early morning. Chose micro deposits for funding method. Micro deposits (shown as Mx Technologies) showed up on 2/3 morning and I was able to verify successfully all three external accounts. Once I selected one of three linked external accounts and entered the funding amount, I got a congratulation message that the checking account has been opened and debit card will arrive in 7-10 days. The fund showed up immediately in the new checking with a hold on it.

So it only took 1 business day from initial application to verifying micro deposits to account actually opened. Pretty quick.

I will wait until the fund is successfully debited from my external account. Then I can add joint owner and beneficiary. Will also call to order the free 40 checks.
FrugalTed
  |     |   Comment #77
User xer00 and User Rickny commented in the forum post that the last 4-digit of the linked account I'm seeing at Primis is suppose to be different that my actual account number at Chase and that is a security measure by design.

Since I just recently open this savings account, I will wait a few days to see will happen. I will report back to give everyone an update.
MoMoney2001
  |     |   Comment #80
FYI, I opened a Primis Bank 5.03% APY account for me and my Dad on Tuesday. Primis allows up to 10 ACH transfer accounts to be linked to the savings account. What I didn't like is you can't set up a Joint w/Right Of Survivorship when opening the account. First, it's set up with the SSN of the primary account holder. Then an "invitation" is sent by that party to any other party they wish to join the account.

The invitation thing has failed twice now because of "error" messages. I'm not too concerned about it, but it's an inconvenience. Their phones are slammed right now at 5.03%, so I can't easily clear this up. It's something you might want to be aware of if considering Primis.

My Dad said, "I've never heard of Primus Bank". I said, "This is Primis Bank. Primus Bank has the Wynona's Big Brown Beaver Account and did the South Park theme song." (ha-ha)
Buckeyes
  |     |   Comment #81
I applied again, this time going for the checking, as this could become, finally, the tool I need to dump Ally after 20 years. Gotta have a checking account. So I am going against the financial plan mentioned up above, but I figure what's the harm.  Could be a good deal.
The question i have is they must be able to pay this rate from a strong loan business? I'm struggling understanding how they can pay a higher interest than almost all treasuries.
Once again I am in the review stage but this time I'll let it play out. 5% on checking is strange to me, but who am I to argue. I'll take it!
gpagpa01
  |     |   Comment #82
Applied on 1-31-23 and application was under review, called 2-3-23 and finally got through, rep mentioned they would send an inquiry on my status. I had initially submitted just a copy of a bank statement, and not the bank statement that the initial funding was coming from, so I resent the updated statement. Got some texts on a 2-4-23 (Saturday) that debit card was ordered and account funded. I logged in and it is the same layout at Live Oak Bank. I was able to add beneficiaries online and set up another external bank via Plaid. I'll slowly push some funds in and see how it works out. I think as a checking account it relieves some stress since i could just write a check to withdraw funds. Will that complimentary 40 check book be sent out automatically or does it need to be requested or "ordered" on the site? Also, probably too early for any data points on ACH pulls (larger) from external banks?
RichReg
  |     |   Comment #83
@gpagpa01;

Re: The free checkbook:...Certainly not automatic I didn't see anywhere on the online banking site to order one, though I'm sure you can send them a secure message. I decided to call them to request it.

Let us know how pushing the funds with another bank goes. Did you notice on Primis' online banking that the external transfers section does not discriminate between sending in or out? Contradicts what we've been told. I plan to test it out, but not just yet.
gpagpa01
  |     |   Comment #84
I guess who wants to take one for the deposit account team, ??. But funds pushed last week won't be available till upcoming week. The key is not only ability to pull funds but amount threshold. I remember someone pushing $30k from chase earlier. It is refreshing that they are a publicly traded company FRST symbol. When linking Bask and Huntington Bank, the last 4 of accounts matched accounts, so maybe just a chase thing?
RichReg
  |     |   Comment #85
I spoke to a supervisor there yesterday (Chris).
If the deposit is over $5 or $10K (can't remember which) it's a five business day hold. Lower amounts are only 3 days. And no reductions based on your tenure with Primis.

Re. the 4 digits; I'd hazard to guess its a function of what kind of security that bank has.
I (unsuccessfully) tried to link a small community bank located in PA, but did notice that the last 4 numbers did not match.
RonR
  |     |   Comment #86
I opened a savings account on Jan 31 with very little trouble and specified a modest $1k funding from Citi. Online account displayed that funds would be available at a specific time three days later and they were available exactly at that time. I also set up two additional external transfer banks using the micro deposits method (I dislike using instant verification) and these took only one day to process.

The only problem I have experienced with this Primis account is attempting to add my wife as a joint account owner. I uploaded the three identification documents that Primis requested, but her approval as joint owner is still in a review status six days later even though it states that approval "could take two business days to process". Perhaps their 5% rate has them overwhelmed with new account activity?

I will be doing a test withdrawal this week and if that goes well I will be moving a greater amount of liquid $ into this account. 5% is worth the inconvenience of moving some money around.
RonR
  |     |   Comment #182
Update: My wife's approval as account joint owner was approved on the 7th day after my account was opened.
Msh
  |     |   Comment #88
Two questions for you guys that have opened up accounts

1. Does the account accrue interest while your funds are in a hold phase? I have Bask Bank and it does so.
2. Does your account show the daily interest you have accrued? For example, my Bask Bank shows changes daily to show the amount I have accrued from the previous day.
RichReg
  |     |   Comment #90
Msh;
1) Yes. Per the Primis disclosures, deposits begin accruing on the day of deposit.

2) No.
Regarding viewing the accrued, no, unfortunately we can't. Big minus for me.
To make matters worse, we can't even get the accrued from a representative until the hold has elapsed. But I was assured the accrual would be as per their policy regardless of the hold.

So Jury still out on whether we'll be getting the interest we're supposed to...
..will have to wait 'til my holds elapse; then do an average daily balance calculation.
gpagpa01
  |     |   Comment #91
It's always nice with the Bask showing accrued interest to verify correct interest. Truly adds confidence to the bank. Unfortunately, 75Bps is too much to ignore, I'll surely keep funds at bask. I have an account at citizens Bank that does not even have the current rate listed online, will be closing that for sure
ARK
  |     |   Comment #89
Can anyone recommend a couple of hub banks able to pull large sums and does not hold funds for daaaays to clear..
GG7
  |     |   Comment #92
MySavingsDirect provides instant credit to new deposits made from your funding account. (They only allow (1) funding account for the first 6 months, so make it a good one)

Anyway, when you set up a transfer for deposit into this savings account (4.35% APY), the funds appear in your balance immediately after the transfer executes, which usually happens just after and often before the 5PM ET cutoff that same day. Interest payments on that new deposit amount begins then despite it usually taking 2-3 days for the funds to actually leave your funding account.

They do place a 7 day hold on all new deposits, but this has never been a problem for me since I am not going to be pulling new funds out the same week I put them in there.

MySavingsDirect is currently my primary HYS, but instead of putting the 100k I currently have in a Capital One 360 account in there, I plan to move all of it to PRIMIS once I meet the qualifier for the free $1000.00 bonus I got from Capital One for leaving 100k+ in there for 3 months. That happens on the 13th for me.  Plan to add another 60k to that PRIMIS deposit at the same time.

You can't beat that 5.03% APY with a stick!
outtempster
  |     |   Comment #186
an checking account that link s to MySavingsDirect -
RonR
  |     |   Comment #181
I have used both Discover Bank and LendingClub (Radius Bank) as receiver for larger withdrawals. In my case funds have been available within 48 to 72 hours.
bananaRama1234
  |     |   Comment #341
@RonR, do you need any special accounts at Discover Bank to ACH transfer of larger sums? Can you do it with just a basic checking account?
GG7
  |     |   Comment #93
I got an email from PRIMIS today urging me to complete my application, as if I had changed my mind or forgot to complete it. Fact is... I am still waiting for them to place those micro deposits into my credit union checking account so I CAN complete my PRIMIS application.

The process is definitely taking longer than most banks take to get this done. And it sounds like they are not aware of this obvious delay in pushing those test deposits.
GG7
  |     |   Comment #94
I finally got my micro deposits this morning and completed my application. Looks like I got approved immediately as I suspected. The small test deposit I made as my initial funding amount was credited to my new account's balance immediately which is just like MySavingsDirect. Interest starts getting paid immediately as well. They will release the deposit hold on 02/08 which is a very short hold period compared to most banks.

So far... My only complaint is that they do not display your accrued interest for the current month or YTD anywhere on the account pages. At least nowhere I could find. I assume the total interest for any given month will appear on a monthly statement, but I much prefer being able to check it online on any given day to see how much I've got.

I might chat them up about this and find out if this missing feature is something they plan to add in the near future. Pretty much all the online banks I have dealt with offer this on their websites, so it is odd that PRIMIS currently does not.
GG7
  |     |   Comment #122
I stand corrected on my previous post/complaint about PRIMIS not providing you with your account's Interest Paid To Date in Current Month and the YTD interest paid. I just logged back on and checked my "Account Details" page and Viola! Those numbers are now being provided in the account details page! This definitely wasn't the case earlier today when I completed my funding process and made my first deposit into the new account.

I am assuming that there is a delay in this interest specific data being added to the Account Details page... Or... Perhaps PRIMIS got enough complaints from new account holders about this missing data, that they just happened to add it in today?

Either way... I now have ZERO complaints so far. Application process took me all of 5 minutes to complete, and other than having to wait from Friday to Monday for the micro deposits to appear in my funding account, as soon as I had those, I completed my application and made my initial funding deposit in less than 2 minutes! Smooth as silk process!
dantheman46
  |     |   Comment #134
Does your account show interest earned but not yet paid? Mine does not; it shows:

Annual Percentage Yield (APY) 5.03%
Interest Paid Year to Date $0.00
Interest Paid Prior Year $0.00
Interest Paid Account to Date $0.00
GG7
  |     |   Comment #138
No...All mine are listed as 0.00 right now, but I don't expect that to change until tomorrow 02/07. If it hasn't updated I will post again here. I only put in 100 bucks for a test, so mine won't be much. ;o)
And for the record... Only the Monthly Interest number is going to be updating daily for now.  The YTD number won't update until we get paid out for February.
Dandy
  |     |   Comment #139
That info won't change. I saw that info the day I opened and funded my account on 1/30 and to date, I haven't seen it changed at all. I was told to check back on 15th as that when they would pay out interests. HOWEVER, my account is locked out (2nd time on same day) bc possibly due using mobile app. For the past many days, I've been using browser logging in several times a day w/ no issue. Then I downloaded the mobile app last night and coincidentally, I got locked out twice. I could only surmise bc it's due to the mobile app. And when you got locked out 2nd time, you'd have to wait for a supervisor/manager to unlock so a normal rep cannot unlock for you anymore. Now, I'm hoping some manager will call me back promptly w/i 24-48H. 
GG7
  |     |   Comment #145
DANDY WROTE: "That info won't change. I saw that info the day I opened and funded my account on 1/30 and to date, I haven't seen it changed at all."

After re-reading the wording on those various stats, it appears that they don't actually provide a field for "Interest Earned This Month" which I took directly from my MySavingsDirect Account Details page, which gets updated daily. Notice that the PRIMIS Account Details say "Interest PAID Account to Date" instead.

So...Based on that difference it appears that we won't be seeing a daily interest amount added every day and slowly building towards our actual monthly interest payment. That kind of sucks for those of us who are accustomed to have this number provided at a glance whenever we log into our other HYS banks, like MSD.

I'm going to write to them asking for this additional feature to be added, and I urge everyone else with a new account to do the same. You never know... They may add it in if enough people complain about it not being there currently.

Of course, you can easily calculate your daily interest earned value yourself based on your total balance. If you plan to park a large sum in here and let it ride, you will know exactly how much you will be getting paid every month from PRIMIS. Which according to now three sources is on the 15th of the month.
gpagpa01
  |     |   Comment #95
I'm not sure if there are any data points with initiating a pull into Primis using their portal, but I put in $100K pull and it got to the confirmation page, usually if there is a hard limit it would not allow you to get to the point?? I did not proceed, but interesting to see what or if there are limits.
GG7
  |     |   Comment #123
I don't think there is a limit on deposits. I will be pulling 100k out of my Capital One 360 Savings account on the 14th using the PRIMIS website, so if there is a problem when the transfer is fully processed I will let you know.

I already added my Capital One 360 account to my PRIMIS External Accounts list, which is in addition to my Credit Union checking account as my original funding account. I'm not expecting any drama with the transfer, unless Capital One makes a stink about me pulling 90% of my funds out in one go. ;o)
Dandy
  |     |   Comment #96
Anyone else got their account locked out of nowhere? I opened a week ago. Trying to call them now and the hold time is atrocious to get this issue resolved.
gpagpa01
  |     |   Comment #97
@Dandy, that's not a good sign, did you do anything out of the ordinary? What was status of account, funded, any ACH pushes into etc?
Dandy
  |     |   Comment #99
@gpagpa01 Nothing out of ordinary. I added an app on mobile yesterday. I tried calling in twice now. After 45-50 minutes waiting, it went to voice mail -- weird, so I left a message. I'm calling again now and back in queue. I have 6 figures tied up there. SMH.
Slime
  |     |   Comment #98
I opened and funded my premium checking account on January 30 and have not received any interest credited to my account. Does anyone know what day of the month interest is credited? I tried to chat with Primis but I was number 44 in line.
Dandy
  |     |   Comment #100
Same here. No interests credited shown online. My account is locked out of nowhere today and trying to get this issue resolved is taking way too much of my time. 
GG7
  |     |   Comment #124
According to the disclosures I read during the application process, interest is supposed to be processed daily, and this starts immediately on deposit of funds. Not subject to any hold like the actual deposited funds are. (3 days).

I will be interested to find out what is going on with the Monthly Interest paid not being updated daily like it should be. Please keep us posted on what they say, or if the numbers suddenly show up.
GG7
  |     |   Comment #144
Someone said it was the15th of the month as opposed to the official end of a calendar month. Why the Monthly Interest number isn't updated daily is odd to me based on all my other online banks which update that number every single day. You can easily calculate that number yourself of course, but it is annoying if they don't provide daily updates via the website.
gpagpa01
  |     |   Comment #101
UPDATE: I had left a voice mail on Saturday 2-4-23 and was surprised to get a call back just now. I told them after I left the VM my account was opened and funded, but since I had them on the line, I fired off a number of questions. The free 40 check starter book needs to be requested, so they did that. The statement cycle is the 15th of the month, for all customers (as per rep) Now the biggie, I inquired about the ACH limit outgoing both if initiated at Primis and at an external bank and initially she mentioned the $30K daily limit and $100K "30 day rolling limit" (also important to note that it is not based on statement cycle) I interjected that normally, there can be limits if initiated internally, but externally its up the that bank's limits. She put me on hold and mentioned that they got the question many times. Fortunately, she should said she would have to inquire with "people that would know" and did not want to give be wrong information and said would call me back later. I guess this is better than not knowing the rules and reading off a generic script. She sounded young but seemed to know the basic answers. @Dandy, I inquired what would cause an account to be "locked" and they mentioned too many log in attempts, logical answer if not knowing the details etc, so good luck with that problem you are faced with. I also inquired about limits on check amounts, and this is key, if there is a limit then that's a problem, but she seemed to be confident there is not a limit, just if there is enough to cover the check when presented. The problem could be if the account is "locked" then they could decline the check so it may not be the fail safe that I am counting on. Has anyone found in terms and conditions the limitations on outgoing funds?
gpagpa01
  |     |   Comment #104
So I got verification, like we all thought, there is NO ACH withdrawal limit if initiated from external bank account (only subject that that bank's limits), the limits like all limits only apply if initiated from Primis' site to push funds out of account. I asked if she gave out conflicting information earlier when people were calling, and to her credit she said "that's what we we told". As with any data point another verbal confirmation is greatly appreciated, but I'm confident in her answer.
Dandy
  |     |   Comment #105
I waited 2H to get a hold of a rep, unlocked my account 1h ago. Now I logged back in and my account is LOCKED again (only 2nd time after issue fixed). I cannot log into my account 2x/day w/o getting locked? 
So now, I'm calingl in and the phone number is off line signal (busy tone). How do you leave a voicemail? Maybe I'm going to take off the mobile app since I suspect it caused problem. I only got locking problem since I downloaded/logged into mobile app. 
Has anyone tried to initiate more than $30K from external bank to see if it worked? 
gpagpa01
  |     |   Comment #113
I called the general number on Saturday, and VM option was there. Did they tell you why it was locked? I've used the app multiple times, make sure you download the "Primis Digital Mobile app" https://www.depositaccounts.com/banks/primis.html#promo51438:~:text=App%3A%20We%20hear%20you%20%E2%80%93%20the%20app%20situation%20is%20confusing%20since%20there%20are%20multiple%20apps.%20We%E2%80%99re%20taking%20your%20feedback%20to%20our%20tech%20team.%20In%20the%20app%20store%2C%20the%20correct%20app%20is%20%E2%80%9CPrimis%20Digital%20Mobile%20App.%E2%80%9D

Initially, I did not download that one, but another one, since it had more downloads, but the one with 100+ seemed to be the correct Primis Digital Mobile app.
Dandy
  |     |   Comment #115
I downloaded the correct app. Yes, I've only logged in for the first time after unlocked earlier today and now it's LOCKED again. When I asked why it was locked earlier, they couldn't tell me. Do you get busy signal when calling in now? I cannot even get through nor get a voicemail to leave a message. SMH
EdwardD
  |     |   Comment #117
Did you ask the phone rep who unlocked your account why they locked your account to begin with?
Dandy
  |     |   Comment #121
Yes I asked and they couldn't tell me why. I called a local branch and the manager there seemed to have the same issue. I don’t even know what to think of this bank anymore…
GG7
  |     |   Comment #132
No issues using the web based login with a browser. I've been on and off of the PRIMIS site a half dozen times today with my MacBook Pro/Safari and no login problems of any kind.

I would suggest just using a web browser instead of that mobile app of now.
mimuna
  |     |   Comment #102
How are people doing the initial funding? Are people pulling from an outside institution? If so, is there a lag between when the funds are debited from the external bank and when they post at Primis? (I'm not talking about a hold; I'm trying to figure out if you lose interest on the initial ACH transfer)

thanks :)
gpagpa01
  |     |   Comment #103
I would test the waters first with a small initial funding, no point in dumping large amount in and having problems accessing.
AlexPhilo
  |     |   Comment #107
Short answer: I do electronic transfers between the banks/brokerages where my funds are.

Before I open an account at an institution, I check to make sure I can easily link more than one institution, and also check limits on the number in a manner of internal and external transfers.
AlexPhilo
  |     |   Comment #108
Spell check! Scratch “in a manner”
AlexPhilo
  |     |   Comment #110
My recent experience, is that the electronic transfers take two days at most. At Schwab, I was able to buy CDs and T-bills afterthe transfers had been ordered, but even before they received my funds.
GG7
  |     |   Comment #125
I used my Credit Union checking account as my initial funding account. Once verified using the micro deposit process, I was able to make my first deposit earlier today (02/06/23). I just put in $100.00 to get the ball rolling because I wanted to make sure everything was cool. The deposit credited instantly to my overall balance, but the funds are on hold until the 8th.

PRIMIS is using the same approach as Emigrant Bank/MySavingsDirect but with a much shorter hold time. But the main thing is that the deposited funds are credited immediately and you start earning interest on that deposit that same day.  

None of that waiting 3-6 days for the funds to physically arrive at this bank before they include the funds in your balance and start paying you interest on that money.  Considering the 5.03% APY, I was fully expecting them to pull that kind of thing.  But I was pleasantly surprised that they credit you immediately.  :o)
AlexPhilo
  |     |   Comment #106
I bought these via Schwab last week:
A six-month T-bill was at 4.82% on Jan. 23, compared with 0.36% last January, and the three-month T-bill was yielding 4.58%, up from 0.13%.

The Schwab CD marketplace also has great rates for one month and three month CDs. I bought a couple of those – I can’t remember the rates but they were over 4.5%.
Dandy
  |     |   Comment #109
I don't have Schwab, but I might go the Tbill route and sign up w/ them. I'm w/ Fidelity and Vanguard. Dealing w/ this bank is a PITA seriously. Phone doesn't work now and they locked me out 2nd time today. I didn't do anything unusual nor logged in more than 1x after I had it unlocked earlier today. 
AlexPhilo
  |     |   Comment #111
Wow, thanks for that feedback. Definitely not worth it.
AlexPhilo
  |     |   Comment #112
You might want to consider a Schwab account. Customer service is readily available, top notch, and they offer rates you don’t see when you search online or even directly from institutions.
AlexPhilo
  |     |   Comment #114
(sorry for multiple replies)
I have no connection to Schwab other than as a customer.
Buckeyes
  |     |   Comment #118
Picked up a 3 month CD with Ally at 4.84% today on Etrade. Weird that their bond rating is so poor. But good for me!
Dandy
  |     |   Comment #140
Hi, can you check your PM please? thank you.
GG7
  |     |   Comment #129
All the brokerages offer the same T-Bill rates. So if you have a Fidelity or Vanguard account, you have access to those same T-Bills as anyone using Schwab would have. You can also just buy them directly from TreasuryDirect if you want.

As for these reported access problems with PRIMIS... I suspect it might have something to do with past account histories on a customer's credit report, or a lower than desired credit score according to PRIMIS Bank's credit report/score requirements.

Just a guess, since I obviously know nothing about the credit history of those having problems.
Dandy
  |     |   Comment #131
That might be true, but in my case I got locked out of my account not due to any of the reasons you mentioned above. I applied on 1/30 and was instantly approved. Funded account with 6 figures and all went through promptly. Today I got locked out twice, and have to wait for a manager or whoever to call me back to resolve this issue. A regular rep cannot unlock my account for whatever reason. I hope I get a call back w/i 24-48H. 
GG7
  |     |   Comment #133
I replied to your report earlier in this thread, but let me repeat it here...

I would suggest refraining from using the Mobile App and just use a conventional web browser to interface with the PRIMIS web site. There might be some kind of security thing going on with the Mobile app that is triggering a fraud protection on your account or something. Someone asked about this account locking thing of a PRIMIS rep and they stated excessive failed login attempts can trigger an account being locked.

I've been on an off the PRIMIS website over a half dozen times today without a problem using my MacBook Pro with Safari. Logs in successfully every single time with no issues.
AlexPhilo
  |     |   Comment #116
I checked out savebetter.com a couple wk ago and rejected it for the same reasons here. I would never trust my money with a platform or institution that I can’t communicate with.
GG7
  |     |   Comment #127
I am wondering if those who are having issues with PRIMIS have had problems with fraudulent activity on other accounts, or identity theft issues?  Any issues like that will be on your credit report which they definitely check. A person's actual credit score might also play a role in terms of instant approval versus some level of vetting. My credit score is over 800 with no prior account issues and I got my PRIMIS account approved instantly last Friday night.

They never asked me for a bank statement or anything above and beyond the info I provided on my application. I have not had any contact with anyone at the bank yet because I don't need to talk to anyone at this point in time. The only delay for me was the fact that I used my credit union's routing number and account number and had to wait over the weekend for the micro deposits to show up before I could make my first deposit. I got those micro deposit amounts and made my initial funding deposit earlier today for $100.00. That full amount is showing in my total balance with a hold until the 8th, which is a very reasonable hold period. Most banks are 7 days or longer on all new deposits.

But according to the disclosure details, I should be earning interest on that $100.00 beginning today, even though the funds have yet to leave my funding account.  That is what I was hoping to see and is identical to how Emigrant Bank handles their online deposit credits and interest payments.

Barring any last minute drama, I plan to pull a healthy 6 figures into this account next week, provided that I can verify interest is being paid daily on my $100.00 deposited today.
EdwardD
  |     |   Comment #119
My initial funding amount is credited (still on-hold) on 2/3 Friday. Today on 2/6 Mon, the amount is still not withdrawn from the external account. How long does it take for the withdrawal to show up?

I hesitate to deposit more money to Primis account in case initial funding amount somehow get refunded and they close the Primis account for whatever reason.
Update: Actually the external withdrawal posted late in the afternoon on 2/3. So the withdrawal happens next day after funding amount is credited.
Buckeyes
  |     |   Comment #120
they requested my bank statement at Noon yesterday. Yes a Sunday. Crickets since. Still no account.
GG7
  |     |   Comment #126
Usually takes around 3 days for the funds to get pulled from your funding account. But that doesn't really matter here since they credit your deposit immediately and you start earning interest on that deposit right then. MySavingsDirect/Emigrant Bank works the same way, but they put a 7 day hold on all new deposits whereas PRIMIS only holds them for 3 days.

Not sure why you would deposit money into a savings account and then immediately need to withdraw those funds days later, but whatever... 3 Day Hold on new deposits appears to be how PRIMIS does things, which is a much shorter hold period than any other online bank I have dealt with and more than works for me!  :o)
GG7
  |     |   Comment #128
@EdwardD

I would suggest that you just sit tight and confirm that you are seeing a daily interest amount from your first deposit being provided before adding in more cash. Your "Account Details" page should show this monthly interest paid total increasing every day as well as a YTD Interest Paid total once your receive your first monthly interest payment at the end of this month.

I have no idea what is going on with those who are having their deposits refunded, accounts closed or suspended etc. I've never heard of such a thing, but without knowing all the details of these individual's credit report histories and actual credit scores, it is impossible to comment further.
dantheman46
  |     |   Comment #135
Does your account show interest earned but not yet paid? Mine does not. It shows:

Annual Percentage Yield (APY) 5.03%
Interest Paid Year to Date $0.00
Interest Paid Prior Year $0.00
Interest Paid Account to Date $0.00
GG7
  |     |   Comment #146
Quote: "Does your account show interest earned but not yet paid? Mine does not. It shows:

Annual Percentage Yield (APY) 5.03%
Interest Paid Year to Date $0.00
Interest Paid Prior Year $0.00
Interest Paid Account to Date $0.00

-----------------------------------

As I mentioned in another sub thread, our PRIMIS accounts are currently missing the "Interest EARNED this Month" stat that MSD and most other online banks provide in their account details.  Only "Interest Paid Account to Date" which is obviously not the same thing, and won't increment on a daily basis.

I just chatted with a PRIMIS Rep and they were not sure why this data point was not currently listed, but said that they would forward the feedback and see about getting that added to the Account Details.

I would suggest that everyone send them an email or a chat based request for this feature in the next few days and see if we can get this added by sheer numbers of requests from new account holders coming from this blog forum!
EdwardD
  |     |   Comment #147
Mine also shows the same:
Annual Percentage Yield (APY) 5.03%
Interest Paid Year to Date $0.00
Interest Paid Prior Year $0.00
Interest Paid Account to Date $0.00

But I just opened two days ago with a small amount so the account has not really accrued any interest yet.

It will be nice if they show "Accrued interest" which means "Interest earned but not yet paid". Once monthly interest is paid, it will be included under "Interest Paid Prior month" , "Interest Paid Year to Date" and "Interest Paid Account to Date". And "Accrued interest" is back to zero.

CFG Bank shows Accrued Interest in account detail.

In online banking, I cannot locate Secure Messages functionality.
EdwardD
  |     |   Comment #130
My initial funding amount is credited (still on-hold) on 2/3 Friday. Today on 2/6 Mon, the amount is still not withdrawn from the external account. How long does it take for the withdrawal to show up?

I hesitate to deposit more money to Primis account in case initial funding amount somehow get refunded and they close the Primis account for whatever reason.

Update/corrected: Actually the external withdrawal posted late in the afternoon on 2/6 Mon (not 2/3) . So the withdrawal happens next day after funding amount is credited on 2/3 Fri.
EG
  |     |   Comment #136
I just opened both the checking and savings accounts - funded each with $100 and $500 respectively to start - and it was a cinch! I linked it to one of my accounts and there were no problems. Once the hold comes off and the funds show as available, I’ll transfer a lot more.
GG7
  |     |   Comment #143
Regarding the funds pull from the funding account... My hundred buck deposit already got pulled from my credit union this afternoon. Same day I executed the transfer deposit, so these guys are FAST when it comes to fully completing an ACH!

Something to consider for those who are use to the MySavingsDirect FLOAT, which usually gives you a good 3 business days between the deposit credit in your MSD account and the funds actually being pulled from the funding account.
verifiedreview
  |     |   Comment #141
I’m glad that someone here got verification that there’s no limit to external ACH transfers. However, I’ll believe it when I see it. This 5+% rate won’t last, so…
GG7
  |     |   Comment #142
I remember people predicting that Dollar Savings Direct's 3.50% APY wasn't going to last either... 

6 months later, it is still 3.50% APY, but it is hardly the must have HYS it was back when it first raised its rate considerably higher than any other bank at the time. Oh how times have changed! ;o)

I predict that PRIMIS will remain at 5.03% APY through the remainder of 2023, and will eventually be eclipsed by some other online HYS offering an even higher rate.

The Fed ain't lowering rates until 2024 at the earliest despite what all the clueless market bozos keep pushing for and buying into their own BS to the contrary.  Even if they pause, it likely won't come until Q4 2023.
EdwardD
  |     |   Comment #148
Has anyone successfully ordered your first 40 FREE checks thru the "Reorder Checks" option in online banking or you ordered checks via calling them?

After many attempts to call them, I finally was able to reach a rep at 1:30am. I wanted to order my free 40 checks. But I was told I have to do it online myself via the "Reorder Checks" option. She cannot do it for me on the phone. I thought "Reorder checks" means you already ordered your first free 40 checks before and now you want to order more (probably not free anymore). But the rep said it is the same. She said she has submitted a ticket to IT department to update the website to label the option as "Order check" and hopefully I can see the change tomorrow morning and order my checks from there.

The "Reorder Checks" link will leave the Primis site and land onto a third party site. I did not really click through the link.

@RichReg, you mentioned that you got Digital Platform rep on the phone (not a local branch)
who promptly ordered my first batch of FREE checks. Is 833-477-4647 the number you called?
RichReg
  |     |   Comment #149
EdwardD;
If you need to contact PRIMIS, the best luck I've had is with 833-969-3992. I do not trust the answer you received...they did indeed order the checks for me over the phone.

However, for following up on the check order, I'd call Harland Clarke @ 800-275-1053 (which I just did).
Get your account number & routing number from online banking. Found out that my order was processed and ships out today.
GG7
  |     |   Comment #150
I did a chat with them last night at around 9PM Pacific Time and I got an agent right away. I asked about the lack of a Monthly Interest Earned stat on the Account Details page, and they said that they would forward my feedback to the web team for a possible addition of that metric. The woman I was chatting with agreed that having that number would be a helpful feature and did not know why it was not already offered.

I also confirmed that interest is paid out on the 15th of each month, so the interest cycle runs from the 15th to the 15th instead of the more common calendar month cycle.
gpagpa01
  |     |   Comment #151
The average frontline csr has no idea what accrued interest is. Although, Bask did not have that feature but then was added shortly after I opened. It seems to be same web layout as live oak bank, and they don't have that feature either.
Dandy
  |     |   Comment #152
Hello, anyone knows if your account is locked, can you pull funds from your external account instead? I cannot reach Primis to unlock my account. Or rather, I've spent hours on hold, got a CS rep, to be told that they forwarded my request to a manager. Only a manager might be able to help me now and it's been over 24h+ & no call back. Thanks.
dantheman46
  |     |   Comment #153
Have you tried calling one of the branches directly to see if a branch manager can help you?
Dandy
  |     |   Comment #154
I did. I didn't join in branch and digital banking is a different product, so the branch I called couldn't do anything for me. They put me through the digital phone line queue and I got the same answer after 90 minutes of waiting ...Just wait for a manager to call me back. Sighs! Do you know the answer to my question though? I can test it out but then I might have to pay "insufficient/return ACH" fees if doesn't go through....Hoping someone will reach out to me by end of today (since managers only work bank hours).
dantheman46
  |     |   Comment #155
I was able to call one of the local branches and they were able to order checks for me so they have some ability to service these digital accounts. Maybe they just can't do the lockouts. I have no idea about your question; I hope you get things resolved quickly!
RichReg
  |     |   Comment #157
@ dantheman46; Interesting about the local branch thing.
Maybe that's why I too, was able to order checks over the phone.
gpagpa01
  |     |   Comment #158
I was able to order from return phone call from customer service, and surprisingly she did. I checked by clicking reorder checks and brought me to check ordering site, I entered my routing number and account number and unlike before where it said no account found, it brought up a page to reorder Primis checks.
Buckeyes
  |     |   Comment #159
It's been exactly 48 hours now since I got a message Sunday afternoon asking for my bank statement which I sent right away. Still crickets. I'll wait another 24 hours and if it's still not open, I'll pull my application and stay with who I know, and that would be Ally.
Dandy
  |     |   Comment #160
@Buckeyes Can you pls check your PM?
GG7
  |     |   Comment #167
Your issues with customer service are probably all down to the likely overwhelming amount of new account traffic these guys are having to deal with right now. Ken's site isn't the only place on the web that is talking about this bank and the 5.03% APY. ;o)

I wouldn't be surprised if they totally under-estimated the volume of new accounts that would be flooding in. As others have said with other complaints... Cut them some slack and give them some time to catch up! Or... You can cancel your account and loose out on a great deal because they can't instantly fix a problem for you. Your call.
EdwardD
  |     |   Comment #162
Has anyone tried initiating a pull of large amount (i.e. 30k) into Primis account from your external account?
Is the amount credited immediately?
How long is the hold time before fund is available?
RonR
  |     |   Comment #196
I executed two pulls of 30K each from two different banks. These transactions both posted immediately at Primis even before funds had been moved. Primis stated that funds would be available at 11:59 PM EST two days later and, sure enough, they were. No problems at all!
RonR
  |     |   Comment #197
Also: My son opened a new account at Primis and his initial funding executed today (Friday) is displaying as not being available until 11:59 PM EST Tuesday. Apparently the hold on funds is considering business days only and not weekend days.
waryman
  |     |   Comment #163
I just initiated a pull from my Primis Savings accounts for 160K USD from my capital one funding account. I got an email confirmation of a successful transfer immediately after submitting the order and at 5 PM I logged back in and see the transfer recognized in the account with a 2 day hold that will expire in 2 days on Feb 9 at 11:59 PM. So far so good. Will update when it successfully deposits.

As of now, I have not run into any ACH limits within account. As for transfers out, I don't really care about any supposed limits as their $5 wire free is super cheap compared to the usual $30 fee most banks have. I'd make that up in a day with these interest rates.
RichReg
  |     |   Comment #165
That’s awesome news.!
Let us know if everything continues smoothly.

Then we can all double-check Primis’ calculations after the 15th; which
will hopefully live up to expectations.
GG7
  |     |   Comment #166
Based on my experience with these guys so far, I see no reason to doubt that the interest payouts will be precisely what they should be. PRIMIS seems to be an upstanding institution, on par with any other reputable online bank.
RichReg
  |     |   Comment #168
I always hope for the best and prepare for the worst, but
I’m pretty sure they’re going to do what they’re supposed to.

Let’s hope they take you up on your advice to add the accrued interest metric.
fred_b
  |     |   Comment #164
It's like trying to buy a ticket for a Taylor Swift concert from TicketMaster.
Navada
  |     |   Comment #169
I am in the process of opening an account at Primis. I came across two Twitter accounts trying to expose or damage this bank and its predecessor.
1) Stop Sonabank/Primis @stopsonabank 2) PrimisFraud @FraudPrimis
Should we be worried? Have you guys seen this happening to other smaller banks?
GG7
  |     |   Comment #171
Twitter? Seriously?

I don't base my financial decisions on the opinions of Internet Trolls. My PRIMIS experience to date has been A+. Instant account approval, timely micro-deposit verification, lighting fast ACH transfers and courteous customer service. (Albeit slower than normal due to them obviously being flooded/overwhelmed with applications for new accounts due to their 5.03% APY on both savings and checking accounts)


Everyone at PRIMIS I have interfaced with so far have been more than helpful and answered all my questions and resolved any minor issues.

By the end of next week, I would have deposited the FDIC maximum into my PRIMIS Savings account.  
Buckeyes
  |     |   Comment #170
update on me. My account is finally open at 8AM this third business day and i got 7 or 8 emails from them introducing themselves and what not, probably the same flood others have gotten. So I'll do a more substantial transfer and we shall see.
gpagpa01
  |     |   Comment #172
@Dandy any update on your locked account?
Dandy
  |     |   Comment #183
No. I even called the number you suggested, but they couldn't do anything either since it's a digital division or so they claimed. Haven't asked to be connected to execs yet. I was told my account was flagged for possible fraud and they need to review it. I have 6 figures sitting there for 4-5D+ now. I don't know what else to do other than wait until someone review my account and fix the issue I guess? I'll give them until next week before I reach out again ... Any other suggestions? 
Buckeyes
  |     |   Comment #173
Just a small hiccup. Etrade has a savings account now paying 3.5% and when I went to link it from Primus they locked my account! (Not Primus, Etrade)  I have been unable to link either from or to Primus. Etrade unlocked it quickly but I found that interesting.  Ally went much smoother. 
gpagpa01
  |     |   Comment #174
I tried linking from Bask to Primis and used Bask's plaid automatic system to log into primis account, but got error message 2 times, decided to do the micro deposits from bask to be safe. I remember someone posting that Primis does not use plaid, even though you can used something similar when funding, not sure if it was plaid when signing up.
akapla01
  |     |   Comment #175
Bask push to Primis is completed same day or before the next morning - very quick.
gpagpa01
  |     |   Comment #176
Right, next day, the benefit of pulling funds into Primis from Bask is that Primis credits pretty much day of request, and need to keep the powder dry with Bask's monthly ACH limits, just in case.
Buckeyes
  |     |   Comment #177
I just tried Primis to Etrade again and even though the 1st rep said it would work, Etrade once again flagged this service as an "irregular log in attempt" as Primis was trying to verify the Etrade account using not Plaid but I think MX.. Attempts to or from Primis will never work with ETrade per the 2nd rep. So I'll just use Ally as a third party workaround. This old man had fun this afternoon!
gpagpa01
  |     |   Comment #178
@Buckeyes, how about doing it the old fashioned way with trial deposits and not the instant way of logging in. Just type a few letters of bank, the scroll to bottom then click "connect with account numbers" and then I'm assuming they will do trial deposits at ETrade and just go back and conform on Primis site when done.
Cate_T
  |     |   Comment #179
Those of you putting $250,000 into your newly opened checking or savings account because that is the max FDIC insured, isn't the amount $500,000 of FDIC insurance if you have a joint account with your spouse (or anyone)? Just making sure I have this information correct of FDIC insurance at banks.
remmymo
  |     |   Comment #190
For 2 people each account titled differently is insured for $250k except for the joint account which is insured for $500k. So you can have a joint acct, each can have a single account POD the other, and each can have a single non pod account thus 2 people can have $1.5M FDIC insured at the same institution

There's an FDIC calculator  (https://edie.fdic.gov/calculator.html) that explains & let's you test drive the accounts you want, to see if they are all insured
Cate_T
  |     |   Comment #216
thank you for verifying and explaining in detail
FrugalTed
  |     |   Comment #180
Update: It's been a few days since I opened my Primis Personal Savings Account. I'm ready to give everyone an update as promised.

Quick Recap: Got enticed by the 5.03% APY and opened a Personal Savings Account. Linked my Chase checking to Primis by entering my Chase userid and password. Got very spooked when I saw the last 4-digit of the Chase account linked to my Primis account does not match my actual last 4-digit Chase account. Started sounding the alarm here.

User xer00, Rickny and Orderly Chaos is 100% correct when they say this is a Chase security feature. I confirmed this by speaking to a Chase banker at my local branch. He explained due to the way how I linked my Chase account to another bank by providing my login credential, Chase use substitute account number to protect their clients. You can see this by logging into your chase account and going to the Security Settings page.

The initial funding did correctly came out of my Chase account into my Primis account. Initiated at Primis, I did 2 small ACH pull transfer and 2 small ACH push transfer and they all correctly came in and out of my Chase account despite the last 4-digit shown not matching.

Conclusion: Everything works as they normally would. For those of you that are on the fence about opening an account with Primis, I say DO IT! We savers suffer for so long with pitifully low interest rate. It's about time we got some decent returns on our savings. I'm getting ready to move my liquid fund parked at SFGI Direct (3.51% APY) to Primis.
waryman
  |     |   Comment #184
Why has this bank not made the Deposit Accounts list of highest checking and personal savings accounts?
Bluewire
  |     |   Comment #185
Perhaps because Primis bank's customer service is often difficult reach by any means, and the representatives are too frequently befuddled when asked simple questions. Or maybe because its operations from opening accounts to locking accounts is stumbling about bewildered and unresponsive.
waryman
  |     |   Comment #187
Im quite sure that has nothing at all to do with it
RichReg
  |     |   Comment #188
Don't kid yourself. What's your theory?

You can always email Ken & ask, but first off ...this new "Primis" has no track record. And as others have been speculating, could easily drop this rate after something like 30 days.

So if I were Ken, I'd tend to post on the cautious side, ..if not for just a little while. At least let Primis first pay their initial amount of interest out at this newly published APY (on the 15th).
gpagpa01
  |     |   Comment #189
Easy solution if they cut, pull it out. That's why I li eft my powder dry at Bask (due to their monthly push/pull transaction limits)
Bluewire
  |     |   Comment #193
Until Primis Bank gets its customer service and operations up to speed where clients can get questions answered and account issues dealt with in a timely and exact manner then it's not ready for prime time.
RichReg
  |     |   Comment #198
@Bluewire; Looks like Ken's staff isn't holding their breath.

Hey waryman ;...appears you got your wish.
PRIMIS is now in the checking and savings account lists.
(Now where did I save that Daily Balance calc spreadsheet..LOL)
remmymo
  |     |   Comment #191
Does anyone see how to setup alerts for the checking account? Thanks. I tried chat, filled it all out and it disappears
gpagpa01
  |     |   Comment #192
wondered the same thing, I don't see any categories like debit/credit to account or debit card uses etc. It may just send a text any time there is activity in the account. I get a text when I set up a pull from external bank into Primis and when any updates to external accounts.
JeffinEasternFL
  |     |   Comment #194
Prediction: 5%~...it will not last as the flood of money will not keep with loan demand; watch this rate stagnate, then fall, then outa the "top tier" as they have an abundance of assets on hand.... too many other highflyer accounts from many known banks have done just the same, get the 5% now but, be ready to flee before '23!
dantheman46
  |     |   Comment #195
That’s always the plan. Best to have a hub bank like Ally or Alliant CU with same day or next day ACH to move funds quickly when a rate drop occurs and move to next bank with the highest rate. I do think this rate will last for 3-6 months. Should have another rate hike or two from the fed and other banks are already in the 4.25-4.5 range so we may see them get closer to or even match this rate at some point.
Msh
  |     |   Comment #199
How long does it take to transfer money out of Primis bank after the initial deposit and hold? I'm just curious on their transfer policy between bank accounts once everything is established. Most banks allow you to transfer 5-7k without any wait time.
Buckeyes
  |     |   Comment #200
I did a 15k transfer from Ally to this bank on Wed Feb 8th and it's already available to withdraw if I wish. I'm assuming transfers in and out are probably very similar to other banks. I was pleasantly surprised to see the 15k available already.
gpagpa01
  |     |   Comment #201
My free check order was mailed out on 2-10-23, got the duplicates, hopefully is not less than the 40 promised.
RichReg
  |     |   Comment #207
Nope ...not less, but as expected.
Received the checkbook today. Two separate lots of 20 checks. :)
gark
  |     |   Comment #203
Spoke to a customer service rep today after long wait. I get it, they are being slammed. However, she claimed that if I want to withdraw money by ACH, the limit is $30,000 per day, even if initiated externally. Over $30,000 she insisted I had to do a wire transfer.

Then I chatted with their facebook page on messenger. I asked:

"I was looking into your online savings account which presently has an APY of 5.03%. I was told by one of your customer service reps that once the account is open, that even I attempt to withdraw money by ACH that is initiated on the external bank's web site, that anything withdrawal over $30,000 in a day will be rejected by Primis. Is this correct?"

The response I got was:

"Hey Gary, sorry you were told that but it isn't correct. There are no ACH limits from Primis when you initiate a transaction from another bank, company, or financial institution. That goes for our savings and checking accounts. Hope that helps!"
gark
  |     |   Comment #208
Spoke too soon. I followed up with them on facebook messenger by asking:

"So are you saying that even if I want to "WITHDRAW" money from my Primis online savings by ACH, if I initiate externally, I can withdraw as much as I want? The representative insisted that the withdrawal limit by ACH was $30,000 and that if I wanted to withdraw more, even when initiated externally, I had to use wire transfer."

Their response:

"Ok, so it seems that I may have misspoke. The customer service rep was correct for how our accounts currently function, however we're in the process of changing that. I was under the impression that the change had already occurred. Soon, there will be no limits on external withdrawals so long as they are initiated outside of the Primis system. I'm waiting to hear back exactly on when that will be implemented, but it should be very soon. I'll let you know when I get a precise timeline. Sorry about the confusion!"
TRP
  |     |   Comment #209
The other interesting question here would be if they also currently limit your externally-initiated ACH withdrawals to a $100,000 total per 30-day rolling period as they do with ACH withdrawals initiated at Primis. If so, it would take you 4 days to ACH $100,000 out of your Primis account. As long as there are no restrictions on the amount or frequency of outgoing wires from Primis, there shouldn't be a problem accessing your funds. As a side note, you should also keep in mind the $5 outgoing wire fee charged by Primis and any potential incoming wire fee at the financial institution where you are sending your funds. ACH transfers typically do not involve any such fees.
EdwardD
  |     |   Comment #219
Does each account have its own separate 30k ACH out limit such that you can ACH out 30k/day from saving and another 30k/day from checking account?
Buckeyes
  |     |   Comment #204
ive completed two speed tests by sending a transfer from Ally and to Ally with this bank and they both were completed very quickly. I want to say best in class. My withdrawal from Primis to Ally on Fri 2/10 was in my Ally account today Feb 13. So no business days have passed. Now is this Ally being fast or this bank? Or both. It's amazing to me that a Friday withdrawal cleared over a weekend. That's good stuff.
gpagpa01
  |     |   Comment #205
I've seen some examples of moving funds back and forth from the same institution, and their experience has not been favorable. I'm referring the AML (anti money laundering) and what some banks or financial institutions perceive one customers "testing" as testing but for nefarious reasons. I've done my fair share of testing ach transfers to see how long etc, but now, with this in mind, I think I'll have to ease up on these habits. Fortunately, I've been just funding Primis, and waiting for the checks to come in the mail.
Buckeyes
  |     |   Comment #206
I deposited a grand and then pulled back half of it 3 days later. I doubt it raised many eyebrows because my total balance today is 15k. But that will be going up!
Navada
  |     |   Comment #210
Has anyone been able to add MySavingsDirect as an external account to their Primis Checking account? Can MySavingsDirect block the microdeposits?
forestation
  |     |   Comment #211
The microdeposits will go through fine. But MySavingsDirect does not allow pulls from external accounts (it does allow pushes), so what you're doing is pointless.
gpagpa01
  |     |   Comment #212
when I linked Marcus via micro deposits, Primis did not take back the small deposits. This was after account opened and not for initial deposit for data point.
gpagpa01
  |     |   Comment #213
I received the Primis debit card, but am inclined not to activate it since I don't want a live number out there available to be "guessed" by some low life on the dark web. I never use debit cards for my other bank, just credit cards. Is the conventional wisdom to activate then to lock it online, which I was told could be done?
RichReg
  |     |   Comment #214
Not unwise...and yessirree, you can.
Did that back in the day with PSECU.
Hadn't even asked for a card and only had a CD and Shared Savings
account with the bare minimum.
Buckeyes
  |     |   Comment #215
i only use mine, Ally's, to get cash going on 20 years now with no issues. how do you get cash without a debit card? i activated my Primis card this morning and now I'm regretting it.
GreenDream
  |     |   Comment #221
"how do you get cash without a debit card?"

The old-fashioned way: Go to a bank branch and make a withdraw. Obviously, if the only banking you have is via online only banks, a debit card would be a must have, but most people tend to have at least one account at a physical bank, in which case debit cards become an optional item one can opt out of using.

Personally, I tend to use my cash back credit card(s) for most purchases (except for small purchases and purchases where I don't trust the use of a card) so tend not to need to "get cash" all that often. Since credit cards offer better protection and cash back (and I pay the bill off immediately, so pay 0 interest), I much prefer them to debit cards
Buckeyes
  |     |   Comment #224
@greendream Yea I thought of this later and laughed. Once again I fell victim to the short edit time frame we are allowed and the inability to take down a post. Seriously though, I do have a $100 in my local bank and haven't been inside in probably 5 years, so I never thought of the old fashioned way.
GG7
  |     |   Comment #247
@gpagpa01

I like having a Nationwide FREE use debit card, so I activated mine as soon as it arrived. But for security reasons, I would suggest only keeping a grand or two MAX in there at any given time if you plan to use it on a regular basis.

My checking account is pushing the FDIC limit at the moment, but I've got my eye on some attractive direct CDs right now that will probably get funded out of that balance.
Cate_T
  |     |   Comment #217
Sooo, I made the plunge and went through the process of opening a checking account even with all the negativity on this feed, the rate is great (for now). Why can't I open a joint account though? No where does it ask if it's single or joint? I would like my spouse to be on it and not as a beneficiary.
gpagpa01
  |     |   Comment #218
After account is open, you can add an owner to the account for it to be joint
RichReg
  |     |   Comment #220
Alllllllrighty then....
pulled an ACH deposit test like some of you others ($500) late in the afternoon yesterday.
Posted same day (2/14) to PRIMIS...left SoFi this morning.
If PRIMIS' policy is what they say it is...that's an extra day of interest using ACH.
(Maaaaaaybe).

Because tooday is INTEREST day.!!!
So keep your eyes peeled and your calculators handy after midnight folks...
gpagpa01
  |     |   Comment #222
Today's the day, 15th for statements. Assuming interest will post tomorrow. I've got a number roughly computed.
Buckeyes
  |     |   Comment #229
Im coming up with $14.46 for myself. got off to a slow start.
gpagpa01
  |     |   Comment #231
Interest posted and it was slightly higher than my estimates, I'm impressed and convinced. I had transferred in funds in successive days and my crude math was quite accurate as with their math.
RichReg
  |     |   Comment #232
Interest is spot on for me.....hats off to PRIMIS!
With the way their accounts are working in this first cycle, you don't even
need mobile deposit to get funds into the account in a timely manner.
Freakin' awesome!
Buckeyes
  |     |   Comment #233
same success for me. I calculated 14 and change and got 20 and change. Next month it will be sweeter for all of us since an entire month will be posted. I don't think many, if any, of us joined before Feb 1. 
gpagpa01
  |     |   Comment #234
Noticed on statement that there is no indication of "Average daily balance" on what they compute the interest from. But the fact it essentially matched my method (with multiple ach pulls on different days) the established amount now should be easy for next month's verification since no funds will be leaving (unless another horse breaks from the pack)
Buckeyes
  |     |   Comment #223
I'm getting concerned about the customer service with this company. I sent an email in last week about my first check order and have heard nothing. So I called in to speak to them and the hold times are an hour and a half. 20 minutes or less to me would be an acceptable hold time. How do I know an hour and a half? Because they tell you! It's as if they fired all their customer service people in order to pay us a high rate! I'm only slightly kidding. So I guess I will hang onto my Ally account for now. Gotta write checks! To me it's quite obvious they underestimated the customer interest, which I "guess" is a good thing??. I'd surely love to know the average hold time before they launched this.
Buckeyes
  |     |   Comment #225
Ok so a nice person named Lindsey just called about 5 minutes after my second request for checks. She suggests calling a branch if you need something in the future. She said she is actually helping out the call center, and said you should get through pretty quickly if you call a branch instead. She did admit Primis wayyyy underestimated the demand.  She says they have hired a bunch and are in the training process.  I have no reason to doubt her.  So now our little group knows to call a branch.  She said they take 7 to 10 business days.   Your mileage may vary.  
RichReg
  |     |   Comment #226
Don't go by what the automated voice tells you.
I've had the hold time tick down...then 10 minutes later it comes back with an even longer
hold time than it first started with.
RZ
  |     |   Comment #227
It appears that there are 2 dueling long winded threads regarding this bank but I’ll add my recent funding saga here. After the Chase checking link issue and having my account closed I started from the beginning and this time chose the checking account as it would afford another redemption option should there be continued limits on withdrawals even if pulled from an external account. I manually linked Patriot’s MMA and clicked when asked whether checking or saving (guessed) the former. The next message was to check back in 5 days to report the micro deposits. On day 5 there were no transactions recorded at Patriots. So rather than try again clicking savings instead of checking I elected to attempt an immediate link with Ally. Unlike the Chase link this worked flawlessly.

Vanguard is my hub so with the now available Primis credentials I went onsite to link this new account. Recently Vanguard has also adopted the instant link option and appears to be favoring it over micro deposits. Primis was in their database so I assumed the link would go smoothly. However despite entering the current credentials the link was rejected so now I will need to wait for the micro deposits to register. As those familiar with Vanguard are aware, a long verification hold is placed on new links before pushes can proceed. The work around is to get lucky by reaching a csr within 30 mins and initiating a free wire transfer to the new bank. It is also my understanding that Primis does not charge for incoming wires. All in all a lot of effort in order to extract just an extra 42 bps of interest!
Buckeyes
  |     |   Comment #228
the only solution i could come up with for myself is continue to use Ally as the middle man. So im going Etrade-Ally-Primis. Etrade and Ally clear overnight, so Im lucky. So I did an Etrade withdrawal Monday and shot it over to Primis via my Ally mailman Tuesday morning. I stopped trying to get Etrade and Primis to talk to each other. Some sort of security verification issue between the two. When I tried Etrade shut me down instantly when Primis tried to verify me. Im sure there are better workarounds, but this worked for me.
RZ
  |     |   Comment #230
Once you have successfully linked an account with Vanguard there is an option to initiate a wire without needing to speak with an agent however it must be an already verified account without any holds to do so.
dantheman46
  |     |   Comment #236
Thinking ahead to the 3 day weekend. Does anyone know what the cutoff time is for Primis to have a transfer credit the same day? Hoping to gain some double interest days this weekend.
RichReg
  |     |   Comment #240
Since their cut-off for mobile deposits is 6PM eastern, I’d assume it’s the same for ACH.
Before 5PM for sure.
gpagpa01
  |     |   Comment #237
Looks like Primis cut the rate on savings and checking to 4.35% APY, says effective as of 2-26-23. My online details still shows 5.03%, but I'll check again after midnight.
Edit:   guess the no max ACH pull will come to the test sooner than later.
RZ
  |     |   Comment #238
If so, I colossal waste of time!
dantheman46
  |     |   Comment #239
Wow, that didn't last long, basically 18 days or so. 4.35% is ok but there are higher and if they dropped once, they may very well drop again. Colossal waste of time is right!
RichReg
  |     |   Comment #241
I cant believe those b*stards!
However, the fine print does say that the new rate is for accounts only now being opened,
going forward.
dantheman46
  |     |   Comment #242
Looks like anyone who already opened with the 5.03% rate will keep it…at least for time being.

[10:27:32pm] Helen:
Thank you for chatting with Primis, my name is Helen. How may I help you today?
[10:28:19pm] You
Hi Helen. I saw the rate for the checking account dropped from 5.03% to 4.35%. Is this for existing customers as well as new customers?
[10:28:25pm] Helen:
No
[10:28:51pm] You
So existing customers will continue to earn 5.03%?
[10:28:55pm] Helen:
Yes
RichReg
  |     |   Comment #243
Yup. It's still here for my account, for now.

But like midas89 said in another thread, who knows for how long.
OTOH, current news headlines are saying that the Fed intends on continuing their rate increases going forward, so... ?
remmymo
  |     |   Comment #244
Got the following email for my checking account wonder if others got it for their savings accounts?
"Soon, you may see on our website that our APY is changing to 4.35%. This will not apply to you. As an early adopter of our digital platform, you will continue to earn 5.03% APY. While our rates are always subject to change, we want to currently hold your rate at the highest level possible."
GG7
  |     |   Comment #245
Yeah...I got that same "TAKE A BOW" email thanking me for being one of the first customers to take advantage of their new online banking system.

Here is a quote of the entire message I received this morning at: 6:05AM PST

PRIMIS

TAKE A BOW
You were one of the first - and you deserve the best.

"Thanks for being one of the first customers to take advantage of our Primis Savings. You’re earning the top-notch annual percentage yield (APY) of 5.03% and we’re glad you’re here.

Soon, you may see on our website that our APY is changing to 4.35%. This will not apply to you. As an early adopter of our digital platform, you will continue to earn 5.03% APY. While our rates are always subject to change, we want to currently hold your rate at the highest level possible.

Congratulations on being a banking trailblazer. Our goal is to continue to impress you and create a long-standing relationship.

Thank you,
Your Primis Team"
remmymo
  |     |   Comment #246
duplicate cannot figure out how to delete
fliegeroh
  |     |   Comment #248
thanks Ken, you are the best.
Just a note, I successfully opened a Primis Savings account yesterday (I was totally unaware of the rate change) and my account still shows APY of 5.03.
RonR
  |     |   Comment #249
I apologize if this has already been asked, but for those of us grandfathered at the %5.03 rate can we add additional funds and still receive that higher rate of return?
GG7
  |     |   Comment #250
@RonR

The answer to your question is YES. 
The rate applies to the account, not individual deposits or dates of deposit. You will continue to be paid at the 5.03% APY for as long as Primis maintains this promotional rate for early adopter accounts.

Personally, I am fully expecting them to maintain our 5.03% APY for at least the next 90 days, if not longer. Their "Take a Bow" email emphasized at the end that their goal was to "Continue to Impress Us, and create a "Long Standing Relationship".

"Our goal is to continue to impress you and create a long-standing relationship."

You don't achieve that goal of a long-standing relationship by Rug Pulling the #1 reason all of us signed up in the first place. That is why I am cautiously optimistic that this email was basically an insurance policy against a ridiculously short lived promotional rate.

No way to know for sure, but I have no plans to pull my significant deposit out of Primis for fear that the 5.03% rate is going away at the end of February/early March as some are now predicting.
Buckeyes
  |     |   Comment #251
It's almost like they pulled a Powell in an effort to control demand. The expected demand and actual demand caught them off guard (thats per what rep Lindsey said to me). Hold times were not improving either. I think they hit their projections and did the proper thing, held the rate for those that got in early. Dropping it 65pms so soon for people already enrolled, with no Fed rate change causing that, would have been pretty weak on their part. Again I said almost like, not actual reason. 
GG7
  |     |   Comment #252
@Buckeyes

It would have been a PR disaster on steroids! lol!

It sounded to me based on the very personable one on ones I had with Helen Holt and some of the other Primis folks that they hit their new money/depositors goal in a matter of days, not weeks, and obviously not months. And once the proverbial Genie was out of the bottle thanks to the speed of The Internet, they were helpless to control it going forward. Something obviously had to give.

Considering what they were up against, I think their modest team of regional staff did a pretty good job in the face of some pretty overwhelming numbers. Personally, I had an excellent new customer experience and got my two accounts approved and funded in record time based on past experience with other online banks. I remain very impressed, and I really like this bank and the folks that work there. They definitely take pride in what they do, and the company they work for, which is always a good sign for a new depositor.

If I hadn't been following things so closely via this blog forum I would have never known how out of control things were, and how many potential new customers were literally locked out of completing their applications and even being able to contact a Primis rep over the phone. (Phone system was crashed numerous times due to call volume)

The whole thing was nuts! I'm just really glad that I pulled the trigger immediately after hearing about the bank's offer, and didn't waste any time hemming and hawing over whether to apply or not. 

I know a lot of the Primis Doomsayers have been gloating over the recent rate cut news, but in the end, we are getting paid 5.03% APY on a checking and savings account and they aren't. ;o)
TRP
  |     |   Comment #253
I wonder if there is an account opening cut-off date for you to receive the "TAKE A BOW" email. I applied for their savings account and was immediately approved and funded on February 11th (last Saturday) and as of yet I have not received any such email (even checked spam folder). My account is showing that I am still earning the 5.03% rate when I log into my account.

Of course I'm sure everyone who opened a checking and/or savings account prior to February 16th (yesterday) would like to know EXACTLY how long we will receive the 5.03% rate. I wonder if Primis will be forthcoming with that information in advance or just suddenly "cut us off at the knees" with a sudden rate reduction to their current rate at the time.

I guess you could ride it out until the grandfathered rate ends and even add additional funds to your account in the interim. If you are going to go that route, you should keep a very close eye on this forum and the interest rate showing in your account so that you can act immediately (should you choose to) when the grandfathered rate ends. FWIW
Buckeyes
  |     |   Comment #254
@TRP
I'm sure you realize it's not a CD type rate with guaranteed terms. They can change rates tomorrow or in 2025. Just based on the tone of their email i'm quite sure they intend on at least holding it for some time to come, especially with the Fed still increasing.
GG7
  |     |   Comment #255
I agree with Buckeyes. The trend over the last 12 months with rate leaders has been to HOLD the rate indefinitely and just allow competition to eventually surpass their offering. Once they are no longer in the spotlight, the volume of new account applications and customer service inquiries will drop rapidly.

I haven't touched based with anyone from Primis since all this went down, but I would be surprised if the new application submissions hasn't fallen off a cliff over the last 24 hours. Customer Service calls will likely remain high for the next week to 10 days as existing new account holders call in to ask about the fate of their 5.03% APY etc.

And let's not forget that the new rate Primis dropped down to isn't crap! It's the exact same 4.35% APY that Emigrant Bank's "My Savings Direct" has been offering as the HYS market leader since December 16th, 2022. It isn't the Eye Popping 5.03%, but it is still a very competitive rate as of 02/17/2023.

In light of all of these recent developments, I have started to monitor the "Emigrant Direct" website. I think there is a growing likelihood that this currently retired Emigrant "Store Front" will be the next place we see the "Emigrant Flex" with the new market leading APY.   They have already used "Dollar Savings Direct" and "My Savings Direct" to roll out their last two market leading APY offerings.  That leaves "Emigrant Direct" as the last "Store Front" shoe to drop.  ;o)

And unlike Primis, these guys are totally setup to handle the National Demand when the flood gates open on "Emigrant Direct's" website.  The big question is WHEN is Emigrant Bank going to pull the trigger and set the stage for the next round of record breaking HYS rate increases?

https://www.emigrantdirect.com/securebanking/login.do?_flowExecutionKey=_cF12D8A9B-E97C-5A61-54F1-3C....
gpagpa01
  |     |   Comment #256
I opened Emigrant Savings back in 2005. Log in still active, but account closed so all ready to reactivate if need be.
GG7
  |     |   Comment #258
Cool!

I just applied for an Emigrant Direct account in order to save myself some time in case my prediction becomes a reality. I called them ahead of doing this to see if I could transfer all my user data over from my other two Emigrant accounts, (DSD & MSD) but the Rep said No. Each is treated as a separate entity, but he confirmed that any future rate increase would be reflected in my APY going forward.

What is interesting about this conversation is that I laid out my suspicions about ED being their next focus for the next APY announcement, and the Rep was noticeably taken aback by my comments, and asked me "Where did I hear about this?"

I informed him that it was just speculation based on my observations of Emigrant Bank's moves in the past. I said that I knew he could not confirm or deny whether this was actually going to happen or not, but it was obvious that he was SMILING when he informed me that he was unable to confirm or deny that Emigrant Direct was going to be used for the next big Emigrant Bank APY announcement.

Very interesting indeed! ;o)
Navada
  |     |   Comment #361
@GG7
Do you think Emigrant is going to stay competitive and offer a 5.00% APY in the near future via either DSD or ED?
dantheman46
  |     |   Comment #259
Not sure why you keep saying My Savings Direct is the rate leader when that’s just not remotely true. Maybe for you as your second highest account but it’s misleading to anyone else reading these posts who might take you at your word and assume MSD and Primis for new customers are at the top. I think it’s great to have fanboys to tout different banks and can certainly be entertaining. We certainly have some on this forum for Primis and for Marcus by Goldman Sachs. We have a couple for Merchants Bank of Indiana and some others as well. But when it leads to misinformation and intentional untruths, it’s not fun anymore.
GG7
  |     |   Comment #260
@dantheman46

CHILL !

MSD was the market leader until a week or so ago when Primis was added.  My Savings Direct was in the #1 slot for the second half of December and all of January.

I am referring to Ken's list of top HYS banks ranked from highest APY to lowest APY. Primis was listed as #1 until just recently, with MSD being #2.  Prior to that, MSD was listed as #1.  

If you have a problem with the accuracy of this list, maybe take that up with Ken and the folks that run this website?  It does change over time, but accusing me of fanboyism and spreading misinformation by quoting data from a page on this website is not only wrong, it is confrontational and LAME!

https://www.depositaccounts.com/savings/
Navada
  |     |   Comment #271
@CG7
Good thinking!

I am considering opening an ED account. What would be the fastest way to transfer all your funds from MSD to ED when the time comes? Is there a direct way? I only have my Capital One checking connected to MSD and that would be a bottleneck in the transfer process.
GG7
  |     |   Comment #273
@Navada

"What would be the fastest way to transfer all your funds from MSD to ED when the time comes?"

The fastest way would be a Wire Transfer.  Emigrant Bank only allows you to have (1) Funding Account connected to the account, so I don't know if I would want to have another Emigrant bank account as the funding account for the long haul.  I don't know... Its might work well... Never considered it.

Since we are talking two Emigrant accounts with your situation, maybe call them and ask them this question?

I chose my Primis Premier Checking account as my funding account for my new ED account this time instead of my credit union.

The reason is that Primis is SUPER FAST at pulling funds back in. A couple of days faster than my credit union, so when you need to take money out of an Emigrant Bank account, it helps to have a fast funder on the other end to receive the withdrawal.  Emigrant is really fast on withdrawal, with the only hold up being your funding account crediting that money to you.
Navada
  |     |   Comment #274
@GG7 Thank you for your prompt response.
remmymo
  |     |   Comment #280
I believe MSD allow 2 checking accounts to be linked, although it is a process that involves actually mailing in a form. I have done it on my account.
RichReg
  |     |   Comment #257
@TRP ;  If you really want to be up on where PRIMIS' rates are beforehand,
I would suggest calling them on Fridays (usually they'll drop a change prior to a weekend),
and checking with customer service. And yes, it will probably be sudden. But the reps will
usually receive an email in the morning...long before any potential rate change is made
public on their website.

Just ask whomever if they've received any emails from management about a rate change.
GG7
  |     |   Comment #269
@TRP

You said: "I wonder if there is an account opening cut-off date for you to receive the "TAKE A BOW" email. I applied for their savings account and was immediately approved and funded on February 11th (last Saturday) and as of yet I have not received any such email (even checked spam folder). My account is showing that I am still earning the 5.03% rate when I log into my account."

-------------------

I have a relative who opened and funded an account on the 14th and they also have not received the "Take a Bow" email either. Their "Account Details" page is showing their APY at 5.03% just like my accounts do. (Savings and Checking)

Couple of additional details about that email...

1) The actual SUBJECT of the email was "Your Primis Savings rate is standing strong."
2) My Apple Mail app indicates in the display window: "This message is from a mailing list"
3) I have the option to UNSUBSCRIBE from receiving any future emails from this Primis Address
4) The sending email address is: [email protected]

So they obviously have a list prepared of some of us new account holders. The fact that this went out via a mailing list seems to indicate that it was a one shot deal, and anyone who has not received a copy by now (6:20PM Pacific Standard Time / Friday Feb.17th, 2023) is probably not on this mailing list of early adopters.

I submitted my online application via the Primis Website on Friday evening, the 3rd of February. I got approved during that first session, but I had to wait until Monday the 6th for the micro-deposits to arrive in my funding account so I could complete the funding portion.

The original announcement day of the 5.03% APY was Monday January 30th. Since you didn't get the email based on your application approval on Saturday the 11th, then more than likely, their "Early Adopter" list ranges from either Monday January 30th, through Friday Feb. 3rd, or Monday January 30th through Friday Feb. 10th.

Maybe someone who got the email and was approved on the 10th can post a comment. Or...Anyone who didn't get the email and was approved between the 7th and the 10th.
verifiedreview
  |     |   Comment #261
From the start, everybody knows that this 5.03% rate is not sustainable. It will only be a matter of time when they drop the original customers to a lower 4+% rate as well. I am glad that I did not go through my application and move my money. Expecting that the rate drop will happen in a month or two, the difference in earned interest is somewhat small (even if you have FDIC max), but the headache I am avoiding will be significant.
GG7
  |     |   Comment #263
@verifiedreview

Technically, NONE of these higher rates are sustainable without encouragement and hikes from The Fed. With some pretty clear signals from recent data releases like the CPI, we can expect at least (2) more rate increases this year and no pause announcement until Q1 of 2024 at the earliest.

Based on all of that, we have not seen the end of HYS rates going higher. I remember when Doomsayers were predicting that the 3.50% APY from Dollar Savings Direct was only going to last for a month or two. And that it was pointless to bother moving money out of your current 2.85% APY account into an account there. Sound familiar?

Here is the original headline posted from this very website on October 27th, 2022...

"DollarSavingsDirect Savings Account Is New Rate Leader
POSTED ON THURSDAY, OCTOBER 27, 2022 BY Ken Tumin

Update 10/27/22: The rate has been increased to 3.50% APY. Previously, the rate increased to 3.01% APY (10/1/22), to 3.05% APY (10/8/22), and to 3.11% APY (10/13/22). The original post was first published on 9/21/22."

Not only did the rate not drop back down, it remains in place to this day as you can see by clicking the link below...

https://www.dollarsavingsdirect.com/

What happened instead was that this previous market leading APY was surpassed by another online bank, and savers either decided to stay with DSD or move their money to one of the growing number of banks coming out with APY rates above the 4.0% mark.

There wouldn't be a clearly defined new HYS rate leader until December 16th, 2022 when once again Emigrant Bank stepped up and offered yet another standout APY for the time. The rate was significantly higher than any of the previous sub 4.1% offerings that were out there in December. 

This time, it was Emigrant's previously dormant "My Savings Direct" which would be the recipient website of this new leading APY. MSD remained the market leading HYS through the remainder of 2022 and into early February 2023 when we finally saw the next jump in HYS rates with PRIMIS BANK and their now somewhat infamous 5.03% APY.

And once again, My Savings Direct never lowered their APY from the December 16th, 2022 debut despite another vocal group of Doomsayers back in mid December predicting that the 4.35% rate was not sustainable.  Again... Sound familiar?

Just like Dollar Savings Direct before it, MSD continues to offer the same 4.35% APY they opened with back in Mid December of 2022. The rate didn't get cut. It was simply pushed out of the way by yet another bank looking to take the APY Crown. That new kid on the block was Primis Bank and their stunning 5.03% APY on both a savings and checking account!

And what did the Doomsayers have to say about this one? Take a wild guess. ;o)
Mikey1
  |     |   Comment #264
We’re all on the same playing field with less than a percent difference in rates between this and many other choices.

We all want the best rate. But there is a non-financial cost called aggravation which needs to be considered. And for that little bit of money I’d get compared to my secure 8 week 4.75% T-bill I’ll just sit on the sidelines for now headache-free.
GG7
  |     |   Comment #265
I guess it all depends on how much $$ we are talking about. I forgot to mention that in my case, my minimum stake in any of these banks is 250k per account and I prefer to stay within the FDIC protection limit. Those percentage differences I was referencing  make a difference to me, and I have no problem taking a day or two out of my week to improve my liquid assets income per month by shuffling some of my cash to a bank with a higher rate than what I was getting before.  I do T-Bills too sometimes.

This whole situation is transient and will likely not be repeated in my lifetime. So I'm going to squeeze every bit I can out of the situation until it all comes to an unceremonious end, and our free cash is once again earning next to nothing in a bank or T-Bills for that matter.

At some point, it will all need to move back into CDs or...Gasp!  The Stock Market!
RZ
  |     |   Comment #267
If you’re from a state with local and state income tax this discussion is moot unless one likes collecting a multitude of 1099s this Spring
Buckeyes
  |     |   Comment #270
we just need to be happy with what we got, for as long as it lasts. It really wasn't that long ago that we had ****s over 100bps. Guys want to put pot shots into the belly of their offer, but in the world of banking we now live in you can empty out your account instantly with an ACH transfer. Im gonna ride this pony for all it's worth!
GG7
  |     |   Comment #275
@Buckeyes

I'm right there with ya Brother! ;o)

I have absolutely no regrets about signing up for these Primis accounts! Based on that "Take a Bow" email I got, it looks like they plan to honor the 5.03% rate for those of us who got in early. Whether that will be for 30 days or the rest of the year, I'm good. Their new lower rate is the same as I was getting with My Savings Direct, and I actually prefer the UI on the Primis interface in many areas to those same areas in the MSD UI, so it's all good!

I can't remember if you got the "Take a Bow" email. Did you? When did your account get approved?

Been trying to nail down the date range of what they consider their "Early Adopters List".  Those who may have the best shot at seeing an extended 5.03% APY through the remainder of 2023.
Buckeyes
  |     |   Comment #276
I opened my account on Feb 7th. There have been no surprises. I had a 10k deposit on Wednesday show as available today. I like that. Currently i am in for 35k, as most of my savings is tied up in short to medium term treasuries. At the time I bought them, not one was paying 5.03%. Times sure change fast. And yes i did get the take a bow email. I wonder how many accounts did.
Evil_Capitalist
  |     |   Comment #285
The "Take a Bow" email seems to have a cutoff of around the 10th. I have not seen anyone claiming to have received that email who opened and funded an account after that date. Not 100% sure, but perhaps anyone who got it with an opening date later than the 10th can post that in here.
51hh
  |     |   Comment #289
I opened the account on 2/13 and got the e-mail. FYSA.
Evil_Capitalist
  |     |   Comment #294
51hh | 29 minutes ago | Comment #289
I opened the account on 2/13 and got the e-mail. FYSA.

Thanks for letting us know! A friend of mine opened an account on the 15th, and she didn't get the email. The cutoff date for that mailing list must be somewhere in-between those two dates.
deplorable_1
  |     |   Comment #277
Well I'm glad I didn't rush to jump on this one now although they might keep the 5.03% APY going long term since they limited the number of accounts. The thing is that another bank will soon take that crown and GM Right notes and DERI will be beating it in around 30 days or so. Yes non FDIC insured I know but beating the rate on liquid cash none the less. And yes 5% is sustainable in this environment since the FED won't be cutting rates this year despite what the market guru's were predicting. So congrats to those who got in early you may have just found a great deal and sometimes the early bird does indeed get the worm.
MY2CENTSWORTH
  |     |   Comment #279
deplorable_1, you know there will be others. Side note, is it me or is this site wonky today?? Things don't post, Reply buttons missing and now everything is italicized????
Buckeyes
  |     |   Comment #282
the site went ilalic for me about a week about a week ago and i gave up trying to change that. Kinda gotten used to it now.
Evil_Capitalist
  |     |   Comment #284
Is it site wide?
This particular thread has been wonky since it was started. Everything is in italics. The formatting I am seeing right now as I type this looks normal, but as soon as I posted it, the formatting will get changed.

Who do you report something like this to?
Buckeyes
  |     |   Comment #286
@Evil
i have a couple Ally threads going and the print is fine. So it's obviously a post problem affecting all of us the same. A couple posts up I said site.  I meant to say this post.  Man I wish we could edit posts longer than an hour or so and also delete posts if wed wish. 
vlad
  |     |   Comment #278
The unwillingness to disclose ACH withdrawal limits might set grounds for further surprises.
remmymo
  |     |   Comment #281
Let's not forget $5 wires unless they change the fee.
gkenna
  |     |   Comment #283
Not playing this game. Rate reduced to 4.35% from 5.03% in about a week but when will the hammer drop on folks who moved money here in good faith? I'm transferring the money now because I find this sort of thing reprehensible.
Buckeyes
  |     |   Comment #287
@gkenna
I would agree with you that it's a game if they hadn't honored the first group in. And it's not like they dropped it to 2%. I also believe they would have honored whatever the rate was when you applied and not touched it. If you got in at 5.03%, you still are receiving that rate. The digital platform is new to them, and they are probably like many banks losing business to fintechs. A 5% rate on CHECKING is unheard of though, and I'm excited to see what the future holds.
Evil_Capitalist
  |     |   Comment #288
Yeah... It wasn't a week either.. It was 18 days! January 30th through February 16th. Anyone who applied during those 18 days is getting the 5.03% APY as we speak. The lower rate is for NEW applicants who applied AFTER the 16th and is the exact same rate as My Savings Direct. The previous market leader in the HYS space according to THIS website.

Personally, I fine with these people pull their money out. Where are they going to put it now? My Savings Direct? 4.35% baby! Same rate as Primis is offering to new applicants as of this post.

We've got some Financial Einsteins at work up in here!  ;o)
Buckeyes
  |     |   Comment #290
i also don't think they played a game of "once we hit a number let's cut the cord" I spoke to 2 reps who gave me the same story. That the call center is getting, or was getting swamped. They both said Primis hired a lot of new folks for the call center but training takes time. One even suggested just calling a branch for faster service, an idea I actually had not thought of. I'm sure we will never know why they dropped the rate, but I don't find any of this suspicious, and I'm glad I found them through this website.
remmymo
  |     |   Comment #291
I called a branch and did get checks ordered, but also got an incorrect answer to my question about how much $$ I coul pull into primis. I was told $30k per day. When I asked if she was sure, she said yes, for security reasons.
Buckeyes
  |     |   Comment #292
@rem
I don't think you are the only one who was told 30k (too many posts to go through). But if this is true it almost sounds like someone higher up the food chain made a recent change that didn't make it to everyone. I mean why would person after person say the same amount? I really don't as a rule get too upset with incorrect answers unless the person was obnoxious about it. Stuff happens. Front line employees have a tough job. 
Evil_Capitalist
  |     |   Comment #293
INTO PRIMIS? Or OUT of Primis?

The 30k INTO is categorically FALSE! I pulled 150k out of my Capital One 360 Savings account INTO my Primis account using the Primis Website/Transfer System. I was credited for the deposit immediately, and 2 days later the funds were pulled out of my Capital One account.

I have not pulled any significant funds OUT of my Primis account since I just got done funding it, but even if they have a 30k per day cap, (which I don't believe is true), you can always use an "OUTGOING WIRE TRANSFER" to transfer as much cash as you have in your account, which Primis charges a whole $5.00 bucks for.

This is a NothingBurger based on what options you have as a Primis customer.
vlad
  |     |   Comment #295
The front line representatives, including managers, usually do not know what the top management will do with interest rates until the very last moment. It is unusual, however, for the top management to keep the front line representatives in darkness even in such matters as transfer limits etc. Based on very well organized functioning of this bank (which enabled me to easily open and fully fund their top rate accounts totally without contacting representatives), I assume that the top management plans very well what they are doing. Their next steps will better clarify their intentions.

BTW, some posts here apparently assume that the saving and checking accounts are FDIC insured indipendently, while in truth the FDIC limit relates to the total deposits.
goldsheet
  |     |   Comment #296
Very easy opening account, linking external accounts, and transferring money
Grandfathered at 5.03% rate = I'm happy
TRP
  |     |   Comment #297
Has anyone had any luck linking Merchants Bank of Indiana to Primis? I initially tried to link it with username and password but it wouldn't complete. The blue circular arrow would just keep spinning on the "Getting verification data. Still working. Stay with us! We're getting closer. Hang tight." and never move to the next account linking step.

I then tried to link Merchants Bank of Indiana using trial deposits and the 2 deposits from MX Technologies did show up in my account. The thing is I could not verify them on the Primis website because it said "micro deposits in progress" and it would not let me verify the 2 deposits even after waiting a few days for the verification box to pop up.

Customer Service suggested that I totally remove the Merchants Bank of Indiana entry in my external account list and start over (seeing that it never got past the micro deposits in progress stage even after waiting many days). They had no other suggestions or information to share to resolve the issue.

I've tried to request trial deposits again and they do not appear in my Merchants Bank of Indiana account even though they did the first time that I requested trial deposits. I think I may have gotten locked out of linking my MBoI account because I already tried to link this account with login credentials and trial deposits previously. Any thoughts on a workaround other than going through a "middleman" like Ally or Alliant to move money?
Evil_Capitalist
  |     |   Comment #298
Based on all the info you provided, it does sound like something got borked somewhere.

It would seem that you may have no choice but to use a "Middleman" account to ferry money across and over to Primis. I basically had to do that during my funding deposits because most of my cash was parked at My Savings Direct which only allows for (1) funding account. For me, that meant my credit union, so I had to push the money from MSD over to my CU and then pull those funds from my CU into Primis using the Primis website/transfer section.

It didn't really take that much longer to do all that, since MSD is well known for their super fast ACH transfers, and Primis is right there with them in terms of their ACH speeds too. I moved a total equal to the FDIC limit into Primis using the above Middleman process. Once you're done, you're done.
gpagpa01
  |     |   Comment #299
I had some difficulty linking NASB via log in information, it would get to the same point, Hang tight etc etc, but I would not see it as being linked, so I just went the micro deposit route. I did not want to try too many times to avoid problems on both ends. BTW, I received my 40 pack of duplicate starter check sent out on 2-10-23.
vlad
  |     |   Comment #300
You need to click "VIEW/ADD EXTERNAL ACCOUNTS" to reach the verification box.
TRP
  |     |   Comment #301
vlad,
I did go to VIEW/ADD EXTERNAL ACCOUNTS to reach the verification box but it kept showing "micro deposits in progress" for many days after the trial deposits were sent. I had the 2 trial deposits show up in my Merchants Bank of Indiana external account but I could not verify them on the Primis site. Something went off the rails as the micro deposits linking worked fine with my Marcus account and I was able to verify those on the Primis site the same day they arrived at Marcus.
vlad
  |     |   Comment #302
Have you tried to click the link at "micro deposits in progress"?
gpagpa01
  |     |   Comment #303
Vlad, I had same sequence of events, Marcus received the trial deposits and there was a spot for verify next to Marcus. Most recently, I did Nasb and citizens, trial deposits are at nasb, but no option to verify, just says microdeposits are in progress.
vlad
  |     |   Comment #304
There should not be such a problem with Primis.
gpagpa01
  |     |   Comment #305
It must of been the holiday that caused the delay. The micro deposits were at nasb last night but the option to verify was not available then. This morning a text was sent that I need to verify external accounts and the option to verify those accounts on primis were available. The only thing I noticed was when doing the instant verification it would take a little bit longer than one would think to the point where you thought it was going to cause an error but eventually did link the account promptly but not necessarily immediately. 10 external accounts is very generous these days at online banks. I'm running out of places that have money to link.
Evil_Capitalist
  |     |   Comment #306
Compare that to the previous market leader that only allows (1) external account to be linked! (Emigrant Bank)

No idea why they have that policy. It wasn't a problem for me that often, but in a situation like the migration over to Primis, I did have to bounce my funds through my funding account CU first and then pull those in using my Primis account. It added an extra day or so to the move, versus being able to link Primis to My Savings Direct and just do a straight across move.

Bank holidays are a pain! I am sure that is why there was a delay with gpagpa01's linking process. Always need to consider those the same as a Saturday or a Sunday. Nothing gets done.
Buckeyes
  |     |   Comment #309
I am using Ally as my middleman with ETrade and having no issues doing that. Everyone is overnight with transfers. On Tuesday I did an ACH transfer from Etrade to Ally, and yesterday moved it from Ally to Primis. Every dollar is where it should be. Also for the heck of it I also did a 5k withdrawal from Primus to Ally and that also cleared overnight. Basically there is something about the verification and/or software Primis uses that other banks cant make work. I have no idea who MX (vs plaid) even is.
What's concerning though is I've used Experian to monitor my financial data for several years and it cannot sign into Primis to update my accounts. So it looks like I spent 80K too much this month lol. I am concerned they will ding my credit though because it looks like i went on a ridiculous spending spree. So yes, I have issues too. Some stuff great (overnight ACH, 5.03%) Some stuff not, like above.
MF
  |     |   Comment #307
They are getting slammed right now. I opened my account about a week ago (Feb 13). I read the agreement carefully - the mobile deposit limit of $25k per day was in the agreement - I did not see any other deposit limit, but there was something about initial deposits over ~$5250 could be held for 9 days, so I put in a lesser amount for my initial deposit, and it was available within 3 business days.
Unfortunately, now I am locked out of my account and can't get through to them to unlock. Last night there was an estimated hour wait (with no option for callback). This morning it just went straight to the "customer service voice mail box" which was full. I don't want to be to hard on them - they are probably just slammed as the whole internet heard about the high rate - I've seen this happen recently with other banks offering the current highest rate - they get more traffic than they can handle - it's an FDIC insured bank so I'm sure my money is safe and I will get the account unlocked sooner than later. Lowering the rate for new accounts was a necessary move so they can get caught up with the demand - I'm pleased they are keeping existing accounts at the same rate for now.
Buckeyes
  |     |   Comment #310
@MF-
Have you tried calling a branch? A rep named Lindsey recommended that to me. She also replied to a message I sent them on site within 10 minutes. Probably just got lucky. Maybe you would as well.
Evil_Capitalist
  |     |   Comment #311
@MF

Sounds like the Mobile side has a lot more restrictions than just using the conventional website and a browser on a laptop, desktop computer like I do.

I used the website and a browser for all of my deposits, which I did in chunks over several days. One of my larger single deposits was a 160k pull from Capital One. The Primis initiated transfer immediately credited my balance with that amount and 2 days later the funds were pulled from my Capital One 360 Savings account. There was a (3) day hold placed on those funds before the entire deposit amount of 160k was available for withdrawal or whatever on my Primis savings account.
Buckeyes
  |     |   Comment #312
@Evil-
Same. I only use their website. On my other matter, i did see that Experien uses FinCity as their plaid or MX. Someone is blocking someone access, and because my experian financial situation now looks ridiculous, I guess I'll have to find a solution.
Evil_Capitalist
  |     |   Comment #313
@Buckeyes...

That whole thing going on with your Experien reports is nuts! You have your solid evidence for what is actually going on, so hopefully you can contact someone and get that straightened out.
Evil_Capitalist
  |     |   Comment #314
Because I had promised to do so back when we were all setting up our accounts...

My FREE Primis Bank checks finally arrived today. Everything was printed correctly with no errors or problems. They look nice for free checks. Done up in the Primis Bank color scheme with a Lime Green and Black border.

Mine shipped on the 8th, and I just now received them via USPS on the 22nd. No idea why it took so long, but at least I got them. Two full books of 20 checks each.
TRP
  |     |   Comment #315
Here's a new glitch that just happened to me on the Primis website today. I currently have 5 external accounts linked at Primis and have been trying to add a sixth account (Merchants Bank of Indiana) to the list. Yesterday it said that microdeposits were in progress but it wouldn't let me verify the amounts at Primis. I went back to the Primis website to see if I could verify the trial deposits today and now I can't even see my 5 current linked accounts when I click on "VIEW/ADD EXTERNAL ACCOUNTS." The wheel just keeps spinning and spinning and it says "You have no linked accounts" even though my 5 linked accounts show up in the "From" and "To" lists when I go to transfer money.

I tried 3 different web browsers (Firefox, Edge and Chrome) on Windows 10 with the same results on all 3 browsers. I also tried clearing the cache on all 3 web browsers. Anybody else experiencing anything similar or am I just the unlucky one with these issues?

After having an account for a few weeks I'm getting the impression that if everything works totally automatically (without the need for any human intervention) with Primis, you are good to go. If you have any issues like mine, however, good luck trying to resolve them in a timely fashion.
Buckeyes
  |     |   Comment #316
@TRP
Your last paragraph is well spoken and i concur 100%. I feel as if IT has a very minimum budget and they were unprepared for all the issues people are having. I use experien and it cannot get past Primis and it's MX software to update balances and I'm no longer trying because people are getting locked on for doing benign stuff. But my experien files now look ridiculous as they are considering transfers to Primis as "clothing" lol. Basically it's simply money out to them and not a transfer. I am waiting wirh baited breath for my next FICO score. It shouldn't change but i'm concerned.
51hh
  |     |   Comment #317
I tried several times to link with MBoI with login information but failed. I used the manual process with quick turnaround (i.e., (real) small deposits showed up at MBoI). However it took a little longer (24 hours from the initialization as CSR claimed) for the Primis site to allow the two small-deposits input. It worked out eventually.

As we know, there are numerous FIs that are not compatible with the Primis auto-ACH verification.

A good feature of Primis manual ACH setup is that MX does not take back the two small deposits, which will not count toward one of the six withdrawals of Regulation D, when applicable.  
Evil_Capitalist
  |     |   Comment #318
Primis uses SAVANA Banking Systems to run their Online Banking Website. These guys also handle the online banking systems for a good chunk of the online banks all of us use everyday.  They are one of the largest and best out there.  Much like most retailers these days use Amazon's "Amazon Web Services (AWS)" to handle their online retail operations. If there is a problem with things like this, it is actually a SAVANA issue more than being anything Primis Bank is doing wrong.  

Primis has likely already been in contact with Savana about these issues.  Their online banking services are brand new, and there will likely be some issues to sort out right now.  The whole 5.03% APY avalanche of new account applications likely didn't help matters any.

https://www.savanainc.com

I ALWAYS use Routing Number / Account Number for setting up ANY new external bank account on ANY Online Bank account I have. It may take a little longer at the beginning, but the odds of a problem are really low. I personally have never had one fail in the last 5 years. Primis included.
Evil_Capitalist
  |     |   Comment #319
Savana had a press release on their site about Primis Bank a while back... Here is the link.

https://www.savanainc.com/2022/12/13/primis-bank-launches-on-savanas-digital-delivery-platform/
TRP
  |     |   Comment #320
51hh,
When you sent your Primis trial deposits to Merchants Bank of Indiana, did you classify your Money Market Account there as a checking or savings account? I classified mine as a checking account and I'm wondering if that caused an issue.
Evil_Capitalist
  |     |   Comment #321
I linked up my Capital One 360 Savings account to both of my Primis Accounts without any problems. I ended up pulling 160k out of there during all my funding deposit activity. I marked it as "Savings Account" when I set up the Micro-Deposit process.

Still a good question and a possible issue if that "Merchant's Bank of Indiana" had a problem with that choice. ???
Buckeyes
  |     |   Comment #322
@Evil
When Merchants dropped the ability to ACH from their site due to what they admitted was people trying to break into their site, they more than likely ramped up their security. Also got my checks today. 7 days on the nose.
Evil_Capitalist
  |     |   Comment #323
Makes sense then that this particular bank may be a problem with any other bank in terms of linking them as an External Account.

Glad to hear you got your Primis Checks! You got yours a lot quicker than I did, but I am in California, so perhaps that is why mine took so long. ??
51hh
  |     |   Comment #324
TRP: Yes, classified as checking (as MBoI shows on their site). It went through successfully.

The two small deposits went in my MBoI account within a few hours.  But I had to wait longer (1-2 hours) until Primis opened up the option for me to input the values.  I was all set afterwards.
bananaRama1234
  |     |   Comment #326
Primis is requesting supplemental document in the form of current bank statement, to approve an application for an account. Just wondering is it safe to email bank statements over the internet over something like gmail? They don't send a secure link to upload documents unless you request for it and that might take forever because they are responding to any of my emails right now!
Evil_Capitalist
  |     |   Comment #327
You might want to try using their CHAT system since you can attach files to that during your conversation with Primis.  Best way to reach them via CHAT or any method is to WAIT until after business hours.  The demands on their support resources is significantly less after Midnight EST or later.  I usually wait till after 11PM PST to contact them via chat for an immediate answer to a question.  Otherwise I just use my direct email to my Primis Rep.

P.S.  Your application was originally flagged by the Chexsystem due to irregularities between what you included on your application and what your financial history indicates according to the Chexsystem.

They are trying to verify that YOU are LEGIT.   I have seen a lot of people start freaking out with laughable conspiracy theories when this happens to them.  Hope you are not one of "those".  (Main Character Syndrome)
bananaRama1234
  |     |   Comment #328
They emailed me asking for a supplemental document and said to email it back to them. It's difficult to even get on Chat, even during off hours. One evening i was in line with 40+ people in front. Waited till got to number 1 and then no one was on the other end talking to me!! I waited at 1 for about 20-30 minutes but finally ended the session!! At other times, I get on Chat and it says no one available, sessions closed!! A couple of times I did get on but had to wait a while. They don't return calls and neither do they respond to emails! They reduced the interest rate from 5.03% to 4.35% a few days after I applied but promised to honor the higher rate if application was submitted before the rate change. I'll reserve judgement on Primis until I see what happens when things calm down a bit and my account is settled. Thanks for your suggestion to attach files to Chat I will try that next time!!
Evil_Capitalist
  |     |   Comment #329
Yeah... I'm still getting 5.03% APY on BOTH of my accounts, so I wouldn't worry about them not honoring that rate if you originally applied before the 16th / 11:59PM deadline.

I only suggested the CHAT options since it runs on a SECURE connection and a file transfer would technically be more secure than standard email.

Personally... I would just send the document to them through GMAIL and be done with it! ;o)

P.S. I have chatted them up 4 times this month after 11PM PST/2AM EST and the most people in front of me was 3, another session was 2, and two other times I got right on with a rep. I'm in California so waiting till 11PM really isn't a bother.
bananaRama1234
  |     |   Comment #333
Hi there neighbor, I'm in California too! I was wondering if Primis got new accounts from all over the states ... This is the first time I'm banking with out of state banks. Question: when you're doing taxes, do you also file in the state where you earn interests from banks, as well as filing in the state of residence? I believe you only file in the state where you live, correct? Please enlighten! Thank you!!
Evil_Capitalist
  |     |   Comment #335
They will send you a 1099 for taxes at the end of the year. Just apply to your local state income tax rate and federal.

All of my banks are out of state. I haven't had a bank account with a California based bank since 1977. ;o) With the internet online banking situation these days, it really doesn't matter what state your bank is located in relation to your own state.

Most of mine are back east. Primarily in New York. Primis is the first bank I have worked with in Virginia. But as I said, with everything online now, it doesn't even matter anymore.

Primis offers that FREE NATIONAL ATM Access using your free Primis Debit Card, so if you need to withdrawal cash from your Primis account, you can just use a local ATM in California.  I've already used mine and it worked fine with no issues.
Evil_Capitalist
  |     |   Comment #336
Primis offers that FREE NATIONAL ATM Access using your free Primis Debit Card, so if you need to withdrawal cash from your Primis account, you can just use a local ATM in California. I've already used mine and it worked fine with no issues.

I wish they would FIX this broken thread! Edits don't take immediately, and some never get updated!
bananaRama1234
  |     |   Comment #337
Yeah that is a really good feature. But ATM/debit cards are only offered to checking accounts. Unfortunately, I didn't open a checking account because I thought it'd be easier to add more accounts once they approve my savingsl. The CSR told me open just 1 account and then I can open more later. I just didn't expect rates to drop so quickly! Even though the rates dropped it's still good for checking!!
Buckeyes
  |     |   Comment #330
@bananarama
Your name dates you lol. Anyway bank statements generally don't list your entire account number, and i think most banks have given thought as to how they can design the statement so it's basically useless to the interceptor. I remember when Walmart actually had a full credit card number and expiration date on their receipts about a decade ago! Your name, address, age all that stuff is everywhere on the net. Don't worry about this. Have faith.
bananaRama1234
  |     |   Comment #331
@Buckeyes, I looked at my bank statement again and it does have the entire account number on there unfortunately! And I would think Primis would want the entire account number so that they can verify identity? Also if Primis thought it would not be safe to email a bank statement they wouldn't ask their customers to do so, would they? On the other hand, they just launched this digital program last September(?) so I'm not sure if they are fully aware of all the security details involved in digital banking??
51hh
  |     |   Comment #332
No, the banks generally do not need the entire account number as verification (just like with credit card statement). One can black out all but the last four digits, scan and send it. Many here have e-mailed the bank statements as requested without any issues.  They did not request a bank statement for my application.  

It is a tradeoff for everything we do daily, in this case, higher rate vs. security. If you are that concerned about security, seek elsewhere with comparable or lower rates.

Just my two-cents input without retribution.
Evil_Capitalist
  |     |   Comment #334
I agree. If you blank out everything but the last 4 digits you will be fine. If Primis needs more than that, they will let you know.

This is kind of a Nothingburger in my opinion. I've sent stuff like this through email many times and never had any issues. Just use a good email service like GMAIL.
Buckeyes
  |     |   Comment #338
on the Primis page today.
-------------------------------------
Our customer care center is currently experiencing a higher call volume than usual. We are also receiving a record number of account applications, which has caused delays to accounts that require manual review. Thank you for your patience.

Additionally, we are experiencing a temporary issue with our online banking “forgot password” functionality. We are actively working to correct this issue.
-------------------------------------------------------------------------------
Sigh.
Johntorrington
  |     |   Comment #339
Does anyone know the day on the monthly interest paid dispersement? I got an interest payment last month on the 16th from Primis. Thanks.
Evil_Capitalist
  |     |   Comment #340
The interest is calculated from the 15th to the 15th and paid out after midnight ET on the 16th. At least that is how it went down last month.
Navada
  |     |   Comment #343
Should we be afraid of Primis having the same fate as Silicon Valley Bank? Are you guys considering withdrawing your funds?
Buckeyes
  |     |   Comment #344
i actually asked this question on it's own thread and it was taken down.. I don't really want to make any sort of move before the Mar 15 interest posting date.   Then I'll see.  You?
Navada
  |     |   Comment #346
Thank you. I am considering going back to Capital One 360 performance savings (rate 3.4 :( ). I am also looking looking into other banks (mostly among top 15 largest banks in US) to see which ones have a better rate in their HYSAs.
Johntorrington
  |     |   Comment #347
Anything is possible, but, Primis is a very different type of bank than SVB. Primis is an east coast regional bank that focuses on loans, mortgages and traditional savings/checking accounts. SVB is a west coast bank focused on tech, startups, and providing liquidity to crypto exchanges.

The scariest accounts to have right now are all of the Fintech/Neo Banks such as Betterment, Wealthfront, Upgrade, Acorns, BMO, Robinhood, etc.
obi
  |     |   Comment #349
I submitted my application on 1/31. That started the long wait for review. I got the "Take a Bow" mail on 2/17 and then finally the open and funding on 3/11. Account details shows my interest rate at 4.35 not 5.03.

Are the early openers still getting 5.03? Is it typical for the "Take a Bow" accounts to flip to 5.03 until the funding deposit settles?
remmymo
  |     |   Comment #351
Today apt still 5.03% (app down but website still functioning
Evil_Capitalist
  |     |   Comment #352
All my Primis accounts are still paying 5.03% APY. I applied on the 3rd and opened all mine on 02/06/23. Didn't have any issues with the applications. Got approved immediately on the 3rd and began funding the new accounts on the 6th once my external funding account was verified via micro deposits that same morning.

Primis continues to provide me with trouble free banking. I've already run a significant amount of $$$ through my Primis accounts to Fidelity, my Credit Union and other FIs since last month with no issues whatsoever.
remmymo
  |     |   Comment #355
Are you saying that you were able to pull out more than the $30,000 that Primis reps told me was their limit even if initiated from my external bank's platform? I'm not too concerned about this since wires were supposed to be $5 but it would be nice to know for sure.
Evil_Capitalist
  |     |   Comment #356
I've pulled 200k out of one account to fund some T-Bills through Fidelity, using Fidelity to handle the pull. No limit that I am aware of. Put another 150k back in the following week using my Fidelity Brokerage account to handle the transfer.
obi
  |     |   Comment #354
As an update, I just got an email from Primis saying that they mistakenly listed the wrong rate and now its listed at 5.03. So it took only 1 day for the correction after 45 days waiting for the account to open.
gpagpa01
  |     |   Comment #350
Email received 3-13-23


Good morning! I’d like to provide you with some timely information about Primis Bank and the safety of your deposits. The events within the financial industry that we all witnessed last week were very surprising, and like you, I read and listened to more news reports and opinions than I normally do on a given weekend.

Most experts agree that the failure of Silicon Valley Bank (SVB) last week occurred because too many deposit customers left that bank in rapid fashion. It’s important to note, that despite SVB’s failure, regulators have backstopped depositor losses and have said that no depositor will lose money. Nevertheless, it’s left many wondering about their own bank - where are their deposits and how strong is their bank?

Across the entire financial industry, deposit levels have been falling for several quarters; however, Primis’s results, fortunately, have been very much the opposite. Since January 1, 2022, we have grown core customer deposits by $866 million or 31%. We are strongly core funded, thus we do not utilize wholesale borrowings, crypto related deposits or venture capital customer deposits. Primis has more than twice as much cash ($593 million) on our balance sheet as we do investment securities ($244 million). Our capital ratios are strong, alongside our impressive liquidity results. This dedicated focus on growing core, customer relationships has resulted in some of the best deposit growth rates and resulting liquidity ratios in the industry.

We are proud of our diverse customer base. Primis customers are in all 50 states, with a mixture of consumer and commercial customers. Our account types add more diversity with checking (37% of total), savings and money markets (49% of total), and CDs (14% of total). Lastly, we have extensive, unused borrowing capacity of approximately $855 million, or 24% of deposits if we needed it.

We work 24 hours a day, helping customers when and where they need it. Our team will go to whatever lengths necessary to safely protect the financial health of our customers. Please reply directly to this email if you would like more information on Primis Bank.

Thank you for your continued business and your trust.

Dennis Zember
President and CEO, Primis Bank
Evil_Capitalist
  |     |   Comment #353
As I said in that SVB discussion thread... Primis Bank is totally different than SVB and any of the other banks that are currently in the news. While it makes sense that Primis felt the need to send out that email to their customers, it is also a bit depressing that the level of ignorance out there required them to do so in the first place.

As I have said numerous times... There are a lot of people out there, including a disturbing number on this site that really should be hiring a Financial Advisor to handle their accounts. 


Frankly...  I would be terrified to have some of the people I have read comments from on this site making financial decisions for my family!  YIKES!
RichReg
  |     |   Comment #359
@ gpagpa01 ; I also received the same email; not just from PRIMIS but a whole host of CUs as well. However, in light of recent events (and the fact that PRIMIS dropped their rates to new customers abruptly last month), we should all be wary.

Most here probably noticed the pay-out overnight at the fabulous 5.03% yield. But as has been mentioned in the UFB thread, PRIMIS and others leaders without a guarantee should be monitored on a daily basis, especially if you are maintaining large balances. And I'd suggest preparing especially with one of those 5.25% - 6% CD specials we've been seeing pop up here and there. Just my $0.02. ..
Cate_T
  |     |   Comment #360
Well, I put in my info to open a savings account Feb 14. Would not let me put in any joint account info at that time only me. Finally got opened Feb 28. I then added my spouse and info required was uploaded on Feb 28. March 7, my husband received an email that they needed a current utility bill. (The one I uploaded was from last year, my mistake.) I logged into his account to try and upload a recent utility bill. Nowhere on their site would it let me. It only said account under review. Chatted with Ashley and 30 minutes later, she had to put in work order as there is a gliche. If you ask people for documents, you need to have a place for them to be sent immediately. I logged in the next day and still says under review. I opened chat again and after a long wait, got Ashley again and she said she would email me when she hears something. March 7, I opened chat again and got Helen. She gave me an email address to email the utility bill to. March 20, no email, no text warning me that my account has been updated. I just happen to log in and it allowed me to upload that utility bill. Finally March 21, we now have a joint account and my husband has access to our money. Imagine that! It takes some serious PATIENCE to deal with this bank.
BT4
  |     |   Comment #362
In case anybody would like to know, the ACH transfer limits at PRIMIS have gone down. I called them a few days ago because I wanted to doublecheck if transfer limits were still the same as when I opened my accounts in early Feb. CSR on phone told me they "are in the process of changing" a lot of things, so it (transfer limits) "will probably change again". She said that currently the ACH transfer limit is $5K/day & no monthly limit - that is if you initiate from PRIMIS pushing to external FI.. (Previously it was $30k/day & $100K/mo outgoing). So of course I asked her about what if initiate withdrawal from the external FI, & she said the only limits for pulling are whatever the other bank's limits are. I didn't pay as much attention to what she said about incoming deposit limits, since I have no need for that now, but I'm pretty sure she said that the incoming ACH limit is now $100k/transfer (previously there were no limits on incoming $ transfers)
bananaRama1234
  |     |   Comment #363
Thanks for posting this information. It's disappointing to hear they are lowering the ACH transfer limits, especially on outgoing limit! Please update if you hear of any other changes!
51hh
  |     |   Comment #364
It is good that they allow external ACH and offer a premium checking account option.

One needs to design and implement an efficient escape route in advance n this rate climate, when the rate may change overnight.

External ACH with rapid transfers is necessary. And a check book always comes in handy.

My two-cents without retribution please.
Navada
  |     |   Comment #365
Primis stocks (Primis Financial Corp) has been declining at a high pace. Is this worrisome?
Buckeyes
  |     |   Comment #366
wow ill say. 7.94 today. i would assume if you are under the 250k FDIC limit it's fine, but it sure seems like a rate cut could be on the horizon. I wish I could still get the Ally 4.75 NP. And treasury's are looking better and better with perhaps another quarter point coming. Thanks for pointing this out Navada. Have not been paying attention since I'm under 250K.  Checking the ticker FRST they did declare a quarterly dividend of .10 last week so that's probably a good sign.  The quarterly write-up on ETrade looks pretty positive to me, but a 9 dollar stock crapping 1 dollar today is indeed troubling.  Going to continue to be a rough ride for regionals im afraid.
Navada
  |     |   Comment #367
Hi Buckeyes. Thank you for the information. I am currently looking at CIT and may move my Primis funds there. They are a medium-size bank (part of First Citizens Bank, the new owner of the failed Silicon Valley Bank). Their stocks have actually gone up in the past few months (FCNCA). They have a savings account that offers 4.75 and a NP CD offering 4.8. Not as popular as Ally but they are up there at this point.
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