Primis Bank Personal Savings Account 2024 Review

Primis Bank Personal Savings is a high-yield savings option with an exceptional APY that requires just $1 to open. There are no service fees and no transaction limits, allowing you flexibility as you grow your savings. 

Primis Bank Personal Savings offers an outstanding rate with no excessive fees to drag you down. You can open an account with as little as $1 and there's no cap on the amount of interest you can earn.

You might consider banking here if you:

• Want to get one of the highest rates possible with an online savings account
• Prefer a savings account with a low opening deposit requirement
• Want to avoid steep banking fees, including monthly fees and wire transfer fees
• Don't mind saving with an online bank

In addition to high-yield savings accounts, Primis Bank offers other ways to manage your money. You can open a checking account, apply for a mortgage or line of credit, and set up accounts for your business.

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Compared to Other Online Savings Accounts

Forbright Bank Growth Savings Account

The Forbright Bank Growth Savings account has no monthly fees and features one of the highest rates among online banks. Deposits are FDIC-insured and you get the benefit of knowing that you're banking with a fossil-free green-certified business. That might be important to you if you're concerned with encouraging sustainability while growing your money. 

Read our full editorial review of the Forbright Bank Growth Savings account

Bank5 Connect Jumbo Savings Account

The Bank5 Connect Jumbo Savings account is designed for people who maintain larger balances in savings. This account pays an impressive APY with one catch--you'll need to maintain a minimum balance of $25,000 or more to earn the advertised rate. There are no monthly maintenance fees and Bank5 Connect offers FDIC insurance up to 100% of your deposited funds. 

Read our full editorial review of the Bank5 Connect Jumbo Savings account

One Savings Account

One is a mobile banking app that includes a high-yield savings feature. You can earn a top-tier APY on balances while also getting up to 5% cash back on debit card purchases when you shop with partner brands. You can add or withdraw cash at Walmart locations for added convenience, with no monthly maintenance fees. 

Read our full editorial review of the One Savings account

TAB Bank High-Yield Savings Account

TAB Bank offers high-yield savings accounts and money market accounts to grow your money. Between the two, the high-yield savings account earns the best rate and it offers the benefit of no monthly maintenance fees. There's no minimum deposit requirement to open an account and you can easily manage your savings via online and mobile banking. 

Read our full editorial review of the TAB Bank High-Yield Savings account

Interest Rates

Savings account rates can vary by bank and online banks tend to trump traditional options for the highest rates. 

Primis Bank ranks near the top of the list for best savings account rates. In terms of how much you could earn in a year, here are a few examples:

• $100 deposit = $5.07 in interest earned
• $500 deposit = $25.35 in interest earned
• $1,000 deposit = $50.70 in interest earned
• $5,000 deposit = $253.50 in interest earned

A standard savings account earning a 0.50% APY, on the other hand, would generate just $25 in interest on a $5,000 balance. 

These examples don't account for any additional monthly contributions you might make to savings. The more you stash away in savings, the more interest you can collect. 

Fees

Banking fees can be a headache if they're detracting from your interest earnings. Primis Bank is exceptionally fee-friendly compared to traditional banks or even some online banks. 

Here's what fees you might encounter:

Other Service Fees - Primis Bank Personal Savings Account

Overall, the fees are low. You may never pay a fee if you don't need to purchase official checks, complete a wire transfer or have a deposited item returned. 

ATM Access

Primis Bank doesn't offer ATM cards for savings accounts. That means you can't withdraw cash directly from savings. 

You could get a debit card with a Primis Bank checking account. You can use any ATM nationwide and Primis Bank won't charge a fee. 

The ATM's owner could, however, impose a fee. Primis Bank doesn't reimburse foreign ATM fees. 

Whether or not ATM access is a dealbreaker for you depends on how you prefer to use your savings. If you don't need to withdraw cash, then it may not make a difference. 

Account Management

Primis Bank makes it easy to manage your savings account through online and mobile banking. 

Here are the ways you can deposit money: 

• Internal transfer from a Primis Bank checking account
• External ACH transfer from a linked bank account
• Mobile check deposit
• Wire transfer 

You can also make withdrawals via ACH transfer or wire transfer. 

Primis Bank is not listed as a Zelle transfer partner so you won't have access to it directly from your account. You could, however, link your savings account to the Zelle app for transfers. 

There are no transaction limits so you can deposit or withdraw money as needed. That's a change from other banks that cap deposits and withdrawals or impose excessive withdrawal fees. 

FDIC Insurance

Primis is a member-FDIC bank, which means your deposits are safe and secure. FDIC insurance helps you get your money back should your bank fail. 

The current coverage limit is $250,000 per depositor, per bank. It's possible to recover money over the limit if the FDIC sells off a bank's assets after closing it down. 

FDIC coverage is automatic. Coverage limits apply at each member bank that you have accounts with. 

What to Look for in a Savings Account

Lots of banks offer savings accounts but only one might be right for you. It helps to shop around and see what's out there before deciding on a savings account. 

Here are some of the things to look for as you compare accounts. 

• What's the interest rate and APY?
• Are rates tiered or do they apply across all balances?
• What's the minimum opening deposit requirement?
• Is there an ongoing minimum balance requirement?
• What's the monthly fee?
• What other fees does the bank charge?
• Will you get an ATM card?
• How many ATMs can you access fee-free?

You can check out the options at your current bank, and then compare savings accounts at online banks. You may also add credit unions into the mix if you're looking for a banking alternative. 

Frequently Asked Questions

Is Primis savings legit?

The Primis Bank Personal Savings account is a legitimate online savings account. Primis Bank is an FDIC member so your deposits are insured. You can open a savings account with as little as $1 and earn a highly competitive rate. 

How long has Primis Bank been around? 

Primis Bank was established in 2005, making it a newer banking option compared to big banks like Chase or Citibank. Since its founding, Primis Bank has continued to expand and improve its offerings, providing a range of personal and business banking services and products to its customers. 

Is an online savings account the best way to save?

Online savings accounts are popular ways to save since they tend to offer higher rates and charge fewer fees than traditional banks. You don't get the convenience of branch banking but that may not be an issue if your main goal is getting the best rate possible for your money.