Introduction to Primis Bank
Primis Bank is a full-service financial institution with headquarters located in Tappahannock, VA. Established in 2005, Primis Bank has grown to over 50 branches and has $3.23 billion in assets. The bank is FDIC insured and is dedicated to providing quality financial products and services to its customers.
Overview of Bank Information
FDIC Insured: Yes FDIC Certificate #: 57968 Date Established: 2005 Assets: $3.23 billion Loans: $2.61 billion Deposits: $2.70 billion Capital: $472.63 million
National Rate Averages vs. Primis Bank
Primis Bank’s rates are competitive with other financial institutions, as shown in the national rate averages chart. To get a more in-depth look at Primis Bank’s financial standing, visit the Financial Details section.
Deposit Rates
As of February 4, 2023, Primis Bank offers the following deposit rates:
Savings: N.A. 1-Year CD: N.A. 2-Year CD: N.A. 5-Year CD: N.A. 30-Year Mortgage: N.A. 15-Year Mortgage: N.A. HELOC: N.A.
Please note that these rates were correct at the time of reporting and may have changed. Confirm the current rates directly with Primis Bank before making any financial decisions.
Loan Rates
Unfortunately, loan rates for Primis Bank are not currently available. Please contact the bank directly for questions regarding their loan products. For alternative options, consider checking out the featured loan rates in your area.
Branches
Primis Bank has branches located throughout the United States. Input a different zip code to find branches and locations in your area.
Is Primis Bank Legit?
Introduction
There has been some discussion around Primis Bank and its 5.03% APY savings account. In this article, we will look at what Primis Bank is, whether they are FDIC insured and what their interest rate is, and explore any risks associated with transferring money to the bank. We will also consider the customer feedback and experiences with Primis Bank.
FDIC Insurance
According to the Federal Deposit Insurance Corporation (FDIC), Primis Bank is FDIC insured. This means that depositors’ money is insured up to $250,000 in case of bank failure.
Interest Rate
The advertised interest rate for Primis Bank is 5.03% APY, with a straight interest rate of 4.92%. These interest rates are higher than what is offered by many other banks, which is why people are considering transferring their money to Primis Bank.
Risks
There is always some risk associated with transferring money to a new bank. Some common risks include the bank dropping the interest rate or not allowing easy access to money. However, as Primis Bank is FDIC insured, depositors’ money is protected up to $250,000 in case of bank failure.
Customer Feedback and Experience
There have been a mix of opinions and experiences shared by customers regarding Primis Bank. Some people have had positive experiences with the bank, including fast and helpful customer service and a user-friendly app and website. Others have reported negative experiences, including high fees and poor customer service.
Sources for Historical Interest Rates
To help evaluate the legitimacy of Primis Bank, you can look at the historical interest rates offered by the bank. The websites depositaccounts.com and doctorofcredit.com have historical graphs of rates on each individual account and archives of their lists of top accounts.
Conclusion
In conclusion, Primis Bank is FDIC insured, which provides some protection for depositors’ money. The advertised interest rate of 5.03% APY is higher than what is offered by many other banks. However, customer feedback and experiences with Primis Bank have been mixed, with some reporting positive experiences and others reporting negative experiences. Before transferring money to Primis Bank, it is important to consider your own needs and risk tolerance and to research the bank and its history of interest rates.
