Primis Bank just rolled out a new Novus Checking account that includes an introductory period of 6.00% APY guaranteed for 6 months on up to $50,000 with qualifying direct deposits. Hat tip to reader Bill P. Highlights:
- 6.00% APY guaranteed on up to $50,000 for 6 months, when you set up and use direct deposit within 60 days of opening your account and maintain it through the 6-month period.
- Otherwise, earn 4.00% APY (with no direct deposit or after the initial 6 months). Note this is a variable rate.
- No minimum balance requirement.
- Open with just $1.
- Must open online.
- Free starter pack of 40 checks (upon request).
- Free cashier’s checks.
- Free ATM rebates.
Napkin math. If you consider the 6% APY to be a 1% APY improvement over 5% APY, on a $50,000 balance that works out to $250 extra interest over 6 months. Of course, interest rates could change in the future (up or down). The fact that this is a checking account rather than a savings account makes it easier to maximize your interest earned while still performing everyday transactions.
You may recall that Primis Bank was mentioned previously for their 5.07% APY Premium checking and 5.07% APY Primis savings accounts (rate as of 11/15/23). These still exist. The problem is, I’m not really sure what the difference between the “Novus” and the “Premium” accounts are… could it be that the Premium may be phased out soon in favor of the Novus with lower base interest rate? Perhaps it is a good idea to open up those accounts now as well to take advantage if they grandfather in existing customers?
Premium Checking details:
- 5.07% APY as of 11/15/23.
- No minimum balance requirement.
- Open with just $1.
- Must open online.
- Free cashier’s checks and starter pack of checks.
- Free ATM rebates.
Primis Savings details:
- 5.07% APY as of 11/15/23.
- No minimum balance requirement.
- Open with just $1.
Reader Adam says to make sure to download the “Primis Digital Mobile App” and not the other one which applies to their physical branch accounts (their two systems are currently separate). Also, you may have issues syncing your existing bank (or Personal Capital) with Primis because they try to log into the physical branch account interface and not their online-only accounts.
