The product Savings Account from Primis Bank with 5.07% APY and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $32,796. The interest earned would be $12,796 and the tax amount on the interest earned would be approximately $3,839.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account
This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.
| Rate: 0.22% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 43 | 30 |
| 2 | 20,043 | 43 | 30 |
| 3 | 20,086 | 43 | 30 |
| 4 | 20,129 | 43 | 30 |
| 5 | 20,173 | 43 | 30 |
| 6 | 20,216 | 43 | 30 |
| 7 | 20,259 | 44 | 30 |
| 8 | 20,303 | 44 | 31 |
| 9 | 20,347 | 44 | 31 |
| 10 | 20,390 | 44 | 31 |
| TOTAL: | $434 | $304 |
| Rate: 5.07% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 1,014 | 710 |
| 2 | 21,014 | 1,065 | 746 |
| 3 | 22,079 | 1,119 | 784 |
| 4 | 23,199 | 1,176 | 823 |
| 5 | 24,375 | 1,236 | 865 |
| 6 | 25,611 | 1,298 | 909 |
| 7 | 26,909 | 1,364 | 955 |
| 8 | 28,274 | 1,433 | 1,003 |
| 9 | 29,707 | 1,506 | 1,054 |
| 10 | 31,213 | 1,583 | 1,108 |
| TOTAL: | $12,796 | $8,957 |
The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
6.00% |
$5,000 |
Learn More | |
|
6 Month CD Special. Must be linked to a standard consumer or business checking account in which 12.6% of the total combined balance is maintained. Otherwise APY is 5.25%. |
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|
|
5.66% |
$25,000 |
Learn More | |
|
Last change: ↑0.46% on December 15, 2023. |
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|
|
5.60% |
$500 |
Learn More | |
|
Last change: ↑0.60% on April 19. |
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|
|
5.50% |
$500 |
Learn More | |
|
Last change: ↑0.20% on September 8, 2023. |
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|
|
5.50% |
$10,000 |
Learn More | |
|
Last change: ↓0.05% on March 15. |
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Customer Reviews for Primis Bank
American Banker
April 7, 2023 |
Good luck deploying those high yield savings into profitable investments. It’s always a bad strategy … unbridled growth using volatile deposits forcing them to go out on the risk spectrum to make a decent yield. It will eventually impact their capital ratios and lead to Regulatory issues. Primis stock is trading at 80% of tangible book value which is one of the lowest in the country. Market cap has plummeted below $250 million making the stock ineligible for margin.
Is this review helpful? Yes:11 / No: 0
WeltWon
March 21, 2023
Having had accounts at 68 DIFFERENT BANKS & CREDIT UNIONS in my life, I may have become an expert on good and bad services. Here is why I've given Primis 4 stars:
1. Interest rate. Like many who have recently complained about being able to reach someone by phone, when I found their offer of 5.03% APY, I tried to get an agent on the phone. Wait times were insane so I gave up.
2. Decided to see what Primis application process was like AND hoped it would reveal the answer to some of my questions. I was VERY pleasantly surprised at how easy & fast the process was. IMHO, Primis has THE BEST online application system I've ever used. The presented documents DID answer all my questions.
3. Funding. One of my biggest gripes with ALL previous banks has been their limits on ACH transfers in and out. Primis has NO LIMITS, meaning you can have as many linked banks as you want and transfer $millions if you want in or out.
4. Interest payments. This is one area I wish Primis would change. Instead of posting interest at the end of the month like EVERY other financial institution I've experienced, they do it on the 15th of each month. I've asked if this can be changed. As of today, NO RESPONSE.
5. The banks database being used by Primis for linked accounts is NOT the best. I linked another bank account using correct ABA 9 digit routing code but Primis shows a bank name that no longer exists due to mergers years ago.
BOTTOM LINE: Primis isn't perfect and neither are any of us. However, offering the best interest rate and best ACH system is why I rate Primis 4 out of 5 stars and will keep a sizeable amount in my Primis account unless these things change.
Is this review helpful? Yes:3 / No: 1
Suzanne g
March 11, 2023 |
Biggest mistake I ever made was to jump into this when they launched at 5%. A week later they dropped the rate and I've been trying to unwind out of this nonsense since then. I'll be more inclined to stick with the better known names, like Synchrony and Citizens, even it is means I am making 0.30% less on my cash.
Is this review helpful? Yes:1 / No: 1
Another unhappy camper
February 25, 2023 |
Applied last week. They made me provide ssn, dob, upload three forms of id, and link to another bank account, providing password and texted security code. All of that was concerning given identity theft. Then, after complying with all of these extreme requests, webpage says my application is under consideration. Have heard nothing back yet.
Is this review helpful? Yes:2 / No: 1
paramjit kaur
February 24, 2023
i am locked out this bank i will pull out all the money i am afraid to loose hard earn money. when i called the wait time was an hour then 6 hours . then i called the different no. the wait was 6 minutes then 30 minuted the 8 minutes looks like drama. and i was l\told call back in 45 minutes to an hour. now you can think how much longer i have to wait again
Is this review helpful? Yes:2 / No: 0
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