Secured by the FDIC

Insure balances up to $2 million per tax ID, for free. We do the work in the background and you continue to access and manage all your funds from within your Primis banking app.

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Extended Coverage Means More Protection.

Protecting your funds is more important than ever. The FDIC protects deposits up to $250,000 per depositor per insured bank for each account ownership category.

If your Primis Savings balance at Primis exceeds $250,000, and all deposits are within the same account ownership category, we can help secure up to $2 million in FDIC protection per tax ID or social security number.

How it Works

You continue to manage all your deposits at Primis from within your Primis banking app. In the background, the Primis Extended Coverage Program automatically moves deposits to our network of participating banks, outlined below, which are insured by the Federal Deposit Corporation (FDIC). The funds are evenly distributed across these banks. Therefore, if you hold accounts at any of the below banks, directly or through other intermediaries including broker dealers, please take note as your total deposits held at the bank may be over the $250,000 insurance limit for each category of legal ownership. To ensure your FDIC coverage, regularly review our network of participating banks. You may be required to take appropriate action to ensure you retain full insurance coverage at each participating bank.

Per Savings Account, Primis will sweep balances over $250,000 (Target Balance) and up to a maximum balance of $2,000,000 (maximum program deposit amount).

The Primis Extended Coverage Program is administered to Primis by a technology service provider. This extended coverage program applies to Primis Saving accounts. If you have a different deposit account and are interested in extended coverage, please contact your banker.


 Network of Participating Banks

Please note, the below list of participating banks is subject to change.

    • SOFI BANK, N.A.


What is FDIC insurance?

FDIC is an abbreviation for the Federal Deposit Insurance Corporation. The FDIC is an independent agency of the federal government that protects against the loss of insured deposits in the event an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States Government.

The FDIC protects deposits up to $250,000 per depositor per insured bank for each account ownership category.

How much does FDIC insurance cost?

There is no cost for FDIC Insurance. It is automatic for any deposit account opened at an FDIC-insured bank such as Primis.

Does increasing my FDIC insurance change the APY I earn on my funds?

No. You will continue to earn our competitive annual percentage yield (APY). Your FDIC coverage does not impact your rate.

How can you offer more FDIC insurance than most banks?

We partner with multiple banks to provide the best benefits to our customers. This partnership enables us to increase the standard FDIC covered to up to $2 million of coverage. This works the same way it would if you manually opened accounts with different banks. We just do it seamlessly and automatically and you can still access all your funds through Primis. It is important that you maintain awareness of any deposits you might maintain at one of the other network banks as this may affect your coverage with that network bank.

How is my account access impacted?

There will be no impact to your account access. You will access your funds as you typically do. Extended coverage has no effect on your access to your funds.

What if I already have an account at one of Primis Bank’s network of participating banks?

For purposes of insurance, the FDIC aggregates deposit balances of each customer held in the same insurable capacity at a particular bank (e.g., individual, joint, IRA, corporate). If you have an outside account at a bank in our network, the funds in that account will also count towards your total eligible FDIC insurance at that particular bank ($250K for individual accounts, $500K for joint accounts). You can review our current bank list above to determine whether you have any outside funds at these banks. You will not fully benefit from our extended coverage.

How do I opt into the program?

You do not need to opt in. Primis customers with Primis Savings accounts are automatically receiving this benefit.

How do I opt out of the program?

To opt out of the program click here.

Note, if you have an account at one of Primis Bank’s network of participating banks you will not fully benefit from extended coverage.

Is Primis partnering with the FDIC to provide this benefit?

No, the program is administered by a technology service provider to Primis — R&T Deposit Solutions.

Is extended FDIC coverage available on other accounts?

This particular cover is specific to Primis Savings accounts. If you have a different account type and wish to inquire about extended coverage, contact your banker.

Want more information?

To learn more about these services, please fill out the form below and a dedicated Primis rep will reach out soon:

The nitty gritty:
The Demand Deposit Marketplace® (“DDM”) program is offered to you by Primis Bank (“us” or “we”), subject to the terms and conditions set forth in the DDM program Terms & Conditions provided to you. Please liaise with us regarding your participation in the DDM program, including for the DDM program Terms & Conditions, your customer statements and any questions you may have. Please contact us for a list of banks and other institutions into which your funds could be deposited through the DDM program. The DDM program is administered by Stable Custody Group II LLC (“Stable”). Stable and its affiliates are not depositories, banks or credit unions, and the DDM program is NOT, itself, an FDIC-insured or NCUSIF-insured product. Rather, under the DDM program, your funds are swept or placed into deposit accounts at participating banks or other financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) and/or National Credit Union Share Insurance Fund (“NCUSIF”) for up to the current standard maximum deposit insurance amount (“SMDIA”) of $250,000 per eligible depositor, per insured participating institution, for each ownership capacity or category, including any other balances the depositor may hold at that institution directly or through other intermediaries, including broker-dealers. FDIC and NCUSIF insurance coverage is only available to protect you against the failure of a FDIC or NCUSIF insured institution, respectively, that holds your deposits under the DDM program (and not to protect against the failure of any other party, including Stable). The DDM program is primarily designed to provide administrative convenience for us to offer expanded FDIC or NCUSIF insurance on your funds, and is not designed to provide you with investment enhancements, higher rates of returns or profits on their funds. Demand Deposit Marketplace®, DDM®, Reich & Tang® and R&T® are registered marks of Reich & Tang Deposit Networks, LLC (“R&T”). Stable is a subsidiary of R&T.