Prime Alliance Bank review July 2024: checking, savings, CDs, and more

All rates and fees are current as of July 17, 2024, and are subject to change.

Prime Alliance Bank

Checking accounts:	No monthly maintenance fees
Savings accounts:	Open with $0
CD rates:	Earn up to 5.30% annual percentage yield (APY)

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Pros and Cons

Pros

• Competitive APYs on savings products: Its savings accounts earn over 12 times the national average.
• A mix of personal and business products: Prime Alliance offers a diverse mix of financial products to meet both personal and business banking needs.

Cons

• Limited physical locations: Prime Alliance has one physical location in Utah, which could be a problem for customers who do not live within the state and prefer to meet with a banker in person.
• Limited contact options: Prime Alliance does not offer an online chat feature for immediate assistance and does not have extended customer service hours via telephone.

Who is Prime Alliance Bank good for?

Prime Alliance Bank offers great APYs on its savings, money market, and CD accounts, making it a good option for people who want to earn the most on their extra cash. It also offers a checking account, which means it’s suitable for people who want to do all of their banking in one place. It would also work well for people needing to open business accounts.

Who shouldn’t use Prime Alliance Bank?

Prime Alliance has only one in-person location, and it’s in Utah. If you don’t live near there and prefer having a branch to visit, this isn’t the bank for you. Also, its customer service is limited—it only operates during business hours Monday through Friday. If you prefer to bank on the weekends and think you’ll have a lot of questions, you should find another bank. Additionally, with strict limits on savings and money market withdrawals, this bank could be relatively restrictive if you like moving your money around.

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Prime Alliance Bank rates and products

Prime Alliance offers two free checking accounts—one standard account and one interest-earning account—as well as personal savings, health savings, money market, and CD accounts.

Alliance checking

The Alliance checking is Prime Alliance Bank’s basic free checking account. It doesn’t earn interest, but you get free wallet-style checks, no monthly maintenance fees, and no minimum balance requirements. Unfortunately, there is no checking account bonus.

With this account, you’ll also get a free EMV chip Visa debit card, and you can make unlimited withdrawals. Prime Alliance is part of the MoneyPass and Allpoint ATM networks, so you have fee-free access to over 100,000 ATMs across the country.

Personal Interest checking

If you’d like to earn a little interest on your balance, the Personal Interest checking account offers a 0.20% APY if you have a balance over $50,000. Balances between $15,000 and $49,999.99 earn 0.10% APY, and balances under $15,000 earn 0.05% APY. Otherwise, there are no real differences between this account and the Alliance checking account.

Savings accounts

Prime Alliance has Personal Savings and Health Savings accounts. Both have no monthly maintenance fees but their other features differ.

The Personal Savings account has no minimum balance requirement. It has an APY of 4.50%, which qualifies it as a high-yield savings account. Of course, there are other high-yield savings accounts with higher rates if earning more interest is a priority. Depositing funds is easy with the mobile check deposit feature on the mobile app.

Prime Alliance Bank savings rates compared to current top rates*

While Prime Alliance Bank is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

Money market accounts 

The Personal money market account has no monthly maintenance fees or minimum balance requirement. You'll also enjoy a variable APY of 4.5%—not the highest MMA rate out there today, but still near the top.

With this account, you can make unlimited deposits, including free mobile check deposits. You are limited to six withdrawals per month, however. MMAs differ from traditional savings, so read our primer on MMAs to see if it's the right account type for you.

Certificates of deposit

If you have $500 to open an account, a Prime Alliance Bank CD can be a good option. It has some of the best CD rates on the market for its six-month and 12-month terms.

A CD is a type of savings account where you earn a fixed interest rate over a set period of time, during which you can't withdraw funds without penalty. Prime Alliance Bank's early withdrawal penalties are quite lenient compared to other banks as you'll lose just one month or three months of interest depending on your term length. You can withdraw interest early without any penalty.

Individual retirement account (IRA)

IRAs from Prime Alliance are similar to CDs, in that they're for set terms. They also have the same APYs and early withdrawal penalties. Since these are for retirement purposes, they can provide certain tax advantages.

Other services Prime Alliance Bank offers 

Prime Alliance also offers other products, such as a health savings account and several business banking products: 

• Health savings accounts: Opening a Health Savings account requires you to have an eligible health insurance plan. But if you qualify, you don't have to maintain a minimum balance. The APY is 0.30%, and you'll receive a debit card you can use to make health-specific purchases as needed.
• Commercial loans: Prime Alliance offers real estate loans, Small Business Administration (SBA) loans, commercial lines of credit, and equipment lease financing. 
• Business checking and savings accounts: Business owners can also choose between a basic checking account as well as an interest-bearing savings account. The good news: these accounts do not have any minimum opening deposit or minimum balance requirements.  
• Business MMAs: Prime Alliance’s business MMAs boast competitive APYs with unlimited deposits and up to six withdrawals/transfers per month.  
• Business CDs: Prime Alliance Bank’s business CDs offer a wide range of terms, from six months to five years, and APYs that are at least three times the national average. 

The Prime Alliance Bank platform and customer support 

While Prime Alliance has a single location in Utah, customers nationwide can do their banking online or via a mobile app. The bank’s app has five stars on the Apple App Store and it is also available for Android users on Google Play. For assistance, customers can reach a representative over the phone Monday through Friday, between 8:30 a.m. and 5 p.m. Mountain time or via email.

Is Prime Alliance Bank secure?

In 2006, the Federal Deposit Insurance Corp. (FDIC) issued a cease-and-desist order to Prime Alliance Bank because the bank was engaging in unsafe and unsound practices. Some of the offenses included operating in a way that jeopardized deposits, having a board of directors that didn't provide adequate supervision and direction, and not having an adequate loan valuation reserve.

This cease-and-desist order was lifted in 2008 but another one was put in place in 2009. The FDIC cited many of the same reasons for shutting down the bank, including operating with a large volume of poor-quality loans and operating with poor management. This second order was terminated in 2012.

Since that time, Prime Alliance Bank hasn't had any corrective actions taken by the FDIC. It also doesn't appear to have had any data breaches or leaks like some other institutions. However, it doesn't publish what security measures it takes to keep customer data safe.

Prime Alliance Bank user reviews

There aren't many online reviews of Prime Alliance Bank, but the ones that exist are mostly positive. Many customers appreciate its business banking services and how customer service goes the extra mile to help them. One customer even got a call from the bank to warn them that their account was overdrawn. Others had an easy time opening CDs without excessive questions or verifications.

There are currently no complaints listed with the Better Business Bureau (BBB).

Compare Prime Alliance Bank alternatives

Prime Alliance Bank	SoFi	Ally Bank
Top savings APY	Top savings APY	Top savings APY
4.50%	Up to 4.60%*	4.20%
Top checking APY	Top checking APY	Top checking APY
0.20%	0.50%	0.25%
Top CD APY	Top CD APY	Top CD APY
5.30%	N/A	4.50%
Other services	Other services	Other services
Commercial loans  Business checking and savings accounts   Business MMAs Business CDs	Investments Student loans  Personal loans  Mortgage loans Credit cards  Estate planning Financial insights Business financing and solutions	Credit cards Investment accounts Home loans Auto loans Personal loans
Learn more	Learn more	Learn more
View offer at Fiona	View offer at SoFi	View offer at Fiona

*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Is Prime Alliance Bank right for you?

If you're looking for an online bank that can do it all, Prime Alliance Bank is worth looking into. Many online banks only focus on one or two account types, but Prime Alliance offers everything a modern consumer needs in one place. However, because it is online only, it may not be right for everyone.  

Frequently asked questions