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Prime Alliance Bank Review: Competitive APYs on All Account Types
By: Kailey Hagen
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Prime Alliance Bank is an under-the-radar bank offering competitive APYs on all its accounts. Its savings and CD rates are comparable to those offered by the best online banks, and it even offers interest-bearing checking accounts. Check out our full review to learn more.
Best For: Competitive APYs on all account types
Prime Alliance Bank
Rating image, 4.0 out of 5 stars.
4.0 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
Prime Alliance Bank isn’t that well known yet, but it has all the tools it needs to start attracting attention -- high APYs, no monthly fees, and a decent variety of account types. With no minimum balance requirements and interest on every account, it’s a great place for those with small and large balances to grow their wealth.
Pros
- Earn interest on all account types
- Competitive APYs
- No monthly fees
- No minimum balance to earn interest
Cons
- Little information about customer service
Prime Alliance Bank savings accounts review
Prime Alliance Bank offers a personal savings account and a business savings account.
Prime Alliance Bank Personal Savings
The Prime Alliance Bank Personal Savings account grabs your attention with a high APY. Its user-friendly account management tools add to its appeal. Like most online bank accounts, it doesn't charge monthly maintenance fees or require a minimum balance to earn interest. As a result, it's a good fit for those with small or large balances.
It doesn't include a debit card or any other means to directly withdraw funds, though. You'll need a Prime Alliance Bank checking account to conveniently access your cash. Alternatively, you can wait a day or two for your funds to transfer to another bank.
Prime Alliance Bank Business Savings
Prime Alliance Bank's Business Savings account uses a tiered APY system instead of a single APY for all account holders. This means it rewards you for keeping large sums in the account. However, those with average balances under six figures may find better rates elsewhere. Like its Personal Savings account, the Prime Alliance Bank Business Savings account has no monthly fee or balance requirements.
Compare savings accounts
Curious how the Prime Alliance Bank Personal Savings account stacks up to its competitors? Take a look at our list of the best savings accounts or compare some select picks below.
Rates as
of Oct. 15, 2020
Prime Alliance Bank CD accounts
Prime Alliance Bank offers a single type of certificate of deposit (CD). This CD is available to personal and business customers.
Prime Alliance Bank CDs
You can choose a CD term as short as six months or as long as five years. All of them have reasonable minimum deposit requirements and fairly competitive rates. However, if you're only interested in a short-term CD, you may be better off keeping your money in Prime Alliance Bank's savings account. CD rates are locked in for the full term, and early withdrawals result in penalties.
| 6 Month APY | 1 Year APY | 1.5 Year APY | 2 Year APY | 3 Year APY | 4 Year APY | 5 Year APY |
|---|---|---|---|---|---|---|
| 0.35% | 0.45% | 0.55% | 0.60% | 0.65% | 0.70% | 0.75% |
Compare CD rates
Check out our list of the best CD rates to see how Prime Alliance Bank's CDs compare to those offered by other top banks. Below, compare some top rates against Prime Alliance Bank.
Rates as of Oct. 15, 2020
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Marcus by Goldman Sachs High Yield CD
0.65%
0.65%
0.65%
0.65%
0.70%
$500
Yes
Prime Alliance Bank checking accounts review
Prime Alliance Bank offers two types each of personal checking account and business checking account.
Prime Alliance Bank Alliance Checking
This is Prime Alliance Bank's non-interest-bearing checking account. It's free for everyone. Additionally, it has no minimum balance requirement. There are no limits on monthly transactions, and you can access your cash for free at one of over 100,000 MoneyPass® or Allpoint® ATMs nationwide.
Prime Alliance Bank Personal Interest Checking
The Personal Interest Checking account will likely appeal to more people. It also has no monthly maintenance fee. Even better -- it earns interest. You won't earn much unless you keep a large sum in your checking account, but anything is better than nothing. Personal Interest Checking customers also get access to the online and mobile banking tools and nationwide ATM networks that Alliance Checking members get.
Prime Alliance Bank Keep It Simple Business Checking
This is a non-interest-bearing business checking account. It might appeal to those with smaller balances who don't want to worry about bank fees. It includes free checks, no monthly remote deposit fee, reduced wire transfer fees, and unlimited transactions.
Prime Alliance Bank Prime Business Checking
The Prime Alliance Bank Prime Business Checking account is essentially the same as the Personal Interest Checking account. Note there are larger balance requirements to move up the APY tiers with this account. There are no transaction limits or monthly maintenance fees, and you get a business debit card for accessing cash.
Prime Alliance Bank customer service and experience
There are few customer reviews of Prime Alliance Bank online. That isn't surprising, as it's pretty new and not yet widely known. All of its accounts are FDIC-insured. As a result, you don't have to worry about the safety of your money at the bank. However, the lack of information on its track record may concern you if customer service is one of your top priorities.
The bank has a single branch in Utah. Additionally, Prime Alliance Bank provides online and mobile account management tools so you can easily move your money around and pay bills. Since most people manage their money entirely online, customer service might not be as important for most. You'll rarely speak to a banker if you prefer online banking.
Prime Alliance Bank relationship benefits
Prime Alliance Bank doesn't charge monthly maintenance fees. All of its accounts, save its non-interest-bearing checking accounts, offer competitive rates. Brick-and-mortar banks usually offer these perks to customers only if they open multiple accounts with the bank. However, Prime Alliance Bank follows the online bank model of offering the best deals they can to all customers.
Alternatives to Prime Alliance Bank
Not sure if Prime Alliance Bank is a good fit for you? Here are some alternatives to consider.
Ally Bank
Ally Bank is a larger and better-known online bank with a proven reputation. You may feel more comfortable working with Ally if you're concerned about customer support. Its range of product offerings is also larger than Prime Alliance Bank's, and includes loan and investment accounts.
Varo Bank
Varo Bank is one of the best options for those who want to earn a high APY on their savings. The bank offers checking and savings accounts with, at present, APYs none of its competitors can touch. But there are no CDs or business accounts, so it won't appeal to those interested in these services. Check out our Varo Savings Account Review if you're interested in learning more about Varo Bank.
Other products by Prime Alliance Bank
In addition to checking, savings, and CD accounts, Prime Alliance Bank offers the following:
Prime Alliance Bank money market accounts
- Prime Alliance Bank Personal Money Market: This account is essentially the same as the bank's Personal Savings account. Unlike many other money market accounts, it doesn't include a debit card or check-writing capabilities.
- Prime Alliance Bank Business Money Market: This account is just like the Prime Alliance Bank Prime Business Checking account, but it's considered a money market account.
Prime Alliance Bank retirement accounts
- Prime Alliance Bank IRAs: You can open IRA CDs through Prime Alliance Bank. These are essentially CDs that you keep in a traditional or Roth IRA.
Prime Alliance Bank commercial loans
Prime Alliance Bank commercial loans: The bank offers real estate and SBA loans as well as commercial lines of credit and equipment lease financing.
Is Prime Alliance Bank right for you?
Prime Alliance Bank could be the right home for your money if:
- You're comfortable managing your money online.
- You want to earn a competitive APY on all of your accounts.
- You don't want to pay monthly fees.
About the Author
Kailey has been writing about banks, credit cards, loans, and all things personal finance since 2012. She also writes for The Ascent's parent company, The Motley Fool. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money. She's a graduate of the University of Wisconsin and happily lives in the woods of northern Wisconsin where she grew up.
