Prime Alliance Bank Review: Competitive APYs on All Account Types

Prime Alliance Bank flies under the radar, but its APYs place it among the top banks we've reviewed. In addition, its accounts have no monthly maintenance fees or minimum balance requirements, so just about anyone can use it to start building their wealth. Check out our full Prime Alliance Bank review below to learn more about everything it has to offer.

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.

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 6 months or as long as 5 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.

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.

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 Business Interest Checking

The Prime Alliance Bank Business Interest 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.

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 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.

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 it 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 high APYs, especially if you're able to meet certain monthly requirements for its super-high rate. 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.

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.

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 Business Interest 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.