Review
Updated
Fact Checked
Nathan Alderman
Prime Alliance Bank flies under the radar, but its APYs place it among the top banks we've reviewed. In addition, it has a solid variety of savings products, ranging from interest-bearing checking to money market accounts, plus no monthly maintenance fees or minimum balances for most accounts. Check out our full Prime Alliance Bank review below to learn more about everything it has to offer.
Prime Alliance Bank
Rating image, 4.00 out of 5 stars.
4.00/5
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.
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.
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Prime Alliance Bank isn't that well known yet, but it has all the tools it needs to start attracting attention -- decent APYs, no monthly fees, and a 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
- Only one physical bank location
- Limited customer service hours
Prime Alliance Bank savings accounts review
Prime Alliance Bank offers two types of savings accounts, one for personal use and one for businesses. Both accounts offer digital banking services (like mobile check deposits) and up to six withdrawals per month. Let's take a look at both in more detail below.
Prime Alliance Personal Savings
The Prime Alliance Personal Savings account grabs your attention with a competitive APY. 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 savings and those who can't meet requirements to waive fees at other banks.
That said it doesn't include a debit card or any other means to directly withdraw funds. To access funds fast, 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
Unlike the Personal Savings account, the Prime Alliance Bank's Business Savings doesn't have a single APY, but rather a tiered system that pays you more interest the more savings you hold in your account. Currently, the Business Savings account has three levels. Essentially, if your average balances are under six figures, you'll probably find better rates elsewhere. Like its Personal Savings account, the Prime Alliance Bank Business Savings account has no monthly fee or balance requirements.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
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.
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.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
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.
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.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
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.
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.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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Prime Alliance Bank CD accounts
Prime Alliance Bank offers a basic certificate of deposit (CD) product to both personal and business clients. The term lengths are decently varied, the minimum deposit is super low, and best of all -- its APYs are competitively high for longer terms.
Prime Alliance Bank CDs
Prime Alliance Bank CDs come in seven different terms, ranging from six to 60 months. Each term requires a reasonable $500 minimum deposit and will impose an early withdrawal penalty of 30 to 90 days of earned interest. You'll find some very competitive APYs among Prime Alliance's various term lengths.
Compare CD rates
Prime Alliance Bank offers some of the best CD rates on the market. But if you'd like to earn more interest or you want a different length term, here's how it stacks up against the competition.
Rates as of
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
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| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Sorry, we didn't find any CDs that meet those criteria.
Prime Alliance Bank checking accounts review
As with its savings account, Prime Alliance Bank offers checking accounts to both personal and business clients. However, unlike other banks, Prime Alliance Bank has two types of checking accounts -- one that earns interest and one that doesn't.
Prime Alliance Bank Alliance Checking
This is Prime Alliance Bank's non-interest-bearing checking account. It has no minimum balance requirements, no limits on monthly transactions, and better yet -- it's free for everyone. Additionally, 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. The APY isn't astronomical -- between 0.05% and 0.20%, depending on your balance -- but you're still earning something. 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, except it earns interest. There are no transaction limits or monthly maintenance fees, and you get a business debit card for accessing cash.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
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.
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.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.75 out of 5 stars.
4.75/5
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.
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.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
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.
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.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
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Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
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Prime Alliance Bank customer service and experience
Prime Alliance Bank has very few customer reviews on third-party sites and zero complaints on its Better Business Bureau (BBB) profile. While that's not totally surprising -- it is, after all, a fairly new institution and not yet widely known -- it might leave you wondering how good its customer service is, especially since it's mostly online.
As far as its availability goes, you can contact Prime Alliance Bank Monday through Friday from 8:30 a.m. to 5:00 p.m. (MT). You can also contact its after-hours support team to report lost or stolen debit cards.
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 it can to all customers.
Alternatives to Prime Alliance Bank
If you're unsure 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 review if you're interested in learning more about Varo Bank.
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.
Other products by Prime Alliance Bank
In addition to checking, savings, and CD accounts, Prime Alliance Bank offers the following products and accounts.
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.
FAQs
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Yes, Prime Alliance Bank is safe. All of its accounts are FDIC insured, so you don't have to worry about the safety of your money at the bank.
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For both certificates of deposit and savings accounts, Prime Alliance Bank posts interest quarterly, while checking accounts and money market will post interest monthly.
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You can transfer a maximum of $50,000 to an external account through Prime Alliance's website, with a monthly transfer limit of $250,000. If you need to transfer more than those limits, however, just reach out to Prime Alliance Bank's customer service.
Our Banking Experts
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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