Banking » Reviews » Prime Alliance Bank CDs And Savings Review 2024
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Prime Alliance Bank CDs And Savings Review 2024

Prime Alliance Bank provides a savings account and CDs with competitive rates and a low minimum deposit. Here's what you should be aware of
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Prime Alliance Bank

Prime Alliance Bank logo
Prime Alliance Bank logo

Prime Alliance Bank

CD APY Range

4.00% – 5.30%

Savings APY

4.50%

CD Min Deposit

$500

Our Rating

4.3
4.3/5

Prime Alliance Bank CD Rates

Prime Alliance Bank offers a wide range of financial products to meet all your specific needs, including options for certificates of deposit (CDs). These CDs are available to both individuals and businesses.

When it comes to CD rates, Prime Alliance Bank is highly competitive. In fact, some of their rates are among the highest in the industry. The most attractive rates are for shorter-term CDs, such as those lasting 6 months, 12 months, and 18 months.

On the other hand, if you're looking for longer-term CDs, the rates are lower and not as competitive compared to other banks and credit unions.

CD Term
APY
6 Months (Compare )
5.30%
12 Months (Compare)
5.30%
18 Months (Compare)
4.75%
24 Months (Compare)
4.50%
36 Months (Compare)
4.25%
48 Months (Compare)
4.00%
60 Months (Compare)
4.00%

You don't need a large sum of money to start investing in a Prime Alliance Bank CD account. With as little as $500, you can open an account and start maximizing your earnings.

Unfortunately, Prime Alliance Bank doesn't provide information about their early withdrawal penalties on their website.

Prime Alliance Bank Savings Account

Prime Alliance Bank Personal Savings is a savings account specifically designed for individuals. The 4.50% APY is competitive compared to other banks and credit unions.

APY Savings
Minimum Deposit
$0

It offers a range of features to help you save and manage your money effectively:

  1. No Monthly Maintenance Fees or Minimum Balance Requirement: Unlike some other banks, Prime Alliance Bank does not charge any monthly maintenance fees for their Personal Savings account. Additionally, there is no minimum balance requirement.

  2. Online Banking and Mobile Banking: With Prime Alliance Bank Personal Savings, you get access to convenient online banking services. This allows you to manage your account, check your balance, view transaction history, and even transfer funds between accounts, all from the comfort of your computer or mobile device. The bank also offers a mobile banking app, enabling you to access your savings account on the go.

  3. Deposit Checks Using Mobile App for Free: Prime Alliance Bank provides a mobile app that allows you to deposit checks directly into your Personal Savings account. 

  4. Unlimited Deposits and Six Withdrawals/Transfers per Month: You can make unlimited deposits into your Personal Savings account, allowing you to save as much as you want. However, one of the limitations of a savings account is that there is a limit of six withdrawals or transfers per month. 

Prime Alliance Bank Money Market Account

Prime Alliance Bank Personal Money Market account offers similar features to the savings account. You'll find the same benefits and interest rates in both accounts.

Additionally, there are no monthly maintenance fees or minimum balance requirements for the Personal Money Market account.

Money Market APY
Minimum Deposit
4.50%
$0

Other Financial Products Of Prime Alliance Bank

Prime Alliance Bank offers a range of checking accounts tailored for both individuals and businesses. For personal checking, they provide two options: Prime Alliance Bank Alliance Checking and Prime Alliance Bank Personal Interest Checking.

  • Prime Alliance Bank Alliance Checking is a non-interest-bearing account that is free for everyone. It does not have any minimum balance requirements and allows unlimited monthly transactions. Customers can access their cash for free at over 100,000 MoneyPass® or Allpoint® ATMs across the country.
  • Prime Alliance Bank Personal Interest Checking, on the other hand, appeals to a wider audience. It also has no monthly maintenance fee and offers interest on the account balance. Although the interest earned may not be substantial unless a large sum is kept in the account, it still provides some benefit. Customers with Personal Interest Checking accounts enjoy the same benefits as Alliance Checking members, such as access to online and mobile banking tools and nationwide ATM networks.
  • For business checking, Prime Alliance Bank offers two types of accounts: Prime Alliance Bank Keep It Simple Business Checking and Prime Alliance Bank Business Interest Checking.

Also, Prime Alliance Bank offers IRAs in the form of Certificates of Deposit. By contributing to an IRA, individuals can potentially reduce their taxable income by deducting their IRA contributions from their taxes, provided they meet the eligibility criteria. This allows individuals to maximize their retirement savings while also potentially reducing their tax burden.

About Prime Alliance Bank

Prime Alliance Bank, established in 2004, is a financial institution headquartered in Utah.

It provides a wide range of financial products, including personal checking and savings accounts, money market accounts, certificates of deposit (CDs), and retirement accounts. In addition, it caters to commercial customers by offering business products.

However, one limitation of Prime Alliance Bank is its sole physical location in Utah. This could potentially pose an inconvenience for customers residing outside the state who prefer face-to-face interactions with bank representatives.

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FAQs

One of the significant advantages is the competitive rates offered on CDs, savings accounts, and money market accounts.

The main drawback is that Prime Alliance Bank is relatively small and may have limited tools and features compared to national online banks. Additionally, customer service is not available on weekends.

Prime Alliance Bank's physical location in Woods Cross, Utah, and their phone line are available Monday through Friday from 8:30 a.m. to 5:00 p.m. (MT). You can also reach out to the bank via email by completing a contact form on Prime Alliance's website.

Yes, Prime Alliance Bank is FDIC insured, providing coverage of up to $250,000 per depositor, per bank, for each account ownership category.

Savings Account Reviews Methodology

The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:

  • Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
  • Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
  • Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for  savers.
  • Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.

By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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