Prime Alliance Bank offers high APY savings account and solid customer service, but lacks transparency surrounding its services. Is it the right bank for you?
WRITTEN & RESEARCHED BY
Expert Contributor
Last updated onUpdated
REVIEWED BY
Editor & Senior Staff Writer
| Total Rating |
3.5 |
|---|---|
| Fees & Rates3.7 | |
| Services5.0 | |
| Rewards2.6 | |
| Features3.7 | |
| Eligibility Requirements2.0 | |
| Application Process2.7 | |
| Sales & Advertising Transparency3.7 | |
| Customer Service1.9 | |
| User Reviews4.0 | |
Monthly Fee Range
$0/monthAPY Range
0.05% - 4.20%Account Types Offered
Checking high-yield savings, CDs, and money market accountsTable of Contents
Prime Alliance Bank is a bank located in Woods Cross, Utah, that offers both business banking and personal banking services. However, you don’t have to be in Utah to use this banking option as Prime Alliance has both an online banking portal and mobile app.
Many of the banking services that we review are fintech companies that partner with banking institutions, so one of the perks of Prime Alliance is that it is a true bank.
The upside of a traditional bank is an added layer of security and access to more services than most fintechs (like commercial loans). The downside of traditional banks is that they often don’t have as competitive of rewards as fintechs. For Prime Alliance, this is only true for the company’s checking accounts, which have minimal rewards; the company’s savings accounts and interest-bearing accounts have highly competitive APYs.
| Services5.0 |
|---|
| Banking Services 5.0 |
| Online Portal & Mobile App 5.0 |
Prime Alliance provides an impressive number of business banking services, as well as commercial loan options for businesses that want a bank that also offers lending.
For businesses, Prime Alliance supports:
| Prime Alliance Bank Accounts Offered | Value |
|---|---|
| Checking | |
| Savings | |
| High-Yield Savings | |
| CDs | |
| Treasury Accounts |
Prime Alliance has personal banking options as well for those wanting to manage their personal and business banking with the same bank, though we don’t cover those options in the breadth of this review.
| Rewards2.6 |
|---|
| Quality & Value Of Earned Rewards 2.6 |
When it comes to rewards, Prime Alliance offers competitive APY rates for its savings and interest-bearing accounts. However, the company’s checking account rewards are lacking compared to other top business checking accounts.
Prime Alliance offers two checking account options — one has a very small APY rate and neither offers any cash-back. So, if you’re looking for competitive checking rewards, Prime Alliance is likely not the account for you. But if you want a high-yield savings account, Prime Alliance is worth looking into.
Here’s a breakdown of Prime Alliance Bank’s rewards:
Prime Alliance Bank Yield and Cashback
Value
Checking APY
0.05 - 0.20%
Savings APY
3.49% - 3.90%
CD APY
3.90% - 4.20%
Treasury Account APY
3.49% - 3.90%
Checking Cashback
None
These rates are variable, with interest paid monthly, except for CDs, which have a fixed APY for the duration of the term.
| Fees & Rates3.7 |
|---|
| Pricing 4.4 |
| Transaction Fees 3.0 |
| Transparency 3.0 |
Prime Alliance Bank makes finding information about its fees very difficult. There is very little information available for easy access on the company’s website, so you’ll have to dig into the account disclosure documentation to get this information.
| Prime Alliance Bank Plans | Price | When To Use |
|---|---|---|
| Keep It Simple Checking | $0/month | If you want a basic business checking account to manage your finances |
| Business Savings Account | $0/month | If you want a high-yield business savings account with competitive APY rates |
With the Prime Alliance’s Keep It Simple Checking account, there are free checks, no transaction limits, and “reduced” wire fees. With the Business Interest Checking account, there are also no transaction limits and no monthly maintenance fees.
For Prime Alliance’s savings accounts, there are no monthly fees or check deposit fees.
For all Prime Alliance Bank accounts (minus CDs), these are the fees you’ll encounter:
| Prime Alliance Bank Category Fees | Value |
|---|---|
| Monthly Fee Range | $0/month |
| Monthly Checking Fee | $0/month |
| Monthly Savings Fee | $0/month |
| ATM Fee | None |
| Overdraft Fee | $30 |
| ACH Fee | 0% |
| Incoming Domestic Wire Transfer Fee | $10 |
| Outgoing Domestic Wire Transfer Fee | $15 |
| Incoming International Wire Transfer Fee | $10 |
| Outgoing International Wire Transfer Fee | $40 |
| Wire Transfer Fee Start Point | $10 |
| Wire Transfer Fee Range | $10 - $40 |
| Cash Deposit Fee | None |
| Foreign Transaction Fee | Unknown |
| Excessive Transactions Fee | Varies |
| Stop Payment Fee | $15 |
If you have a CD account with Prime Alliance Bank, it’s important to note that you could face penalties for early withdrawals (the exact penalty amount is not disclosed). Withdrawing from your CD account before the term ends can also affect how much you earn on the account.
| Eligibility Requirements2.0 |
|---|
| Eligibility Qualifications 1.0 |
| Eligibility Availability 3.5 |
| Eligibility Transparency 0.0 |
Prime Alliance unfortunately has a pattern of making information difficult to access. In the case of eligibility requirements, this information is impossible to access. There’s no information on Prime Alliance’s website, documentation, or fine print that provides eligibility requirements.
| Application Process2.7 |
|---|
| Ease & Transparency Of Application 0.6 |
| Application Timeline 0.0 |
| Opening Deposit Requirements 5.0 |
Prime Alliance not only provides very little information on its application process, but it’s one of the only banks I’ve seen that doesn’t have an online application that you can complete directly on the site. Instead, if you want to open a Prime Alliance account, you have to email Prime Alliance to let the bank know which account(s) you want to open.
This is a very antiquated process and one that makes things more difficult for business owners.
| Features3.7 |
|---|
| Transaction Types Supported 5.0 |
| Transaction Limits 5.0 |
| Standard Banking Features 4.0 |
| Finance Management Features 1.5 |
| Extras 1.0 |
Prime Alliance doesn’t provide much information when it comes to features. Unfortunately, certain key banking features like ACH fees and cash deposits are not made clear with Prime Alliance Bank.
Here’s what we were able to find in terms of Prime Alliance’s features:
| Prime Alliance Bank Features | Availability |
|---|---|
| Incoming Domestic Wire Transfers | |
| Outgoing Domestic Wire Transfers | |
| International Wire Transfers | |
| ACH | |
| ATM | |
| Cash Deposits | |
| Mobile Deposits | |
| Check | |
| Virtual Cards or Digital Wallet | |
| Bill Pay | |
| Cash Flow Management | |
| Reporting | |
| Standard FDIC Insurance | |
| Invoicing | |
| Accounting Integrations |
One big perk is that Prime Alliance has no transaction limits for its checking accounts, and there are no minimum balance requirements.
| Sales & Advertising Transparency3.7 |
|---|
| Sales Practices 4.0 |
| Web Presence 2.3 |
As previously mentioned, Prime Alliance does not make it easy to find much information on its products. The company does not provide any information regarding its eligibility requirements or application process. There’s also very little about the various banking features you’ll find with each bank account, which not only is unhelpful from a user perspective but is also a huge missed marketing opportunity.
Other information like security and fees is available, but you have to find the full disclosures to access this.
| Customer Service1.9 |
|---|
| Personal Support 3.9 |
| Self-Service 1.0 |
Prime Alliance Bank does offer several customer support options but is missing a knowledge base or FAQ section, making it difficult to find information about the bank.
There aren’t many customer reviews of Prime Alliance Bank, but the feedback there notes that Prime Alliance has excellent customer support with quick and effective communication.
| User Reviews4.0 |
|---|
| User Feedback 4.0 |
| Review Site Aggregate 4.0 |
Prime Alliance Bank has very few customer reviews. At the time of this review, there was one review on TrustPilot, eight reviews on DepositAccounts, and no reviews or accreditation rating on the BBB.
If you’re looking for a bank that has a more established online presence, Prime Alliance won’t be the bank for you. Check out our list of the best online business bank accounts for banking options with a larger online presence and customer review base.
From the few reviews out there, here are the positives and negatives we were able to find.
Prime Alliance offers standard FDIC insurance with all accounts and extra FDIC insurance on some of its high-interest accounts. Prime Alliance makes its full privacy policy and security policies available on its website, though they are hard to track.
Unfortunately, Prime Alliance Bank provides hardly any security information within its policies. There’s no information on how data is stored or what security measures are in place to protect it, which is a big issue that we hope Prime Alliance addresses.
Prime Alliance uses your personal data for basic business purposes (like processing transactions and reporting to credit bureaus) and for internal marketing purposes (like offering additional Prime Alliance services to you). It does not share your data for joint marketing with other companies or affiliates.
If you are looking for a high-yield savings account or a high APY from a CD or money market account, Prime Alliance is definitely worth considering, which is why it’s included on our list of the best high-yield savings accounts.
In terms of checking, Prime Alliance leaves a lot to be desired in terms of rewards and features. Our list of the best business checking accounts has many more options with better rewards and features to serve businesses.
Prime Alliance’s biggest downfall is the lack of information. The company doesn’t provide enough information on its site, and there’s not a substantial amount of customer reviews to fill the gap. The customer reviews the company does get are predominantly positive. Customers enjoy Prime Alliance’s excellent customer service and high APYs.
Overall, Prime Alliance Bank could be a good option for businesses looking for high-yield savings accounts, money market accounts, or CDs. But while it’s been around since 2004, it is still not as established with its company reputation and benefits as other banking options. We’ll continue to keep an eye on Prime Alliance and hope the bank addresses some of the drawbacks we’ve identified, especially the lack of transparency.
In the meantime, see how Prime Alliance Bank stacks up against other business savings accounts or check out our list of the best business bank accounts on the market.
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