Prime Alliance Bank review 2022: A diverse mix of business and personal products, but only one physical branch

Illustration by Fortune; Original logo by Prime Alliance Bank

Founded in 2004, Prime Alliance Bank is a Utah-based bank that offers a number of financial products, including personal checking, savings, money market accounts, certificates of deposit (CD), and retirement accounts. It also offers business products for commercial customers. All rates and fees are current as of November 30, 2022, and are subject to change.

Prime Alliance Bank offerings

Prime Alliance offers two checking accounts—one standard account and one interest-earning account, as well as a personal savings and health savings account.

Checking and savings accounts

Alliance Checking

  • APY: 0%

  • Monthly maintenance fee: $0

  • Minimum balance: $0

  • Minimum opening deposit: $0

Personal Interest Checking

  • APY: 

    • $1 - $14,999.99: 0.05%

    • $15,000 - $49,999.99: 0.10%

    • $50,000+ : 0.20%

  • Monthly maintenance fee: $0

  • Minimum balance: $0

High-yield savings account

Personal Savings 

  • APY: 3.25%

  • Monthly maintenance fee: $0

  • Minimum balance: $0

Health Savings Account

  • APY: 0.30% on balances of $1 or more

  • Monthly maintenance fee: $0

Money market accounts

Personal Money Market

  • APY: 3.25%

  • Monthly maintenance fee: $0

  • Minimum balance: $0

  • Service fee: $25.00 per transfer/withdrawal in excess of six limited transfers

Certificates of deposit

Certificate of Deposit 

  • APY: 

    • 6-month CD: 3.25%

    • 12-month CD: 4.00%

    • 18-month CD: 4.00%

    • 24-month CD: 4.00%

    • 36-month CD: 4.50%

    • 48-month CD: 3.00%

    • 60-month CD: 3.00%

  • Minimum opening deposit: $500

  • Monthly maintenance fee: $0

  • Early withdrawal penalty: 30 to 90 days’ interest on the amount withdrawn depending on your CD term.

Retirement Savings Account 

Individual Retirement Account (IRA)

  • APY: 

    • 12-month IRA: 4.00%

    • 24-month IRA: 4.00%

    • 36-month IRA: 4.50%

    • 48-month IRA: 3.00%

    • 60-month IRA: 3.00%

  • Minimum opening deposit: $500

  • Early withdrawal penalty: 30 to 90 days’ interest on the amount withdrawn depending on your CD term.

Additional fees for all accounts except CDs and time deposit accounts 

  • Return ACH fee: $2.50

  • Dormant account fee: $0

  • Return foreign check fee: $25.00

  • Levies: $20.00

  • Stop payment fee: $15.00

  • Collections fee: $10.00

  • Non-sufficient funds fee: $0

  • Return check fee: $10.00

  • Overdraft interest fee: $0

  • Wire transfer fee (incoming): $10.00

  • Wire transfer fee (outgoing): $15.00

  • Wire transfer fee (outgoing international): $40.00

  • Wire transfer fee (incoming, non-interest bearing account): $5.00

  • Wire transfer fee (outgoing, non-interest bearing account): $10.00

  • Cashier’s check: $0

  • Replacement of lost debit card: $0

  • Hourly research fee: $15

  • Copies of statements: $2.50 per statement

  • Copies of checks: $1.00 per check

Other services Prime Alliance offers

Apart from Prime Alliance’s personal account options, customers can also benefit from a number of business products, including:

  • Commercial loans: Prime Alliance offers real estate loans, SBA loans, commercial lines of credit, and equipment lease financing.

  • Business checking and savings accounts: Business owners can also choose between a basic, non-interest bearing checking account, as well as an interest-bearing savings account. The good news: these accounts do not have any minimum opening deposit or minimum balance requirements.  

  • Business money market accounts: Prime Alliance’s business money market accounts boast competitive APYs with unlimited deposits and up to six withdrawals/transfers per month.  

  • Business certificates of deposit: Prime Alliance Bank’s business CDs offer a wide range of terms, from six months to five years and APYs that are at least three times the national average.

The Prime Alliance platform and customer support

While Prime Alliance does have a location in Utah, customers across the nation can do their banking online or via mobile app. The bank’s app has five stars on the [hotlink]Apple[/hotlink] App Store and it is also available for Android users on [hotlink]Google[/hotlink] Play. For assistance, customers can reach a representative over the phone Monday through Friday, between 8:30 a.m. and 5:00 p.m. (MST) or via email by filling out a form on the Prime Alliance website.

Pros and cons of Prime Alliance Bank

If you’re considering banking with Prime Alliance, here are a few of the major pros and cons you should be aware of:

View this interactive chart on

Pro: Competitive APYs on savings products. Prime Alliance Bank offers competitive APYs on its accounts, with its savings accounts earning over 12 times the national average.

Pro: A mix of personal and business products. For consumers who are looking to keep their business and personal products all in the same place, Prime Alliance offers a diverse mix of financial products to meet all of their needs.

Con: Limited physical locations. Prime Alliance has one physical location in Utah, which could be a problem for customers who do not live within the state and prefer to meet with a banker in person.

Con: Limited contact options. Prime Alliance does not offer an online chat feature for immediate assistance and does not have extended customer service hours via telephone.

Frequently asked questions

Is Prime Alliance Bank FDIC insured?

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

How do I contact Prime Alliance Bank?

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

How often is interest posted to my Prime Alliance account?

Interest posts at the end of each month on money market and interest-bearing checking accounts. Interest posts quarterly for savings accounts and certificates of deposit.

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