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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 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.
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.
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.
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.
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.
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 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.
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.
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 | ||
APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | ||
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
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.
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.
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.
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.
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.
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.
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 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.
If you're unsure if Prime Alliance Bank is a good fit for you, here are some alternatives to consider.
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 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.
Prime Alliance Bank could be the right home for your money if:
In addition to checking, savings, and CD accounts, Prime Alliance Bank offers the following products and accounts.
Prime Alliance Bank commercial loans: The bank offers real estate and SBA loans as well as commercial lines of credit and equipment lease financing.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
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.
For both certificates of deposit and savings accounts, Prime Alliance Bank posts interest quarterly, while checking accounts and money market will post interest monthly.
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.
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