Prime Alliance Bank Review

Pros

• High APY rates for savings accounts
• Competitive CD rates
• Excellent customer service

Cons

• Information is difficult to access
• Little to no checking rewards
• Very few customer reviews

What Is Prime Alliance Bank?

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 earning Prime Alliance a top spot on our list of best high-yield savings accounts.

Services Offered By Prime Alliance

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:

• Checking accounts
• Savings accounts
• Money market accounts
• Certificates of deposit
• Commercial loans

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.

Prime Alliance Rewards & Perks

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:

• Business Interest checking accounts have 0.05%-0.20% APY based on checking balance
• Savings accounts have 3.85-4.25% APY based on savings balance
• Certificates of Deposit (CDs) have 3.75%-4.95% APY  based on minimum balance and term length
• Money market accounts have 3.85%-4.25% APY based on balance

These rates are variable with interest paid monthly, except for CDs which have a fixed APY for the duration of the term.

Prime Alliance Bank Fees

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.

With 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:

• Return ACH Fee: $2.50
• Return Foreign Account Fee: $30
• Return Check Fee: $10
• Stop payment Fee: $15
• Domestic Or International Incoming Wire Transfer Fee: $10
• Outgoing Domestic Wire Transfer Fee: $15
• Outgoing International Wire Transfer Fee: $40
• Foreign Currency Order: $50

There are no overdraft fees, insufficient funds fees, or dormant account fees. Savings accounts and money market accounts may face excess transfer fees.

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.

Prime Alliance Eligibility Requirements

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, earning Prime Alliance a 2/5 rating for this section.

Prime Alliance Application Process

Prime Alliance not only provides very little information on its application process, 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, earning Prime Alliance a 2.7/5 rating in this category.

Prime Alliance Features

Prime Alliance doesn’t provide much information when it comes to features, so this section’s rating is low at 3.1/5. 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:

• Online banking dashboard
• Mobile app
• Checks
• Bill pay
• Remote deposits
• Unlimited deposits
• 100,000+ in-network ATMs

One big perk is that Prime Alliance has no transaction limits for its checking accounts and there are no minimum balance requirements.

Prime Alliance Sales & Advertising Transparency

As previoudly 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 are available, but you have to find the full disclosures to access this.

Prime Alliance Customer Service

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.

Prime Alliance Reviews & Complaints

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.

Negative Prime Alliance Reviews

• Concerns about the legitimacy of the company
• One customer reported trouble getting approved because of ID verification issues

Positive Prime Alliance Reviews

• High APY rates
• Easy process to get approved for CDs
• Quick, responsive customer service

Is Prime Alliance Safe?

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.

Final Verdict: Is Prime Alliance Worth It?

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 earns a 3.1/5 rating and 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.

Business Banking Review Methodology

Merchant Maverick has been researching and reviewing business banking services since 2015. Our writers have tested over thirty different banking products, including checking accounts, savings accounts, employee spending cards, and more. In each review, we evaluate rates and fees, services, rewards, features, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.

Read more about how we rate business banking products.

When comparing different banks and banking services, we consider many data points, including the ease and transparency of the account application process, account fees, sales ethics, minimum deposit requirements, and revenue, time in business, and credit score requirements. Our lists of the best banking services include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, valuable rewards, numerous transaction options, and competitive APY.

We spend an average of 10-15 hours researching and updating each one of our lists, making sure the banking services included meet our internal standards for quality and reputation.

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