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Prime Alliance Bank Review: Competitive APYs on All Account Types

Review Updated
Kailey Hagen
Kailey Hagen
| 2 others [ + ]
Steven Porrello
Steven Porrello
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

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.

Offer image for
Member FDIC.

Prime Alliance Bank

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

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.

Pros
  • Earn interest on all account types
  • Competitive APYs
  • No monthly fees
  • No minimum balance to earn interest
Cons
  • Only one physical bank location
  • Limited customer service hours

  • 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 Motley Fool Money rates bank accounts.

Is Prime Alliance Bank right for you?

Prime Alliance Bank could be the right home for your money if:

  • You're comfortable managing your money online.
  • You want to earn a competitive APY on all of your accounts.
  • You don't want to pay monthly fees.

Savings accounts

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.

Prime Alliance Personal Savings

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.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 17, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

CD 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

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.

Checking accounts

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.

Prime Alliance Bank Alliance Checking

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.

Customer Experience

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 relationship benefits

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.

How does Prime Alliance Bank compare?

If you're unsure if Prime Alliance Bank is a good fit for you, here are some alternatives to consider.

Prime Alliance Bank vs Ally Bank

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.

Prime Alliance Bank vs Varo Bank

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.

Other products by Prime Alliance Bank

In addition to checking, savings, and CD accounts, Prime Alliance Bank offers the following products and accounts.

Prime Alliance Bank money market accounts

  • Prime Alliance Bank Personal Money Market: This account is essentially the same as the bank's Personal Savings account. Unlike many other money market accounts, it doesn't include a debit card or check-writing capabilities.
  • Prime Alliance Bank Business Money Market: This account is just like the Prime Alliance Bank Business Interest Checking account, but it's considered a money market account.

Prime Alliance Bank retirement accounts

  • Prime Alliance Bank IRAs: You can open IRA CDs through Prime Alliance Bank. These are essentially CDs that you keep in a traditional or Roth IRA.

Prime Alliance Bank commercial loans

Prime Alliance Bank commercial loans: The bank offers real estate and SBA loans as well as commercial lines of credit and equipment lease financing.

FAQs

  • 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.