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Prime Alliance Bank Review: Competitive APYs on All Account Types

Review Updated
Kailey Hagen
Author: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Steven Porrello
Reviewer: Steven Porrello
Steven Porrello
Steven Porrello
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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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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. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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.

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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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%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
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

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.