Prime Alliance Bank’s business savings account is an excellent banking option for companies wanting to grow their excess funds at competitive rates. It comes with a tiered annual percentage yield (APY) system, which offers a quarterly-paid APY of 3.85% for balances from $1 to $99,999.99, 4.05% for balances from $100,000 to $199,999.99, and 4.25% for balances worth $200,000 and above. Prime Alliance Bank has no monthly fees or minimum balance requirements.
Pros
- APY of 3.85%, 4.05%, or 4.25%
- No minimum balance requirements
- No monthly fees
Cons
- Only one brick-and-mortar branch
- $10 fee per excess withdrawal
- No weekend customer service
Features
- Tiered APY system
- Digital banking with mobile deposits
- Unlimited electronic deposits
- Business money market and certificates of deposit (CDs) also available
How Prime Alliance Bank Stacks Up With Its Competitors
APY | Monthly Fee | Monthly Withdrawal Limit Before Fees | Minimum Opening Deposit | |
|---|---|---|---|---|
 Business Savings | 3.85%, 4.05, or 4.25%, depending on balance | $0 | 6, then $10 per item | $0 |
 Business Savings | 3.70% | $0 | Unlimited | $0 |
 Business Savings | 0.90% | $2; waivable | 6 | $100 |
When Prime Alliance Bank Is a Good Fit
- You want to earn competitive interest: Prime Alliance Bank is one of our top-recommended business savings accounts since it offers the best tiered APY options. Its lowest APY is 3.85%, allowing businesses to grow their funds when they maintain a balance of $1 to $99,999.99. Its highest APY of 4.25% can be accessed by maintaining a balance of at least $200,000.
- You can conduct your banking activities online: Prime Alliance Bank relies on digital banking. It has only one branch in Woods Cross, Utah.
- You seek higher earnings for your excess funds: Prime Alliance Bank offers business money market accounts and certificates of deposit (CDs) at equally attractive and higher rates, reaching 4.95% for a six-month term CD.
When To Choose a Prime Alliance Bank Alternative
- You rely on in-person banking: Prime Alliance Bank has only one brick-and-mortar bank branch, located in Woods Cross, Utah. If you need nationwide access to in-person banking, choose Chase, which has branches in all 48 mainland states. Read our review of Chase business checking for a breakdown of its products and services.
- You have limited business funds: If you don’t have significant savings or reserves and want to earn interest on your everyday balance, Bluevine’s standard business checking account provides a 2.0% APY for qualified balances up to $250,000. This is why it earns a spot in our roundup of the best small business checking accounts list. Check out our review of Bluevine business checking to learn more about its account’s advantages.
- You want to extend your Federal Deposit Insurance Corp. (FDIC) insurance: Your business savings account will come with FDIC insurance up to $250,000. If you need more coverage, look into Mercury, which offers FDIC protection of up to $5 million through partner banks and sweep networks. Our Mercury business checking review can provide more details.
Prime Alliance Bank Business Savings Overview
Required Opening Deposit | None |
|---|---|
Required Balance Minimum | None |
6 per month, then $10 per item | |
Monthly Fee | None |
APY |
|
Automated Clearing House (ACH) Fees | None |
Domestic Wire Transfer Fees | Incoming: $10 Outgoing: $15 |
International Wire Transfer Fees | Incoming: $10 Outgoing: $40 |
Cash Deposits | None |
Debit Card | None |
Customer Service | Phone: (801) 296-2200 Mondays to Fridays, 8:30 a.m. to 5 p.m. Mountain time |
Other Products | Checking, money market, CDs, and lending |
Prime Alliance Bank Business Savings Account Requirements
Applicants must email Prime Alliance Bank to open a business bank account. They will then be asked to provide the following Prime Alliance Bank business savings account requirements:
- Full name
- Date of birth
- Social Security number
- Current address
- Mother’s maiden name
- Birth city
- Phone number
They must also prepare the following documents:
- Articles of incorporation
- Certificate of beneficial owners
- Risk Assessment
- Two forms of ID for each person on the account
If an applicant’s current address differs from what’s on their ID, Prime Alliance Bank will require a proof of address.
Individuals opening an account for a legal entity need to complete a Certification of Beneficial Owners form and Risk Assessment Questionnaire.
Prime Alliance Bank Business Savings Features
Prime Alliance Bank’s standout features include its tiered APY system and digital banking.
Tiered APY
Prime Alliance Bank’s savings account rewards higher balances with higher APY rates. The rates are as follows:
- 3.85% for balances of $1 to $99,999.99
- 4.05% for balances of $100,000 to $199,999.99
- 4.25% for balances of $200,000 and above
Rates are variable and subject to change without prior notice. Interest compounds daily and is paid quarterly.
Digital Banking
Customers can access their Prime Alliance Bank business savings accounts through the bank’s website and iOS and Android apps. The mobile app allows customers to view balances, make deposits, transfer funds, pay bills and loans, manage contact information, and contact customer services.
Currently, the app has no written reviews for either iOS or Android. While it has 5 stars on the App Store[1] (based on fewer than five reviews), it has no available ratings on Google Play[2].
Other Prime Alliance Bank Business Products
Prime Alliance Bank offers money market accounts, CDs, checking accounts, and commercial loans.
Prime Alliance Bank’s MMAs also offer tiered APY. However, they pay interest monthly rather than quarterly.
Prime Alliance Bank offers competitive APY rates through its business CDs. The shortest available term is six months, which earns 4.95% APY, whereas the longest available term is 60 months, which provides 4.0% APY. These business CDs have a minimum deposit requirement of $500 and pay interest quarterly.
- Business Interest Checking: Like Prime Alliance Bank’s business savings products, this has a tiered APY system. Balances up to $99,999.99 earn interest at an APY rate of 0.05%, balances from $100,000 to $199,999.99 earn 0.10%, and balances of $200,000 and over earn at a rate of 0.20%.
- Keep It Simple Business Checking: Although this account doesn’t earn interest, it comes with several useful features, such as reduced wire transfer fees and free wallet-style checks.
Both provide a free EMV chip Visa debit card. There are no minimum balance requirements, monthly maintenance fees, and transaction limits.
Prime Alliance Bank offers real estate loans, Small Business Administration (SBA) loans, commercial lines of credit, and equipment lease financing:
- Real estate loans: Businesses needing to purchase property or construct or acquire commercial buildings can secure loans of up to $10 million. Loans must be worth less than 80% of the target property’s value, and terms last five to 15 years.
- SBA loans: Prime Alliance Bank helps businesses secure SBA loans, including land loans, real estate term loans, equipment financing loans, and operating capital. The maximum amount a business can borrow is $10 million, and terms last 15 to 25 years.
- Commercial line of credit: Businesses can borrow lines of credit worth up to $10 million. Revolving credit lines and one-time draw-down lines of credit are both available. Terms can last one to three years.
- Equipment Lease Financing: Prime Alliance Bank offers tax leases, equipment leases, lease lines, and finance leases. Terms can last two to four years.
Prime Alliance Bank Business Savings Account Reviews From Users
There are no user-published Prime Alliance Bank business savings account reviews, but the bank itself received a rating of 4 on DepositAccounts[3] (based on fewer than 20 reviews). Satisfied clients said that they found the customer service efficient and helpful, reporting that the bank’s representatives responded quickly to phone calls and emails. They also mentioned that opening a CD account was easy and that applying was smooth.
Some of the complaints are from a couple of years ago. There are comments from those who could not open an account for failed identity verification, even when they presented two valid IDs per the requirement.
Bottom Line
Prime Alliance Bank is an excellent business savings choice for businesses looking for tiered APY systems. The institution offers a competitive interest rate of 3.85%, even at its lowest tier, which only increases as balances grow. Given its extensive list of business services, which include checking, money market accounts, CDs, and lending products, it’s a great business banking option all around.
User review resources:
1App Store
2Google Play
3DepositAccounts
