This article is part of a larger series on Business Banking.
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 an APY of 1.20% for balances below $99,999.99, 1.40% for balances from $100,000 to $199,999.99, and 1.55% for balances worth $200,000 and above. Prime Alliance Bank has no monthly fees or minimum balance requirements.
How Prime Alliance Bank Stacks Up With Its Competitors
*Third-party operator fees may apply; First Internet Bank reimburses up to $10 of third-party machine operator ATM fees monthly
When Prime Alliance Bank Is a Good Fit
- You want to earn competitive interest: Prime Alliance Bank has one of the best business savings accounts for those seeking tiered APY options. Its lowest APY is 1.20%, allowing businesses to grow their funds when they maintain a balance of $1 to $99,999.99. Its highest APY of 1.55% can be accessed by maintaining a balance of $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.
When Prime Alliance Bank Is Not a Good Fit
- You rely on in-person banking: Prime Alliance Bank has only one brick-and-mortar bank branch, located in Woods Cross, Utah. Capital One, which has 755 bank branches across the country, would be a better fit for fans of in-person banking.
- You regularly make more than six transactions per month: Prime Alliance Bank’s fee for exceeding the six-withdrawal limit monthly is particularly steep at $25. Given the strict transaction limits that savings accounts impose, checking accounts are better options for businesses needing to move their money around frequently. Bluevine is a good option for businesses wanting to grow their checking balances since qualified accounts earn an APY of 1.5%.
If your small business meets one or more of these scenarios, check out our guide to the best small business banks for additional recommendations.
Prime Alliance Bank Business Savings Overview
Required Opening Deposit
Required Balance Minimum
Withdrawal Limit Before Fees
6, $25 fee after limit
Automated Clearing House (ACH) Fees
1.20% for balances of $1 to $99,999.99
1.40% for balances of $100,000 to $199,999.99
1.55% for balances of $200,000 and over
Domestic Wire Transfer Fees
International Wire Transfer Fees
Free at MoneyPass ATMs
$1.50 for out-of-network ATM withdrawals plus third-party ATM operator fees
Prime Alliance Bank Business Savings Requirements
Applicants must email Prime Alliance Bank to open a business bank account. Then, they’ll be asked to provide the following information:
- 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 is different from what’s on their ID, Prime Alliance Bank will require proof of address.
Prime Alliance Bank Business Savings Features
Prime Alliance Bank’s standout features include its tiered APY system and digital banking.
Prime Alliance Bank’s savings account rewards higher balances with higher interest rates. The rates are as follows:
- 1.20% for balances of $99,999.99 and below
- 1.40% for balances of $100,000 to $199,999.99
- 1.55% for balances of $200,000 and above
Rates are variable and subject to change without prior notice. Interest compounds daily and is paid quarterly.
Customers can access their Prime Alliance Bank business savings accounts through the bank’s website, iOS app, and Android app. The app allows customers to view balances, make mobile deposits, transfer funds, pay bills and loans, manage contact information, and contact customer services.
Other Prime Alliance Bank Business Products
Money Market Accounts
Similar to Prime Alliance Bank’s business savings accounts, its money market accounts offer tiered APY, ranging from 1.20% for balances worth $99,999.99 and below to 1.55% for balances of $200,000 and above. Money market accounts compound interest daily and pay monthly.
Prime Alliance Bank offers competitive APY rates through its business CDs. The shortest available term is six months, which earns interest at a rate of 1.20%, whereas the longest available term is 60 months, which earns interest at a rate of 2.75%. These business CDs have a minimum deposit requirement of $500 and pay interest quarterly.
Prime Alliance Bank offers two checking accounts, the interest-earning Business Interest Checking account and the no-frills Keep It Simple Business Checking account.
- 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–$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 it doesn’t earn interest, it comes with several useful features, such as reduced wire transfer fees and free wallet-style checks.
Both accounts 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 the 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 lines. Terms can last two to four years.
Prime Alliance Bank Business Savings Pros & Cons
|Competitive interest rates||Only one physical branch|
|No monthly maintenance fee||$25 transaction fee after limit|
|No minimum balance requirements||$1.50 out-of-network ATM fee|
Prime Alliance Bank’s savings account offers some of the highest APY rates in the market. Because it lacks monthly fees and minimum balance requirements, it’s affordable to maintain. However, it does charge a steep $25 fee for transactions after the six-monthly limit and a $1.50 fee for non-MoneyPass ATM withdrawals. Prime Alliance Bank also only has one physical branch location, which makes it unsuitable for those needing in-person banking.
Alternatives to Prime Alliance Bank Business Savings
For some businesses, Prime Alliance Bank’s lack of physical branches, strict transaction limits, and costly withdrawal fees may be a hindrance. Here are three alternative options to consider:
- Bluevine: Best for businesses wanting to earn competitive interest rates on their checking accounts. Prime Alliance Bank’s most competitive interest rates of 1.20%–1.55% are limited to savings accounts. Bluevine offers qualified checking accounts an APY of 1.50%
- Capital One: Best for businesses wanting access to brick-and-mortar bank branches. Capital One has around 755, whereas Prime Alliance Bank only has one located in Utah.
- Axos Bank: Best for businesses conducting more than six transactions per month. Prime Alliance Bank limits accounts to six withdrawals per month and charges $25 for every withdrawal after. Axos Bank gives businesses 20 fee-free transactions per month, which includes debits, credits, and deposits.
Prime Alliance Bank is an excellent business savings choice for businesses looking for tiered APY systems. The institution offers a competitive interest rate of 1.20% 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.