Prime Alliance Bank Business Savings Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
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 2.70% for balances below $99,999.99, 3.15% for balances from $100,000 to $199,999.99, and 3.65% for balances worth $200,000 and above. Prime Alliance Bank has no monthly fees or minimum balance requirements.
What We Like
- APY of 2.70% to 3.65%
- No minimum balance requirements
- No monthly fees
What's Missing
- No business savings debit card
- $25 fee per transaction after monthly limit of six
- Only one branch located in Utah
Features
- Tiered APY system
- Digital banking with mobile deposits
- Unlimited electronic deposits
- Business money market and certificates of deposits (CDs)
How Prime Alliance Bank Stacks Up With Its Competitors
APY | Monthly Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
2.70% to 3.65%, depending on balance | $0 | N/A (no debit card issued for savings) | $0 | |
3.50% | $0 | N/A (no debit card issued for savings) | $0 | |
0.90% | $2; can be waived | None* | $100 | |
*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 2.70%, allowing businesses to grow their funds when they maintain a balance of $1 to $99,999.99. Its highest APY of 3.65% 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.
- You seek higher earnings for your excess funds: Prime Alliance Bank offers business money market accounts and certificates of deposit at equally attractive and higher rates reaching 4.5% for a 36-month term CD.
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 make more than six transactions per month regularly: Prime Alliance Bank’s fee for exceeding the six-withdrawal limit monthly is particularly steep at $25. With Live Oak Bank, there’s no transaction limit, and you benefit from its higher APY rates at 3.50% for all balances.
- You have limited business funds: If you don’t have significant savings or reserves and want to earn interest on your everyday balance, Bluevine offers a business checking account that provides a 2% APY for qualified balances. This is why it earns a spot in our best small business checking accounts list. In contrast, Prime Alliance Bank’s checking accounts only provide 0.05% to 0.20% APY.
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 | None |
|---|---|
Required Balance Minimum | None |
Withdrawal Limit Before Fees | 6; $25 fee after limit |
Monthly Fee | None |
APY | 2.70% for balances of $1 to $99,999.99 3.15% for balances of $100,000 to $199,999.99 3.65% for balances of $200,000 and over |
Automated Clearing House (ACH) Fees | None |
Domestic Wire Transfer Fees | $10 incoming $15 outgoing |
International Wire Transfer Fees | $10 incoming $40 outgoing |
ATM Fees | N/A (no debit card issued for savings) |
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 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 a proof of address.
For persons opening an account for a legal entity, they need to complete a Certification of Beneficial Owner(s) 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 interest rates. The rates are as follows:
- 2.70% for balances of $99,999.99 and below
- 3.15% for balances of $100,000 to $199,999.99
- 3.65% 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, 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.
There are few ratings for the Prime Alliance Bank app on the App Store (5 out of 5) and none available on Google Play.
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 2.70% for balances worth $99,999.99 and below to 3.65% for balances of $200,000 and above. Money market accounts compound interest daily and pay monthly.
CDs
Prime Alliance Bank offers competitive APY rates through its business CDs. The shortest available term is 6 months, which earns interest at a rate of 3.20%, whereas the longest available term is 60 months, which earns interest at a rate of 2.96%. These business CDs have a minimum deposit requirement of $500 and pay interest quarterly.
Checking Accounts
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 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 it doesn’t earn interest, it comes with a number of 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.
Commercial Loans
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 Pros & Cons
| PROS | CONS |
|---|---|
| Competitive interest rates | Only one physical branch |
| No monthly maintenance fee | $25 transaction fee after limit |
| No minimum balance requirements | No debit card issued for savings |
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. Prime Alliance Bank also only has one physical branch location, which makes it unsuitable for those needing in-person banking. Further, ATM access is also unavailable with no debit card issued to business savings accounts.
Prime Alliance Bank User Reviews
| PROS | CONS |
|---|---|
| Excellent and informative customer service, plus fast phone and email replies | 60-day hold on funds for new accounts |
| High-interest savings | Rejected account applications due to failed verification of identity when applicants submitted two IDs as required |
| Smooth application for CD account | |
Prime Alliance Bank has a 3.5 out of 5 rating on DepositAccounts. Users rated it well for its highly responsive customer service, competitive interest, and easy application. However, some users said that they’re unhappy about the funds being kept for a considerable period for new accounts. Others mentioned that they were unable to open an account for failed identity verification, even when they already presented two forms of ID per the requirement.
Alternatives To Prime Alliance Bank Business Savings
For some businesses, Prime Alliance Bank’s lack of physical branches, strict transaction limits, wire fees, and costly withdrawal fees may be a hindrance. Here are three alternative options to consider:
- Capital One is a great option for businesses wanting access to brick-and-mortar bank branches. It has around 755, whereas Prime Alliance Bank only has one located in Utah.
- Live Oak Bank is best for businesses preferring no transaction limits. Prime Alliance Bank restricts transfers and withdrawals to only six per month before charging $25 while Live Oak Bank offers unlimited fee-free transactions.
- Bluevine* is optimal for businesses wanting to earn competitive interest rates on their checking accounts. Prime Alliance Bank’s most competitive interest rates are limited to savings accounts. Bluevine offers qualified checking accounts an APY of 2.0%
*Bluevine is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corporation (FDIC)-insured through a supporting bank partnership with Coastal Community Bank.
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 2.70% 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.
