Prime Alliance Bank Personal Money Market Account 2025 Review
Prime Alliance Bank is a community bank located in Woods Cross, Utah that offers a range of online accounts, including money market savings. You can earn an exceptional APY on all balances without monthly maintenance fees or minimum balance requirements.
A money market savings account offers an alternative to high-yield savings accounts, CDs, or traditional savings accounts. The Prime Alliance Bank Personal Money Market account features an outstanding rate with convenient online and mobile banking access to your money.
This money market account could be right for you if you:
- Would like to grow your money with a solid rate
- Prefer a savings account with no monthly fees or minimum balance requirements
- Want to earn the same rate across all balances, with no tiers or caps
- Are comfortable with an online banking option
There's no minimum opening deposit requirement for this account. Prime Alliance Bank also offers savings accounts, CD accounts, checking accounts, and IRAs.
Prime Alliance Bank Personal Money Market Account Pros & Cons
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Compared to Other Online Savings Accounts
Ally Bank Money Market Account
The Ally Bank Money Market account is popular among online savers for a few reasons. You'll get a great rate but on top of that, you can access your money with paper checks and a debit card. There are no monthly maintenance fees and you can withdraw cash fee-free at over 75,000 ATMs nationwide.
Read our full editorial review of the Ally Bank Money Market account
Quontic Bank Money Market Account
The Quontic Bank Money Market account features a competitive APY with no monthly maintenance fees and no rate caps. You'll need $100 to open this account but there are no ongoing minimum balance requirements. Quontic offers a debit card with its money market accounts and you can also request paper checks.
Read our full editorial review of the Quontic Bank Money Market account
Synchrony Bank Money Market Account
Synchrony Bank's money market account has no monthly fees or minimum balance requirements, and no opening deposit requirements either. The APY isn't as high as what you could get with other online money market accounts but it's still above the average savings rate. You can also save with Synchrony high-yield savings accounts and CDs.
Read our full editorial review of the Synchrony Bank Money Market account
TotalBank Money Market Account
The TotalBank Money Market account offers an excellent rate for balances over $2,500. If you keep less than that in savings, you'll earn a lower APY. There are no monthly fees but you'll need at least $25,000 to open this account.
Read our full editorial review of the TotalBank Money Market account
Interest Rates
Money market accounts sometimes offer better rates than high-yield savings accounts, though it's always a good idea to compare them. Prime Alliance Bank offers an above-average APY with its money market account, making it a better pick than many of its competitors.
When comparing money market account rates, read the fine print. Look for restrictions like:
- A minimum balance requirement to earn the advertised APY
- Rate caps once your balance reaches a certain limit
- Activity requirements to earn interest
Activity requirements can mean things like setting up direct deposit or depositing a minimum amount into your account each month. If you're eyeing a money market account with a higher APY, it's important to weigh any hoops you might have to jump through to earn it.
Fees
Money market accounts can come with a variety of fees, including monthly maintenance fees and excess withdrawal fees. The best money market savings accounts charge as little as possible in fees so you get to keep more of your interest earnings.
Here's what you'll pay for the Prime Alliance Bank Personal Money Market account.
Other Service Fees - Prime Alliance Bank Personal Money Market
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Return ACH fee | $2.50 |
| Excess withdrawal fee | $25 |
| Non-sufficient funds fee | $30.00 |
| Stop payment | $15.00 |
| Statement copies | $2.50 |
| Incoming wire transfer | $10-15 |
| Outgoing wire transfer | $10-$40 |
There aren't a lot of fees but the excess withdrawal fee is one to watch out for.
Prime Alliance Bank limits you to six withdrawal transactions per month. You'll pay $25 per transaction for each withdrawal over six, which could easily take a big bite out of your savings.
ATM Access
Some money market accounts include an ATM or debit card that you can use to withdraw cash at ATMs. Prime Alliance Bank does not offer a debit or ATM card with its money market account.
If you'd prefer a money market account with ATM access, consider:
- Which ATMs you can use fee-free
- Whether your bank charges a fee to use another bank's ATM
- ATM fee rebates, if offered
ATM fee rebates pay you back if you're charged a fee for using an out-of-network ATM. Getting some of those fees returned to you each statement cycle could be a good incentive to choose one money market account over another.
Account Management
Prime Alliance Bank offers both online and mobile banking. You can log in to either one to:
- View account statements
- Review transaction history
- Transfer funds between linked accounts
- Pay bills
You can also deposit checks through the mobile app. As mentioned, you won't be able to write paper checks from your account, or access funds using an ATM or debit card.
Prime Alliance Bank doesn't partner with Zelle, but you could still link your account to the Zelle app to send or receive money transfers.
FDIC Insurance
FDIC insurance covers your deposits in case a bank fails. The FDIC insures depositors up to $250,000 at member institutions.
Prime Alliance Bank is FDIC-insured so your money is safe. Should a bank fail, which is a relatively rare occurrence, the FDIC is there to make sure you can recover your money.
What to Look for in a Savings Account
Money market accounts are an attractive alternative to savings accounts, CDs, or checking accounts. Here are some of the most helpful features to consider as you compare them.
- Location. Some savers prefer traditional money market accounts while others save online. You'll have to decide whether it makes sense for you to choose a traditional vs. online bank to hold your savings.
- Deposit requirements. Prime Alliance Bank has a $0 minimum opening deposit requirement and no ongoing minimum balance requirements, but the thresholds may be higher at other banks. Assessing deposit requirements can help you screen out money market accounts that aren't a good fit.
- Interest rates. Of course, you want to get a great rate on your money market savings. But don't just look at the APY; take time to review what requirements you'll need to meet, if any, to earn the advertised rate.
- Fees. Banking fees can detract from your interest earnings. Check out the fees to see what you'll pay with one money market account vs. another.
- Service and access. Will you be able to bank online? What type of customer support is available? Those are helpful questions to ask as you round out your search for a new money market account.
Start with your current bank to see what kind of money market options are on tap. Then cast the net wider to compare online money market savings accounts. Reading through money market account reviews can help you narrow down which banks and accounts best align with your needs.
Frequently Asked Questions
Are online money market accounts good?
Online money market accounts can be a good fit for savers who want to earn competitive rates while paying minimal fees. Prime Alliance Bank is one example of an online money market option that features a high rate with no monthly fees. The trade-off with online accounts is that you may not be able to access your funds at branches or ATMs.
Do money market accounts include checks or a debit card?
Some money market accounts come with paper checks and an ATM or debit card for convenience. Prime Alliance Bank doesn't offer those features with its money market accounts. If you'd like to be able to write checks or withdraw cash, you may want to shop around and check out money market accounts at other banks.
Are money market accounts safe?
A money market account is generally a safe place to keep your money. If your funds are held at an FDIC-insured bank you're protected against losses from a bank failure. The biggest risk of money market accounts is interest rates going down, which means you earn less interest on your money.
