Prime Alliance Bank Personal Savings Account 2025 Review
Prime Alliance Bank is a community bank based in Woods Cross, Utah offering high-yield savings accounts that are on par with some of the top online banks. There are no monthly maintenance fees or minimum balance requirements and all balance tiers earn the same competitive APY.
The Prime Alliance Bank Personal Savings account is a high-yield savings option that combines simplicity and convenient access.
This savings account could be right for people who:
- Want to earn a competitive rate on savings
- Are comfortable with an online banking experience
- Prefer a high-yield savings account with no monthly maintenance fees
- Don't need an ATM card or debit card to access savings
Prime Alliance Bank offers other banking options as well, including checking accounts, high-interest money market accounts, and CDs. Any of these accounts can be opened online.
Prime Alliance Bank Personal Savings Account Pros & Cons
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Compared to Other Online Savings Accounts
Fruitful High Yield Savings Account
The Fruitful High Yield Savings account features an outstanding APY with no minimum balance requirements or account fees. You can make unlimited fee-free transfers and deposits are FDIC-insured. You'll need a Fruitful membership to take advantage of the high-yield savings account, which does require a monthly fee.
Read our full editorial review of the Fruitful High Yield Savings account
Rising Bank High Yield Savings Account
Rising Bank offers high-yield savings accounts and CDs with above-average rates. In fact, the High Yield Savings account earns a slightly higher APY than the Prime Alliance Bank Personal Savings Account. You'll need $1,000 to open a savings account with Rising Bank and a $1,000 minimum balance to earn the advertised rate.
Read our full editorial review of the Rising Bank High Yield Savings account
First Internet Bank Regular Savings Account
The First Internet Bank Regular Savings account is a free online savings account that you can open with as little as $25. You'll earn interest that beats the rates offered by most traditional banks but if you want to get the best APY First Internet Bank has to offer, you might consider a money market savings account instead. This account requires $100 to open and has a $5 monthly fee.
Read our full editorial review of the First Internet Bank Regular Savings account
EagleBank Personal High Yield Savings Account
EagleBank offers an exceptional APY for savers who open a new account with outside funds. The advertised APY applies to balances up to $500,000 and the minimum opening deposit is $1,000. There are no monthly maintenance fees to save and earn interest with EagleBank.
Read our full editorial review of the EagleBank Personal High Yield Savings account
Interest Rates
Prime Alliance Bank pays a solid rate to savers but is it the best?
It's possible to find higher rates elsewhere. However, a higher rate isn't automatically a reason to consider one savings account over another.
Why? Because there may be added hoops you need to jump through to earn the advertised rate.
For example, you may need to:
- Meet a high minimum balance requirement
- Set up one or more qualifying direct deposits to your account
- Open a checking account with the same bank
Prime Alliance Bank keeps things simple. You earn the same APY across all balances, with no minimum balance requirements or other requirements to meet.
Fees
Bank fees can be a nuisance but some of them may be avoidable. Prime Alliance Bank doesn't charge a monthly maintenance fee to have a savings account, which is a plus. There are, however, some other fees to know.
Other Service Fees - Prime Alliance Bank Personal Savings Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Excess withdrawals | $10.00 |
| Statement copies | $3 |
| Returned deposit items | $2.50 to $30 |
| Stop payment | $15.00 |
| Nonsufficient funds fee | N/a |
| Incoming wire transfers (domestic and international) | $10 |
| Outgoing wire transfers (domestic and international) | $15 to $40 |
| Research fee | $15/hour |
The most important fee to note is the excess withdrawal fee.
You're allowed up to six withdrawal transactions per month. Once you pass that threshold, you'll pay $10 for each additional withdrawal.
ATM Access
Some savings accounts include an ATM card for convenient cash withdrawals. You won't get that with a Prime Alliance Bank Personal Savings account.
If you don't withdraw cash that often or don't plan to, then that probably isn't a dealbreaker for you. On the other hand, if you'd like to hit the ATM from time to time, you may consider a different savings option.
Just be sure to check out the bank's ATM policies so you know:
- Which ATMs you can access fee-free
- What fees your bank charges, if any, to use another bank's ATM
- Whether your bank will refund ATM fees other banks charge you
Quite a few banks offer ATM fee reimbursements but not all of them do. Also, consider the maximum amount you can withdraw at the ATM daily.
Check Writing
Savings accounts usually don't include check-writing privileges. Money market savings accounts are the exception; these accounts can offer checks and a debit or ATM card.
The Prime Alliance Bank Personal Savings account doesn't come with checks.
Account Management
Prime Alliance Bank offers online and mobile banking access to help you stay on top of your accounts. You can use these services to:
- Review transactions
- Download statements
- Check balances
- Transfer funds between linked accounts
- Open a new Prime Alliance Bank account
If you'd like to add money to your savings account you can deposit checks through the mobile app. You can also use ACH transfers, wire transfers, or direct deposit to add funds to your balance.
Since there's no ATM card or checks, you're limited to ACH transfers if you want to move funds to an external bank. If you have another Prime Alliance Bank account, you can easily transfer funds savings to checking or vice versa.
Prime Alliance Bank is not listed as a Zelle partner but you can still use the Zelle app to make person-to-person transfers. Standard transfer limits apply.
FDIC Insurance
FDIC insurance exists to protect consumers against bank failures. If a bank fails for any reason, the FDIC steps in to help customers get their money back.
Prime Alliance Bank is FDIC-insured so your deposits are protected should the worst happen. The current FDIC coverage limit is $250,000 per account owner.
This coverage is automatic when you open an account with a member bank. Credit union accounts have similar coverage through the National Credit Union Administration (NCUA).
Frequently Asked Questions
Is Prime Alliance Bank a good bank?
Prime Alliance Bank is a smaller, community bank but it could be a good fit for someone who prefers a high-yield savings account with no monthly fees. When evaluating whether one bank is better than another, it's important to consider the range of features and benefits, the fees, and the level of customer service and support you'll receive.
What accounts does Prime Alliance Bank offer?
Prime Alliance Bank offers high-yield savings accounts, money market savings accounts, CDs, and checking accounts. You can also open an individual retirement account (IRA) here or business bank accounts if you run a small business.
What's the best high-yield savings account?
The best high-yield savings account is one that most closely meets your needs. For many people, that means a savings account with a great rate, no fees, and a low opening deposit requirement. When comparing savings accounts it helps to consider all of the above, as well as the minimum balance requirements, account access options, and customer support.
