Prime Alliance Bank


Overview / Commentary
801-296-2200
1868 South 500 West
Woods Cross, UT 84087

Prime Alliance Bank is headquartered in Woods Cross and is the 28th largest bank in the state of Utah. It is also the 1,514th largest bank in the nation. It was established in 2004 and as of June of 2020, it had grown to 27 employees at 1 location. Prime Alliance Bank's money market rates are 70% higher than the national average, and it has a B health rating.

Related Posts

Interest Rate Notification - 6/25/2020

Prime Alliance Bank is decreasing rates on the following accounts effective June 26, 2020, as follows: Personal Money Market/Personal Savings- All balances - 1.01% APY* Personal Interest Checking- Balances less than $15,000 - 0.10% APY* Balances between $15,000 and $49,999.99 – 0.25% APY* Balances $50,000 and above – 0.40% APY* Business Money Market/Business Savings- Balances less than $100,000 - 0.60% APY* Balances between $100,000 and $199,999.99 – 0.80% APY* Balances $200,000 and above - 1.01% APY* Business Interest Checking- Balances less than $100,000 - 0.10% APY* Balances between $100,000 and $199,999.99 – 0.25% APY* Balances $200,000 and above – 0.40% APY* *Annual Percentage Yield

Interest Rate Notification - 6/6/2020

Prime Alliance Bank is decreasing rates on the following accounts effective June 8, 2020, as follows: Personal Money Market/Personal Savings- Balances less than $10,000 - 1.25% APY Balances $10,000 and above - 1.35% APY Business Money Market/Business Savings- Balances less than $250,000 - 0.85% APY Balances between $250,000 and $499,999.99 - 1.10% APY Balances $500,000 and above - 1.35% APY

Rate Drop At Prime Alliance Savings Now 1.45% APY - 5/14/2020

Frrom 1.55% to 1.45% APY https://www.primealliancebank.com/personal-savings#1

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Reviews (4)

High Interest Savings

Posted by: |

I opened an account because the bank was offering the highest interest rate at the time on a savings account. The rate has decreased since then but is still up there among the top banks. I found the application process to be pretty easy, it only took me 15 min to apply. New customers aren't able to pull funds from another bank, so I set up a transfer from my original bank to my new savings account, but there was no hold on the money I transferred which was a nice change.

Smooth Application

Posted by: |

My experience in applying for the high yield CD was totally different from deskandchairs'. I applied one day before the Labor Day weekend and the online application was smooth even though I had to click through multiple links. Did not have to provide any identification so they must have been able to ID me. They also honored the higher rate even though funding occurred after they have lowered their rates. Website is not the best, else I would have given them all five stars.

60-Day Hold On New Accounts

Posted by: |

I opened the savings account with Prime Alliance Bank (PAB) last month. For initial deposit, inbound ACH took one business day to clear. That was pretty good. I haven't withdrawn any money for 10 business days after opening the account. This morning I finally had a chance to test out outbound ACH with PAB before I planned to deposit more money into the acccount, but I couldn't withdraw a small amount of money from the account because PAB placed a 60-day hold on the account. Therefore, you should not deposit too much money with PAB before 60 days of account opening if you think you will need to withdraw your money soon.

Updated 5/23/2020: I wanted to deposit more money to savings account today. However, before making deposit I tried to withdraw $100 this morning. I was surprised PAB still didn't allow me to withdraw $100. My savings account has been opened more than 60 days. I'll have to call Customer Service to ask why I couldn't withdraw money.

Updated 6/12/2020: I just found out interest on savings account is credited at quarterly.

Awful CD Opening Experience And Poor Customer Service

This weekend I received the weekly update from DepositAccounts, which indicated this institution was offering a 60 month CD with 3.15% apy. In order to take advantage of this deal before it disappeared, on Labor Day I started the online application process, which was lengthy. Near the end I received a screen that said my APY would be 2.76% (not the 3.15% shown on their website, where I initiated my application). Not knowing how to get out of this application process without funding for a rate I didn't want, I closed my browser window. The next business day I called to ask about this discrepancy and was told they now have the application screen fixed to give the correct rate.
When I tried to reapply (several times despite the lengthy process), I received error messages that they could not verify my identification. In the phone call, I was told that they would look into this to see if they could identify the problem. It is now over 24 hours later, and I have not received a return phone call. (Monday I sent an email about the rate discrepancy. Their website says they will reply within 48 hours, yet I have received no reply).
Now on Wed. their website says the APY is now 2.75%, so I got locked out of this luscious offer. I wonder if it was ever real, given the run around I have received.
By the way, their application process requires two forms of identification, not just the typical driver's license. I think this bank purchased some incompetent software. One of the types of additional identification accept is a credit card. When I tried this, the online screen asks for both an issue date and an expiration date, which is typical for a drivers license. As far as I can tell, credit cards don't come with an 'issue date' I proceeded without this information and was rejected, apparently due to this omission.
As you can tell, a totally frustrating experience!



Health

Health Grade Components

Overall
FDIC Certificate #57920
Year Established2004
Employees27
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.61%
Return on Equity - YTD5.76%
Annual Interest Income$16.9MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$536.2MM$455.1MM
LoansQ2 2020vs Q2 2019$425.5MM$396.3MM
DepositsQ2 2020vs Q2 2019$477.7MM$402.1MM
Equity CapitalQ2 2020vs Q2 2019$56.9MM$48.0MM
Loan Loss AllowanceQ2 2020vs Q2 2019$15.0MM$9.7MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$14.8MM$5.7MM
Real Estate OwnedQ2 2020vs Q2 2019$1.2MM$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Prime Alliance Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Prime Alliance Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%$1-Personal Savings Account
0.75%*$200k*-Business Savings Account
OTHER TIERS: 0.35% $1 - $100k | 0.55% $100k - $200k
0.30%--Health Savings Account

Prime Alliance Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%$1-Personal Money Market
0.75%*$200k*-Business Money Market
OTHER TIERS: 0.35% $1 - $100k | 0.55% $100k - $200k

Prime Alliance Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%*$50k*-Personal Interest Checking
OTHER TIERS: 0.05% $1 - $15k | 0.15% $15k - $50k
0.30%*$200k*-Business Interest Checking
OTHER TIERS: 0.05% $1 - $100k | 0.15% $100k - $200k

Prime Alliance Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%$500-60 Month CD
0.75%$500-Business 60 Month CD
0.70%$500-48 Month CD
0.70%$500-Business 48 Month CD
0.65%$500-36 Month CD
0.65%$500-Business 36 Month CD
0.60%$500-24 Month CD
0.60%$500-Business 24 Month CD
0.55%$500-18 Month CD
0.55%$500-Business 18 Month CD
0.45%$500-12 Month CD
0.45%$500-Business 12 Month CD
0.35%$500-6 Month CD
0.35%$500-Business 6 Month CD

Prime Alliance Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%$500-60 Month IRA
0.70%$500-48 Month IRA
0.65%$500-36 Month IRA
0.60%$500-24 Month IRA
0.45%$500-12 Month IRA
Locations


Prime Alliance Bank Locations
Prime Alliance Bank1868 South 500 WestWoods Cross, UT 84087

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