Prime Alliance Bank

Overview / Commentary
1868 South 500 West
Woods Cross, UT 84087

Prime Alliance Bank is headquartered in Woods Cross and is the 27th largest bank in the state of Utah. It is also the 1,457th largest bank in the nation. It was established in 2004 and as of December of 2019, it had grown to 27 employees at 1 location. Prime Alliance Bank's money market rates are 4X the national average, and it has an A health rating.

Related Posts

Prime Alliance Bank Liquid Accounts Still Competitive - 4/3/2020

Prime Alliance Bank's nationally available Money Market and Savings accounts currently earn 1.71% APY on balances of $10k+ and 1.61% APY on balances between $1 and $10k.

Lowered Money Market Rate - 12/9/2019

From 2.22% to 1.95%. 30-day hold of funds on new accounts.

Huge Drop In Rates - 9/19/2019

Most Rates drop .40 on accounts. Some terms even dropped .50. They must be pricing in next drop also.

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Reviews (2)

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.

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 Grade Components

FDIC Certificate #57920
Year Established2004
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.4%
Return on Equity - YTD22.8%
Annual Interest Income$30.9MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$499.3MM$420.9MM
LoansQ4 2019vs Q4 2018$424.4MM$361.2MM
DepositsQ4 2019vs Q4 2018$443.5MM$377.5MM
Equity CapitalQ4 2019vs Q4 2018$54.1MM$42.2MM
Loan Loss AllowanceQ4 2019vs Q4 2018$9.2MM$7.9MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$4.3MM$5.5MM
Real Estate OwnedQ4 2019vs Q4 2018$1.2MM$0
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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

1.71%*$10k*-Personal Savings Account
OTHER TIERS: 1.61% $1 - $10k
1.71%*$500k*-Business Savings Account
OTHER TIERS: 1.00% $1 - $250k | 1.26% $250k - $500k
0.30%--Health Savings Account

Prime Alliance Bank Money Market Rates

1.71%*$10k*-Personal Money Market
OTHER TIERS: 1.61% $1 - $10k
1.71%*$500k*-Business Money Market
OTHER TIERS: 1.00% $1 - $250k | 1.26% $250k - $500k

Prime Alliance Bank Checking Account Rates

1.10%*$100k*-Personal Interest Checking
OTHER TIERS: 0.25% $1 - $15k | 0.60% $15k - $50k | 0.80% $50k - $100k
1.10%*$250k*-Business Interest Checking
OTHER TIERS: 0.25% $1 - $100k | 0.80% $100k - $250k

Prime Alliance Bank CD Rates

1.75%$500-60 Month CD
1.75%$500-Business 60 Month CD
1.65%$500-48 Month CD
1.65%$500-Business 48 Month CD
1.55%$500-36 Month CD
1.55%$500-Business 36 Month CD
1.45%$500-24 Month CD
1.45%$500-Business 24 Month CD
1.35%$500-18 Month CD
1.35%$500-Business 18 Month CD
1.25%$500-12 Month CD
1.25%$500-Business 12 Month CD
1.00%$500-6 Month CD
1.00%$500-Business 6 Month CD

Prime Alliance Bank IRA Rates

1.75%$500-60 Month IRA
1.65%$500-48 Month IRA
1.55%$500-36 Month IRA
1.45%$500-24 Month IRA
1.25%$500-12 Month IRA

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

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